In a press release, the company attributed its strongest second-quarter results to strong sports performance, pricing optimization, robust customer engagement, and operational improvements. Super Group stated that it will release more details in August.

Reflecting its strong momentum, the company raised its 2025 ex-US revenue and adjusted EBITDA guidance:

• Super Group expects total revenue to exceed $2.0 billion, up from the previous estimate of $1.925 billion.
• The company expects Adjusted EBITDA to exceed $480 million, compared to the previous guidance of $457 million.

Notably, Super Group’s stock has been among the biggest gainers in recent weeks and has enjoyed strong growth this year. Since the beginning of the year, it has risen by over 80%.

Neal Menashe, Chief Executive Officer, commented:

“We are very pleased with our performance in the second quarter, reflecting continued momentum and discipline across our core markets and further validating the strength of our operating model and brands. We remain focused on driving profitable and sustainable growth through consistent execution and continue to be super-confident in the long-term growth potential of our business.”

Super Group Pulls the Plug on US Operations

While it’s expecting a record quarter, Super Group has decided to exit the US market. After withdrawing its flagship sports betting platform, Betway, last year, Super Group retained an iGaming presence through Spin Palace and Jackpot City. Both platforms operate in New Jersey and Pennsylvania, but have only been minor players in these competitive markets.

In New Jersey, for example, Spin Palace generated only $632,861 in May, while Jackpot City $1,796,113. For context, the total iGaming revenue in New Jersey for May was $246.8 million, meaning Spin Palace’s market share was 0.26%, while Jackpot City’s was 0.73%. Meanwhile, the market leader, FanDuel, generated over $54 million in May.

Given those numbers, Super Group’s exit decision is not surprising. Menashe confirmed that following evaluations of factors such as regulatory developments, the company has concluded that the US iGaming business no longer meets its hurdle rate for return on capital.

Recently, New Jersey raised its tax on gross gaming revenue to 19.75%, up from 15%, which could have been a contributing factor to the decision. The company did not provide details on when it will withdraw from the US, but said it will provide more information during its second-quarter earnings release.

CFO Alinda Van Wyk anticipates that the withdrawal will incur a one-time restructuring cost of $30 to $40 million.

US iGaming Market Proving Tough for European Brands

Super Group’s exit underscores a trend of European operators failing to gain traction in the US. While many major operators initially flocked to the market following the repeal of PASPA in 2018, most have withdrawn or scaled back on their operations.

Notable exits include:

• Super Group (Betway, Jackpot City, Spin Palace Casino).
• Evoke (formerly 888 Holdings), which operated 888, SI Casino, and SI Sportsbook.
• Kindred Group, which ran Unibet.
• Tipico, which sold its US platform to MGM Resorts.
• Betsson, which entered Colorado via a B2B arrangement but later withdrew.
• Betfred is now only active in Pennsylvania after exiting nine other states.

While not European, Australia-based PointsBet also struggled and ultimately sold its US business to Fanatics.

There are also a few exceptions, especially those that have chosen to partner with US brands. Flutter has become the market share leader in many states, thanks to its acquisition of FanDuel. Meanwhile, Entain’s joint venture with MGM Resorts for the BetMGM brand is proving to be the pillar of the company’s turnaround.

bet365 is also gaining momentum. While it played a waiting game for an extended period, it has now expanded to 13 states, including online casinos in New Jersey and Pennsylvania. In Ohio, the company holds a comfortable third spot, trailing only the market leaders, FanDuel and DraftKings.

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12%

Bally’s Corporation’s Q3 figures were headlined by UK growth as online revenues in the nation rose by almost 12% across the quarter, compared to Q3 2023 comparatives. 

However, overall International Interactive revenue fell by over 5% YoY due to non-UK market performances.

Bally’s declared company-wide revenue of $630m, down slightly YoY (Q3 2023: $632.5m). Per vertical, gaming revenue in Q3 rose to $523.9m (2023: $508.9m) while non-gaming revenue decreased to $106.1m (2023: $123.6m).

International Interactive revenue dropped by 5.3% YoY to $230.9m (2023: $243.9m), as CEO Robeson Reeves mentioned that the 11.8% YoY growth in the UK was offset “in part by lingering weakness in other non-UK markets, with a particular emphasis on the ongoing logistical challenges impacting business in Asia”.

Reeves noted that UK growth was “driven by all-time high active customer levels and robust Average Revenue per User metrics along with growing traction for our online sports betting offerings which include a newly launched Bally’s-branded product that joins our initial Jackpotjoy offering”.

