CFO Alinda van Wyk noted that the Betway and Spin parent company “achieved new quarterly records for the ex-US business” across total revenue and adjusted EBITDA, adding that ex-US adjusted EBITDA guidance for the full year has been raised.

Super Group also provided additional information on its exit plan for its US sportsbook product, which the company announced last month, as well as its maintenance direction for igaming operations in the market.

Revenue growth

Publishing its financial results, Super Group declared revenue of €414.7m, an all-time quarterly record as well as a 9% increase year-over-year (Q2 2023: €380.8m). In constant currency, revenue rose by 11% YoY to €422.5m.

The company stated that the quarter’s performance was “driven by growth from the Africa and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets”.

Per region, Africa and Middle East revenue stood at €153.6m for the quarter (2023: €110.3m), followed by North America at €150.1m (2023: €137.1m), Europe at €65.5m (2023: €57.1m), Asia-Pacific at €37m (2023: €69.1m) and South/Latin America at €8.5m (2023: €7.1m).

Per product line, online casino operations revenue stood at €323.2m (2023: €272.4m), sports betting revenue came in at €84.3m (2023: €94.2m), brand licensing revenue was €5.3m (2023: €8.3m) and other revenue was €2m (2023: €5.8m).

Splitting up revenue per brand, Betway operations generated €246.3m (2023: €228.9m) while Spin operations produced €168.5m (2023: €151.9m). Monthly active customers rose by 21% YoY in Q2 to 4.5 million (2023: 3.7 million).

The Q2 results come a month after Super Group announced that it would be undertaking an exit plan for its US sportsbook product.

Menashe commented: “The second quarter of 2024 was our strongest quarter ever and demonstrates the exceptional progress we continue to make as a business. I’m glad we have reached a conclusion in shutting the US sports betting market and we continue more generally to optimise our global footprint both in terms of geography and product. 

“I’m really excited to welcome English Premier League champions, Manchester City, and South Africa’s Premier Soccer League, now known as the Betway Premiership, to our brand sponsorship portfolio. Our outlook for the remainder of the year is strong, and we look forward to making 2024 a super year for Super Group.”

Ex-US adjusted EBITDA guidance raised

Super Group reported a loss for Q2 of €0.8m, which the company said “includes non-cash charges of €36.8m relating to the impairment of DGC-related assets”. Profit for the period of €27.6m “included a non-cash charge of €6.1m related to the change in fair value of option liability”.

Meanwhile, adjusted EBITDA rose by 8% YoY to €81.9m (2023: €75.9m). Ex-US adjusted EBITDA reached its highest quarterly figure to date of €98.3m (2023: €88.4m). Adjusted EBITDA from the US stood at a loss of €16.4m (2023: €12.5m loss).

As of 30 June 2024, cash and cash equivalents were €306.8m, a net increase on the same six-month period the previous year (2023: €241.9m).

Van Wyk stated: “We achieved new quarterly records for the ex-US business for both total revenue of €408m and adjusted EBITDA of €98m. The continued focus of growth in key markets, along with the significant progress made on realising cost efficiencies, contributed to a strong second quarter ex-US EBITDA margin of 24%. 

“Given the strength we have seen in the first half of the year, we are confident in raising our ex-US adjusted EBITDA guidance for the full year 2024 to greater than €300m. Finally, our debt-free balance sheet continues to show strength, and we were pleased to return capital to shareholders through the announcement of our first ever dividend.”

US igaming expansion still possible

Super Group also provided additional information on its exit plan for its US sportsbook, announced in July, as well as its maintenance direction for its igaming operations.

For igaming, two brands from the Spin portfolio, including Jackpot City, will operate in the US states of New Jersey and Pennsylvania.

The company added that it will have the “ability to expand igaming footprint for appropriate opportunities”.

Meanwhile, Super Group’s sportsbook product will be shut down across the US – Arizona, Colorado, Indiana, Iowa, Louisiana, New Jersey, Ohio, Pennsylvania and Virginia – and costs for this process are not expected to exceed €45m.