Adjusted EBITDAR for the segment rose to $90m, up 5.3% in comparison to the same period the previous year (2023: $85.5m). 

Reeves said: “Flow-through in our International Interactive segment remains very healthy as a result of diligent UK marketing spend, management of compensation expenses along with the continued realisation of synergies from our technology platform consolidation.”

33%

Catena Media suffered a revenue dip for the third quarter, decreasing by 33% to €10.7m, whilst revenue from North America dropped by 29% to €19.5m.

As well as this, there was also a slight dip in new depositing customers from continuing operations which totalled 27,342 (Q3 2023: 40,104), a decrease of 32%.

CEO Manuel Stan commented on the firm’s performance: “From a top-line perspective, Q3 was a challenging quarter in which we saw revenue decline by 33%, driven by continued underperformance in online sports betting. Lower revenue also reflected the ending of certain media partnerships and changes made to other partner agreements.

“The flipside was that these cost-side measures lifted the adjusted EBITDA margin from 1%in July to 18% in September and double adjusted EBITDA quarter-over-quarter. Alongside this bottom-line improvement, we also saw a like-for-like increase in North American Casino revenue and incremental gains in our key organic search rankings, despite higher-than-usual volatility due to Google’s core updates.”

Stan also went on to provide a positive outlook for the firm’s North American casino operations as he revealed that the drop in revenue from €8.6m to €7.6m was ‘primarily a reflection of casino revenue related to prior quarters. 

He continued by stating that ‘excluding this, casino revenue rose slightly during the period, maintaining the year-over-year trend observed in Q2’.

20%

The Betting and Gaming Council has published its first Code Handbook, which includes an aim to make at least 20% of slot machine top screen imagery dedicated to safer gambling messaging.

The measures, which have already been implemented across the sector, include a trio of codes that have become part of License Conditions and Codes of Practice (LCCP) for members.

At the heart of the casino sector’s new guidance is ensuring that safer gambling messaging and increased information is prevalent within the land-based casino environment. 

Amongst other strategies one aims to ensure that slot machine safer gambling messaging is boosted – ‘outside of game play, at least 20% of slot machine top screen imagery to be dedicated to safer gambling messaging, where game and machine functionality permits’. 

As well as this, one strategy bids for safer gambling messaging to appear on slot machine receipts (referred to as TITO), promoting safer gambling and advice on staying in control, including the National Helpline phone number. 

These measures will apply across the diverse membership of the BGC, including land-based operators like casinos, which are a pillar of the hospitality and tourism sector, bookmakers on hard-pressed high streets and online gaming operators.

Betting and Gaming Council CEO Grainne Hurst, commented: “I am delighted to announce this new Code Handbook, which comprises over five years of determined work to raise standards, across the board.

“It is also entirely fitting that we publish this landmark new Code Handbook on our fifth anniversary. The BGC was founded as the industry’s standards body, and this Handbook draws together our sector’s combined efforts, under the leadership of the BGC, to raise standards on safer gambling in the UK.”

€402.9m

Super Group reported a 13% YoY revenue increase to €402.9m (Q3 2023: €356.9m), its highest revenue recorded ever in the third quarter. In constant currency, revenue rose by 15% to €410.9m.

The operator group noted that the revenue growth was “driven by growth from the Africa, Europe and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets”.

Per product, online casino revenue for the company stood at €330.2m at the end of Q3 (2023: €277.1m), sports betting was €67.1m (2023: €64.6m), brand licensing was €3.7m (2023: €8.3m) and other revenue was €1.9m (2023: €6.9m).

Betway revenue stood at €239.4m (2023: €206.4m) while Spin revenue was €163.5m (2023: €150.5m). Monthly active customers during the quarter increased by 17% YoY to 4.7 million (2023: four million).

Revenue per region segment, Africa and Middle East stood at €151.2m (2023: €100.1m), followed by North America with €144.8m (2023: €134.1m), Europe with €67.4m (2023: €54m), Asia-Pacific with €33.7m (2023: €62m) and South/Latin America with €5.8m (2023: €6.7m).

“We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business,” commented Menashe.

“There is still tremendous potential as we experience super growth across our global casino brands, and particularly in Africa which we have scaled to be our largest region for the second quarter running.”

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The parent company of Betway and Spin noted that the performance during the quarter was driven by growth in Africa, Europe and North America, while CEO Neal Menashe added that the group also achieved “super growth” across its global casino brands.