This cost includes “redundancy costs, settlement of existing contracts and a maximum provision for the wind down of the sportsbook product”.

However, Super Group noted this figure is subject to change and that an updated number will be provided in its next quarterly update.

The company stated that H1 actual adjusted EBITDA for the US – igaming and sportsbook – stood at a loss of €39m, while H2 adjusted EBITDA of igaming-only – excluding any ongoing sportsbook costs pre-shutdown – is expected to be a loss of €20m.

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Following the completion of an extensive internal review, the parent company of Betway and Spin has stated that, alongside relevant regulators and partners, it will shortly begin the process to fully close its US sportsbook operations in the nine states where it is currently live.

However, the operator’s igaming presence across the US will be maintained, with plans to operate two igaming brands from its Spin portfolio in both New Jersey and Pennsylvania.

Super Group disclosed that it was assessing its US options when the company published its fourth quarter 2023 results earlier this year in March.

Neal Menashe, CEO of Super Group, commented: “As a global business, we constantly evaluate the optimal use of our resources across all markets in which we operate. We have recently concluded an extensive review of our US operations and, at present, we do not see a long-term path to profitability for the sportsbook product.

“The vast majority of Super Group’s revenue is generated in igaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise.”

Super Group added that during its next quarterly earnings call scheduled for early August, the company’s management will provide information on the expected costs and charges in connection with its US sportsbook operation closure.

“Such costs and charges, while not insignificant, will not have any impact on Super Group’s previously communicated capital allocation or operating plans,” the group explained. 

“Non-US earnings, which have historically been reported separately, will not be negatively impacted by this closure.”

Within Super Group’s Q1 2024 financial statement in May, the operator reported group revenue of €379.3m (Q1 2023: €338.5m), up 12 per cent year-over-year. Excluding US operations, total revenue for the quarter was €374m, up 13 per cent YoY.

Adjusted EBITDA for Q1 improved by 29 per cent YoY to €46.5m (2023: €36.1m), but the group declared an adjusted EBITDA loss for its US operations of €22m (2023: €16.5m loss).

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In response to the strong start to 2024, CEO Neal Manshe stated that the Betway and Spin parent company has a “solid foundation” for the remainder of the year thanks to its “global team’s ongoing focus and investment into core markets that are yielding strong returns”.

However, US operations are still under review, as the region reported an adjusted EBITDA loss of €22m for the period.

Publishing its Q1 results, Super Group declared a 12 per cent increase YoY in revenue to €379.3m (Q1 2023: €338.5m). In constant currency, revenue rose by 17 per cent to €389.3m.

The operator stated that revenue improvements occurred following “growth from Africa and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific market”.

Per region, North America alongside Africa and Middle East tied at 37 per cent of the total revenue share during Q1, followed by Europe at 15 per cent, Asia-Pacific at nine per cent and South/Latin America at two per cent.

Excluding US operations, total revenue for the quarter stood at €374m, up 13 per cent YoY or 17 per cent in constant currency.

Per brand, Betway reported €222m in revenue during the quarter (2023: €198.3m), while Spin had €157.3m in revenue (2023: €140.2m).

Per vertical, online casino revenue stood at €292.2m (2023: €243m), sports betting revenue was €76.9m (2023: €81.5m), brand licensing revenue was €5.9m (2023: €8.8m) and other revenue was €4.3m (2023: €5.24m).

Super Group reported profit for the period was €41m (2023: €1.9m loss), which included “a gain on disposal of the B2B division of Digital Gaming Corporation Limited of €40.1m” in addition to “a non-cash charge of €13.1m related to the increase in fair value of option liability”.

Adjusted EBITDA improved by 29 per cent YoY to €46.5m (2023: €36.1m). Excluding US business, adjusted EBITDA stood at €69m, up 29 per cent YoY (2023: €53m) with a margin of 18 per cent.

While active in nine states, Super Group stated that it is still assessing its US operations, with the region reporting an adjusted EBITDA loss of €22m (2023: €16.5m loss). 

Monthly active customers for the quarter rose by 33 per cent to 4.7 million in comparison to 3.5 million during the same period last year.

Menashe commented: “We’ve had a phenomenal start to the year, continuing our momentum from a strong end to 2023.

“This robust performance has been delivered by our global team’s ongoing focus and investment into core markets that are yielding strong returns, providing us with a solid foundation for the remainder of the year.”

As of March 31, cash and cash equivalents stood at €289.2m (2023: €241.9m). 

The operator noted that a cash increase occurred due to inflows of €69.8m from operating activities, as well as outflows of investing activities of €20.4m and financing activities of €1.7m due to lease payments, in addition to a loss of €0.5m as a result of foreign currency fluctuations on foreign cash balances held over this period.

Post Q1, Super Group has entered into a definitive agreement to assume full control of sportsbook software technology licensed by its software partner, Apricot.

The technology is being acquired for a total consideration of c.€140m, consisting of c.€100m set off against a current loan receivable and an additional €40m payable in two equal instalments over the next two years, of which up to €20m may be paid in ordinary shares of Super Group at its sole discretion. 

In addition, further payments of up to €210m could be made through a contingent earn-out mechanism if sportsbook revenue more than doubles during the earn-out period, which runs through December 31, 2035. This is calculated as a percentage of monthly sportsbook net gaming revenue, ranging from a low single-digit to a high single-digit percentage.

Alinda van Wyk, CFO of Super Group, added: “We achieved record results for a first quarter of €374m of revenue and €69m of adjusted EBITDA, for the ex-US business. 

“Our laser focus on creating a leaner, more efficient operating model has delivered results, with Q1 operating expenses as a percentage of net revenue falling to below 19 per cent. Investment into high-growth areas of the business continues at pace and we remain confident that we are in a strong position to realise our goals set for 2024.”

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The NYSE group – which operates Betway and Spin – had a “particularly strong” fourth quarter according to CEO Neal Menashe, while a 10 per cent year-over-year increase in revenue is also being forecasted for the year ahead.

However, in the US, Super Group has stated that it is “currently assessing a range of options” and expects 2024’s adjusted EBITDA loss to not exceed 2023’s figure, which was a loss of over €57m.

Super Group all-time highs

Publishing its financial results, Super Group declared a Q4 revenue of €359.9m, a nine per cent improvement in comparison to €329.1m reported in the same period the previous year. The revenue figure was also the highest amount the company has recorded in Q4. Constant currency, revenue rose by 15 per cent to €378.4m. 

Excluding US businesses, Q4 revenue stood at €352m, with net revenue reaching a new high of €341m. 

Online casino operations continued to be the biggest contributor towards overall Q4 revenue at 85 per cent, with online sports betting operations making up the remaining 15 per cent.

Sports betting revenue fell by 39 per cent to €53m due to customer-friendly sports results in October causing “an unprecedented negative sports margin”, as well as the closure of the Indian market.

Online casino revenue improved by 22 per cent to €289m after growth in Africa, Canada and several European markets being offset by the closure of the Indian market. Other revenue rose by 44 per cent to €11m.

Betway operations generated 55 per cent of the total revenue during the quarter, while Spin operations had a 45 per cent share. Per region, 42 per cent of total revenue came from the Americas, followed by Africa at 33 per cent, Europe at 17 per cent and RoW at eight per cent.

For the full year, Super Group’s revenue came in at a record amount of €1.4bn, up 11 per cent YoY (2022: €1.3bn). Constant currency, revenue grew by 19 per cent to €1.5bn. Excluding US operations, revenue surpassed guidance of €1.35bn by €56m to €1.41bn (2022: €1.3bn).

Excluding-US, 78 per cent (€1.07bn) of net revenue came from online casino operations, while 22 per cent (€295m) came from sports betting.

“We have made tremendous strides in 2023 and are delighted to have achieved an all-time revenue record of €1.4bn, enabling us to comfortably surpass our guidance for the year,” commented Menashe.