As a result of its performance throughout the year to date, Super Group is increasing its ex-US adjusted EBITDA full-year 2024 guidance to greater than €345m.

New Q3 revenue high

Publishing its Q3 results, the company reported a 13% YoY revenue increase to €402.9m (Q3 2023: €356.9m), its highest revenue recorded ever in the third quarter. In constant currency (cc), revenue rose by 15% to €410.9m.

Super Group noted that the revenue growth was “driven by growth from the Africa, Europe and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets”.

Per product, online casino revenue for the company stood at €330.2m at the end of Q3 (2023: €277.1m), sports betting was €67.1m (2023: €64.6m), brand licensing was €3.7m (2023: €8.3m) and other revenue was €1.9m (2023: €6.9m).

Betway revenue stood at €239.4m (2023: €206.4m) while Spin revenue was €163.5m (2023: €150.5m). Monthly active customers during the quarter increased by 17% YoY to 4.7 million (2023: four million).

Revenue per region segment, Africa and Middle East stood at €151.2m (2023: €100.1m), followed by North America with €144.8m (2023: €134.1m), Europe with €67.4m (2023: €54m), Asia-Pacific with €33.7m (2023: €62m) and South/Latin America with €5.8m (2023: €6.7m).

“We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business,” commented Menashe.

“There is still tremendous potential as we experience super growth across our global casino brands, and particularly in Africa which we have scaled to be our largest region for the second quarter running.

“Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders, and intend to discuss with the board a possible further special dividend before the end of the year.”

Regional market updates

Excluding US operations, overall revenue stood at €395m, up 15% YoY, 17% in cc, and by 24% when adjusting for the closure of operations in India. Sports betting revenue increased by 4% (4% cc) to €67m, while online casino revenue rose by 17% (20% cc) to €322m. 

Other revenue fell by 45% (43% cc) to €5m mainly due to a decrease in brand licence fees.

Betway had a 59% overall revenue share (2023: 56%) while Spin’s revenue share was 41% (2023: 44%). Online casino overall revenue share stood at 83% (2023: 81%) while online sports betting revenue share was 17% (2023: 19%).

Revenue share per region, Africa had a 39% share (2023: 29%), followed by the Americas with 36% (2023: 39%), Europe with 17% (2023: 16%) and RoW with 8% (2023: 16%).

Specifically in Africa, Super Group stated that it has a “strong competitive advantage across the continent” with a significant local presence and growth opportunities, operational in seven markets with “podium positions” in five of them.

As for the US, the company noted it has completed its exit from the US sportsbook market, which cost approximately €36m, which was €9m lower than its previous estimate of €45m.

Currently, Super Group is also continuing to assess its igaming strategy in the region, as it has planned operations of “two brands from the Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania”.

Actual Q3 adjusted EBITDA in the US stood at a loss of €11m, comprising a €10.5m loss for igaming and a €0.9m loss incurred during the sportsbook wind down.

Increasing ex-US adjusted EBITDA 2024 guidance

Profit in Q3 was €8.5m, down on Q3 2023’s €10.6m which “included a non-cash charge of €14.2m related to the change in fair value of option liability”. 

Adjusted EBITDA rose by 60% YoY to €83.9m (2023: €52.5m). Ex-US adjusted EBITDA increased by 52% to a third quarter record of €95m (2023: €62.8m) with a new margin high of 24%.

As of 30 September, cash and cash equivalents was €296.6m (2023: €241.9m).

Super Group also announced that it is increasing its ex-US adjusted EBITDA full-year 2024 guidance to greater than €345m.

CFO Alinda van Wyk stated: “This quarter was our best ex-US third quarter ever, achieving total revenue of €395m and adjusted EBITDA of €95m.

“We are focusing on consistent growth in our key markets, while striving to maximise operational and marketing cost efficiencies across the group, which resulted in a margin of 24% for the second quarter in a row – well ahead of our long-term target of 20%.

“Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345m.”

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The agreement will see Betway and Chelsea unite in their ambitions to elevate fan engagement through the creation of content, exclusive experiences and a myriad of further activations off the back of the link.

Casper Stylsvig, Chief Revenue Officer at Chelsea Football Club, said: “We are really pleased to welcome Betway as our Official European Betting Partner. Their commitment to creating engaging and memorable experiences for fans aligns perfectly with our values at Chelsea. 