US EBITDA loss

Super Group reported a loss before tax in Q4 of €44.9m (Q4 2022: €21.1m profit), affected by €35.9m non-cash charges relating to the impairment of the Digital Gaming Corporation cash-generating unit, as well as €6.1m (2022: €15.1m) after an increase in the fair value of a liability for a call option granted to a third party for the purchase of the DGC B2B division.

For the full year, profit before tax stood at €16.8m (2022: €216.5m), affected by non-cash charges of €28.6m connecting to an increase in the fair value of a liability for a call option granted to a third party for the DGC B2B purchase, as well as a €35.9m non-cash charge relating to the impairment of the DGC cash-generating unit. 

Super Group noted that in 2022, “profit included non-cash gains of €246.8m relating to the fair value of warrant and earnout liabilities and related foreign exchange movements, partially offset by share listing expenses of €126.3m and an adjusted RSU expense of €25.4m”.

In Q4, operational EBITDA was €36.2m (Q4 2022: €42.3m) with a €54m profit ex-US and a €17.8m loss in the US. Across 2023, operational EBITDA was €197.3m (2022: €208.5m) with a €254.7m profit ex-US and €57.4m loss in the US.

Monthly average customers for Q4 was 4.7 million, up 38 per cent YoY (Q4 2022: 3.4 million). For the full year, monthly average customers rose by 43 per cent to four million (2022: 2.8 million).

As of December 31, 2023, Super Group noted that unrestricted cash was €241.9m, down when compared to 2022’s €254.8m due to the DGC acquisition and related technology strategies.

CFO Alinda van Wyk stated: “For the fourth quarter, we delivered ex-US Revenue of €352m and ex-US operational EBITDA of €54m, which resulted in our December margin hitting 24 per cent, the strongest ever. 

“To have surpassed our guidance, in the face of multiple headwinds, is indicative of our laser focus on realising cost efficiencies and investing in growth where we can see a clear return. In the US, the operational EBITDA loss was less than expected for the year and we are actively evaluating all of our options.”

‘Assessing’ options in US

Looking forward, Super Group has published its 2024 revenue and adjusted EBITDA guidance for operations ex-US and in the US.

Ex-US, Super Group has set a revenue guidance of €1.55bn for 2024, a 10 per cent increase YoY. Net revenue is expected to improve by 12 per cent, while the brand licence fee is expected to average €1.3m per month.

Excluding US operations, adjusted EBITDA guidance is expected to be less than €280m with a margin of less than 18 per cent following strong marketing investments in new and existing markets, as well as a continued optimisation of costs and investment into technology, AI and enhanced processes.

In the US, Super Group is “currently assessing a range of options” and expects adjusted EBITDA loss to not exceed 2023’s figure.

Menashe concluded: “Q4 2023 was particularly strong. Despite the challenging start, we set record-breaking totals for revenue, customer numbers and deposits cementing our position as a growing, cash-generative and geographically diverse online sports betting and igaming operator.

“Igaming continues to be the largest part of our business, allowing us to manage moments of volatility in the sportsbook to deliver record-breaking results. We are confident that we will achieve the double-digit top-line growth that we are projecting for 2024.”

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The parent company of online casino Spin and online gaming platform Betway is also “optimistic” about the year ahead, with growth in Africa and Canada offsetting changes in India.

Neal Menashe, Super Group CEO, made the statement about the group’s 2023 performance ahead of its participation in the Needham Growth Conference on January 16.

Menashe began by noting that the group is reiterating its 2023 revenue guidance excluding US operations of €1.35bn and operational EBITDA of at least €240m.

However, for the full year, the CEO stated that new highs have been set in deposits and net gaming revenue, with a new unique monthly active customers record achieved in the fourth quarter as well.

“We closed the year strong and reiterate our 2023 ex-US financial guidance of revenue of €1.35bn and operational EBITDA of at least €240m,” commented Manashe.

“For the year, we set annual records for both deposits and net gaming revenue and during the fourth quarter, we achieved a new record for unique monthly active customers, reflecting consistent customer engagement and our leading position in key markets.” 

Menashe also provided information on Super Group’s regional market performance, stating that the group has witnessed growth in Africa and Canada.

This growth, according to the CEO, has offset the company’s cessation of all activities within the Indian market back in October due to changes to the country’s Goods and Services Tax.

Menashe stated: “The growth in Africa continues and has resumed in Canada – this growth has more than offset the impact of regulatory changes in India. In the US, our net EBITDA investment for the year will be less than the €70m previously communicated.”

The Super Group CEO added that the group believes another year of growth is possible in 2024, and expects that this will be demonstrated when its fourth quarter results are published in March.

“We are optimistic about another year of growth in 2024 and we plan to communicate our annual outlook when we announce our fourth quarter 2023 financial results in March.”

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A host of gaming firms have pursued further comments from the Indian government in response to a plea filed challenging the tax slab hike, which has led to significant tax evasion notices being handed over to local businesses. 

In contrast to lobbying efforts, last year saw India’s GST Council provide plans to bring the GST levy up to 28% for all types of online gaming that involve betting, to essentially equate skill-based games like poker with games of chance in terms of taxation. 

Since then, the move has been questioned by multiple online gaming industry bodies, such as the E-Gaming Federation, detailing concerns that this is hurting companies who are now having to lay off staff and forcibly restructure their business strategies. 

Moreover, despite the tax increase being officially brought into force in October 2023, in some cases, the issued tax evasion notices go back as far as 2017, leading to legal action being taken against the decision by companies like Indian casino provider Delta Corp.

The aftermath of the tax enforcement saw the NYSE-listed Super Group, parent company of the Betway and Spin brands, announce its withdrawal from the market, declaring that “India was no longer commercially viable”.

Meanwhile, FTSE100 Flutter Entertainment cited forthcoming adjustments for its Indian online rummy room Junglee due to GST charges.

The Supreme Court agreed to a final hearing of cases challenging GST’s decision, which will take place on 2 April 2024.

CasinoBeats Breakdown: For the Indian igaming market the opening few months of 2024 could take on significant importance. The level of growth the market can attain and how much of an opportunity it could be for operators may very well hinge on the level of tax hikes that are introduced, which is evident in the ongoing political tug of war in the sector.

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Headline figures saw revenue track a 16 per cent uptick to €356.9m (2022: €307.8m), with growth across the Africa and Middle East, European and North American markets being partially offset by drawbacks across Asia and Latin America.

Profit for the period fell to €10.6m from €34.9m year-on-year, which the company put down to “a non-cash charge of €14.2m related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation”. The past year included the positive impact of €22m in non-cash adjustments.

Elsewhere, EBITDA of €53.8m (2022: €49.6m) included a €10.3m US loss, while monthly active customers reached four million, up 44 per cent from the past year’s 2.7 million.

“Super Group has delivered yet another quarter of solid results, having achieved our highest ever revenue for a third quarter, as well as new all-time highs for both our customer numbers and deposits,” stated Neal Menashe, Chief Executive Officer of Super Group. 

“I remain encouraged by our very strong customer engagement and continued expansion of our global igaming offering.”

A product breakdown saw Betway remain the group’s biggest earner, drawing in revenue of €206.4m (€168.8m), whilst Spin reported €150.4m (€139m).

Online casino retains its place as the largest segment by revenue courtesy of a 11.41 per cent uptick to €219m (2022: €196.5m), while sports betting difficulties saw a figure of €64.5m recorded, down 28 per cent from €89.7m year-on-year.

Geographically, Betway once again hit hurdles in Asia, with revenue down 9.49 per cent from €61.91m to €68.4m. Latin America followed suit with a 13.2 per cent decline to €6.7m (2022: €7.7m).

North America remained the group’s largest segment courtesy of a 8.9 per cent increase to €134m (2022: €123m), while it was a case of familiarity in Europe, where revenue rose 40.59 per cent to €54m (2022: €38.4m). A 42.7 per cent rise in Africa and the Middle East saw revenue close at €100m (2022: €70.1m).