“This partnership will offer our supporters incredible opportunities to connect with the club, from interacting with current and legendary players to enjoying VIP hospitality and behind-the-scenes access. We look forward to a successful and dynamic collaboration with Betway over the coming years.”

The online betting and gaming company’s branding will feature on the LED advertising boards surrounding the pitch during all domestic matches, enhancing its visibility to millions of fans globally. 

Neal Menashe, CEO of Super Group, added on the deal: “We are incredibly proud to partner with the two-time UEFA Champions League winners and the five-time Premier League champions. An amazing achievement. Chelsea is a truly global club with a hugely successful history. This partnership is a super opportunity for Betway to expand its brand and to reward our loyal customers and engage with football fans in new and thrilling ways. We are super excited to work alongside this club.”

It continues a flurry of Premier League partnerships for Betway having previously agreed deals with Nottingham Forest and Manchester City prior to the start of the 2024/25 campaign. 

Menashe emphasised after the Forest deal was announced that “Betway’s customers love football, especially the Premier League, and we leverage partnerships like this to reward them with exclusive opportunities and content”.

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Through a long-term agreement, the Betway brand will be featured virtually on LEDs around the football club’s pitch at the Stadio Renato Dall’Ara, alongside offering customers VIP tickets and exclusive experiences such as meet and greets and play-on-the-pitch opportunities.

In addition, the online sports betting and gaming brand of Super Group will provide an in-depth code of conduct and responsible gaming training to all Bologna players and staff, complementing the club’s existing efforts by covering regulations, education on gambling-related harms and the available tools and support. 

“We are excited to become the ‘Global Betting Partner’ of Bologna FC 1909, a club known for its illustrious history including seven Serie A titles,” commented Neal Menashe, CEO of Super Group.

“With our extensive and varied global sports sponsorship portfolio, we are delighted to once again have an official betting partnership in the world-renowned Italian football league. 

“Our collaboration will strictly follow industry marketing standards and emphasise responsible gambling. We eagerly anticipate supporting Bologna FC in their domestic and European campaigns in the years ahead.” 

Bologna joins a list of football clubs that have secured a partnership with Betway in recent months, including the Premier League’s Nottingham Forest and Manchester City.

Christoph Winterling, Commercial and Marketing Director at Bologna FC 1909, added: “We are thrilled to welcome Betway as our global betting partner. This collaboration highlights our club’s commercial strength and our commitment to delivering unique experiences to our supporters. 

“Partnering with a renowned global brand like Betway is incredibly exciting for us, and we are proud to join their esteemed sports portfolio. We look forward to working together to promote responsible gambling and enhance fan engagement.”

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Through the agreement, Betway’s logo will be featured on LED advertising boards around the football club’s stadium, the City Ground, on all Premier League, FA Cup and Carabao Cup matchdays.

Alongside branding rights, the deal also includes a range of benefits to engage new and existing customers, including tickets, merchandise and ‘play on the pitch’ opportunities. 

Neal Menashe, CEO of Super Group, the parent company of Betway, commented: “We’re thrilled to embark on this partnership with Nottingham Forest, a club with a rich history and a passionate fanbase. 

“Betway’s customers love football, especially the Premier League, and we leverage partnerships like this to reward them with exclusive opportunities and content.”

Betway will also work closely with Nottingham Forest to provide training and initiatives as part of a joint and ongoing commitment to safer gambling. 

Nottingham Forest joins several Premier League teams that have partnered with Betway, including West Ham United, Arsenal, Brighton & Hove Albion and Manchester City.

“We are delighted to welcome Betway as our ‘Official Betting Partner’,” Paul Bell, Chief Operating Officer at Nottingham Forest.

“Their reputation for excellence and commitment to enhancing the fan experience makes them a perfect partner for Nottingham Forest. This partnership will bring new opportunities for our supporters, from matchday experiences to unique fan engagement initiatives. We look forward to working closely with Betway over the coming seasons.”

Earlier this month, Super Group published its Q2 2024 results, calling the financial period its “strongest quarter ever” with revenue reaching an all-time quarterly record of €414.7m.

The group also provided additional information on its exit plan for its US sportsbook product, as well as its maintenance direction for igaming operations in the North American market.

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£2.56bn

Revealing its financial performance for H1 2024, Entain’s net gaming revenue came in at £2.56bn, an increase that caused the firm to update its full-year NGR guidance. 

The company noted that the results “reflect underlying Q2 outperformance and stronger than expected win margins for Euros”. NGR for the period came in at £2.56bn, up 6% year-over-year (H1 2023: £2.4bn), 8% in constant currency and 0% in constant currency on a proforma basis. 