Through the first nine months of the year, revenue increased 11.7 per cent to €1.07bn (2022: €963.1m), however, profit for the period plummeted 78.6 per cent to €36.2m (2022: €170.2m). Operational EBITDA remains fractionally behind year-on-year at €161.3m (2022: €166.5m).

Alinda van Wyk, Chief Financial Officer of Super Group, stated: “For the third quarter, we delivered ex-US revenue of €348.9m and ex-US operational EBITDA of €64.1m, which resulted in a strong margin of 18 per cent. 

“We continue to focus on investing for future growth and the further realisation of cost efficiencies. Despite some headwinds experienced this quarter, while tight, we are reaffirming our guidance, assuming a normalised margin for the remainder of the year.”

This guidance has previously seen Super Group stress an expectation to reach revenue, excluding the US, of €1.35bn through 2023, taking into consideration the volatility of sportsbook margins and currency fluctuations in certain key markets. 

It is anticipated that EBITDA, excluding the US, will reach €240m, accounting for incremental marketing spend through the second half of the year, which the company has previously suggested is “making up for the lower spend”.

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The parent company of the Betway and Spin brands noted that the decision was implemented from October 1, 2023, adding that the new rules make the region “no longer commercially viable”.

Earlier in the year, India’s Parliament gave approval for the Goods and Services Tax Council to amend tax rates applied to companies deemed to be providing gambling services, regardless of domicile.

The approval saw the GST apply a 28 per cent turnover tax on all services for online gambling, land-based casinos and horse racing.

The GST Council, comprising the Union Finance Minister and delegates from every state and union territory in India, holds the authority to determine tax rates, exemptions, and administrative processes.

Despite this exit, the online casino and sports betting operator has also reaffirmed the full-year projections as disclosed on a second quarter earnings call.

Super Group is expected to reach revenue, excluding the US, of €1.35bn through 2023, taking into consideration the volatility of sportsbook margins and currency fluctuations in certain key markets. 

It is anticipated that EBITDA, excluding the US, will reach €240m, accounting for incremental marketing spend through the second half of the year, which the company said is “making up for the lower spend” during the first six months of the year.

Neal Menashe, Chief Executive Officer of Super Group, stated: “We are continuously evaluating evolving regulatory landscapes across the many markets we serve.

“Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us.”

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Headline figures saw the Betway and Spin operator’s revenue nudge ahead 19 per cent to €380.8m (2022: €320.8m), with Europe, Africa and the Middle East cited as key growth points.

This partially offset declines felt across North America, predominantly in Canada due to regulatory changes in Ontario, and Asia-Pacific markets.

Operational EBITDA stood at €70m, up 30.59 per cent from €53.6m declared last year. This consisted of €82.6m in non-US income coupled with a stateside loss of €12.6m.

“We remain confident in our business model and focused in our search for future growth opportunities”

Neal Menashe, Chief Executive Officer of Super Group

In addition, monthly active customers increased 40 per cent to 3.7 million (2022: 2.7 million), with cash and cash equivalents closing at €228.7m, down 11.41 per cent from Q2 2022’s €254.8m.

This decline was attributed to inflows from operating activities of €53.2m, inflows from investing activities of €54.1m, outflows from financing activities of €125.2m and a loss of €8.1m was a result of foreign currency fluctuations.

“Super Group has delivered financial results that reflect our ongoing focus on both an optimised global footprint and investment in long-term growth,” commented Neal Menashe, Chief Executive Officer of Super Group.

“This quarter’s strong revenue performance has delivered enhanced economies of scale in multiple markets, resulting in significant year-over-year growth in operational EBITDA, ex-US. 

“We remain confident in our business model and focused in our search for future growth opportunities in the global online casino and sports betting industry.”

A product breakdown saw Betway remain the group’s biggest earner, drawing in revenue of €228.93m (€178.69m), whilst Spin reported revenue of €151.85m (€142.12m).

“Achieving scale in each of our markets, combined with driving cost efficiencies throughout the business remain our focus for long-term growth”

Alinda van Wyk, Chief Financial Officer of Super Group

Online casino remains the largest segment by revenue courtesy of a 9.46 per cent uptick to €223.64m (2022: €204.31m), while sports betting closed at €143m, up 29.2 per cent from €110.68 year-on-year.

Geographically, Betway once again hit hurdles with Asia, with revenue down 10.69 per cent from €69.11m to €77.38m. North America followed suit with a 3.53 per cent decline to €137.1m (2022: €142.12m).

It was a case of familiarity in Europe, where revenue rose 87.24 per cent to €57.12m (2022: €30.5m), with Africa and the Middle East up 73.54 per cent and Latin American fractionally down to €7.11m (2022: €7.21m).

“Our second quarter results, ex-US included record revenue and solid Operational EBITDA of €82.6m,” explained Alinda van Wyk, Chief Financial Officer of Super Group.

“Our monthly active customer numbers continue to show momentum reaching 3.7 million which we believe is a key driver for future growth.

“Achieving scale in each of our markets, combined with driving cost efficiencies throughout the business remain our focus for long-term growth and bringing us back to consistent ex-US EBITDA margin from operations of greater than 20 per cent. 

“With regards to the US, the business is tracking in-line with expectations and we are confident in our strategy.”

For the first six months of the year, revenue increased 9.76 per cent to €719.31m (2022: €655.29m), however, profit for the period and operational EBITDA declined 81 per cent and 10.35 per cent to €25.63m (2022: €135.33m) and €103.97 (2022: €114.41m).

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Headline figures saw Super Group revenue increase marginally by 1% during the first quarter of the year to €338.5m (€334.5m), with Europe, Africa and the Middle East cited as the primary drivers behind growth. 

Following publication of its full year 2022 results in March, NYSE-listed Super Group stated confidence in its ability to optimise and grow its US footprint. 

However, in today’s report the group acknowledged that declines in North America,  in particular Canada and the Asia-pacific region,, had offset growth in the aforementioned Old World markets.

Operational EBITDA, meanwhile, stood at €34.7m, down x% from €63m declared last year when the group made its debut on the NYSE. This year’s figure consisted of €51.4m in non-US income coupled with a stateside loss of €16.6m.

Despite US difficulties, as well as the cost of increased investment in the country following its takeover of North American partner Digital Gaming Corporation (DGC), Super Group was able to cut net losses down 98% to €1.9m from €163.3m. 

An additional positive development for the company during Q1 regarded monthly active customer numbers, which rose 34% YoY from 2.6 million to 3.5 million.

Neal Menashe, CEO of Super Group, said: “Super Group has delivered another solid quarter and we remain focused on growing revenue and profits. 

“During the month of March, net gaming revenue was a record high, along with the Operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business. 

“We are confident that we will continue to build on another strong quarter across igaming and sports betting across the world.”

Closing its group-wide assessment of the quarter, Super Group announced cash and cash equivalents of €246.3m, down 3% from Q1 2022 (€254.8m). This decline was attributed to inflows from operating activities of €39.6m, outflows from investment of €57.3m and cash from financing of €15.4m.

A product breakdown saw Betway remain the group’s biggest earner, drawing in revenue of €198.3m (€187m), whilst Spin reported revenue of €140.2m (€147.5m).

Geographically, Betway hit some hurdles with Asia, with revenues declining 36% from €55m to €35m, coupled with the aforementioned difficulties in the US, where revenue fell 13%.

Super Group’s revenue performance was maintained in Europe in which it saw significant growth, increasing by 71% to €56m, with online casino brand Spin witnessing ‘exponential growth’ from €2.5m to €21m YoY.

The company maintains its growth status in Africa and the Middle East, where it achieved a 35% increase in Q1 revenues to €88m.

Alinda van Wyk, CFO of Super Group, added: “Our results for the quarter demonstrate the benefits of our continued investment in growth. Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimising our costs efficiencies, further enhancing future profitability.”

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