Revenue improved by 6% YoY and 8% in constant currency to £2.52bn (2023: £2.38bn). Excluding US, total group NGR rose by 6% YoY, 8% in constant currency and 0% in constant currency on a proforma basis. 

Online NGR improved by 9% YoY, 11% in constant currency and 1% in constant currency on a proforma basis, while active customers rose by 13% proforma. Retail NGR grew by 1% YoY but fell by 4% in constant currency on a proforma basis.

Entain’s gross profit rose by 5% YoY to £1.53bn (2023: £1.46bn), while its contribution grew by 6% to £1.19bn (2023: £1.13bn) and its operating costs declined by 7% to minus £670.4m (2023: minus £626.8m).

Group underlying EBITDA improved by 5% YoY to £523.8m (2023: £499.4m) while underlying operating profit fell by 6% to £287.9m (2023: £307.4m). Online EBITDA rose by 9% to £445m, while retail EBITDA fell by 11% to £140m.

CEO and Chair Designate Stella David commented: ”Entain’s H1 results are clear evidence that our hard work improving the Group’s operational performance is bearing fruit. 

“Whilst there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in H2 and beyond.”

Updating its full-year guidance, Entain expects “low single-digit positive proforma growth in Online NGR (from low single-digit negative)” while group EBITDA is expected to be in the range of £1.04bn and £1.09bn.

2,000

Strike actions continued at Evolution’s live casino studio in Tbilisi, Georgia, as 2,000 workers took action after the supplier threatened employees with lay-offs last week. 

As a result of increased strike action, Evolution stated via Facebook that it will be “forced to make operational adjustments” if the situation remains unchanged, suggesting that it could turn to “larger-scale layoffs,” reducing its presence in Georgia.

The igaming supplier described the ongoing situation as “highly regrettable” due to having spent six years investing in its Georgian operations and the many working employees that will be impacted by the company’s decisions. 

Amidst a number of live streams depicting the strikes, as well as confrontations with working Evolution staff, Evo-Union also took to Facebook to allege that “disinformation” had been spread by the company. 

The post referred to statements from Evolution claiming that the supplier had offered employees a 30-50% pay increase to settle the strike action, declaring that “the information provided is not true and serves to contradict employees”. 

Around 2,000 workers reportedly did not show up to work as a sign of solidarity following Evolution’s announcement. 

12.4%

Light & Wonder has lauded a Q2 revenue boost of 12.4% to $471m, boosted by “strong momentum” from the firm’s gaming offering. 

Consecutive periods of growth for the firm’s gaming output was secured by a myriad of key releases, including the success of its Squid Games launch. 

It marks the acceleration of an upward trajectory for the group as it celebrates a 13th straight quarter of year-on-year consolidated revenue growth.

Updating investors, Light & Wonder President and CEO Matt Wilson underlined that the success of the firm is evident when it comes to sales of its units across North America as it looks to continue to expand its “robust portfolio”. 

Furthermore, the igaming efforts of the firm were bolstered by the group’s significant success in North America, as it saw a 6% annual increase to $74m.

$1.66bn

Publishing its Q2 results for 2024, PENN declared a slight revenue drop year-over-year to $1.66bn (Q2 2023: $1.67bn). 

The operator also reported a net loss of $27.1m (2023: $78.1m net income), an adjusted EBITDA of $212.1m (2023: $330.4m) and an adjusted EBITDAR of $367m (2023: $476.8m).

Gaming revenue at the end of the quarter stood at $1.33bn (2023: $1.29bn) while food, beverage, hotel and other revenue came in at $330.7m (2023: $382m).

PENN diagnosed its retail business as “healthy” with revenues of $1.4bn and while its Interactive business was described as benefiting from operational improvements, revenue was down YoY to $232.6m (2023: $257.5m).

Retail operations – Northeast, South, West and Midwest – had an adjusted EBITDAR of $496.6m with margins of 34.8%. Meanwhile, Interactive’s record quarterly gaming revenue of $232.6m included tax gross of $82.1m, while adjusted EBITDA came in at a loss of $102.8m (2023: $12.8m loss).

Jay Snowden, CEO and President, stated: “Our retail properties delivered solid results this quarter as our best-in-class team of operators continues to execute across our diverse portfolio of market-leading assets.

“In our Interactive segment, top-of-funnel growth, improved risk and trading execution and refined promotional strategies contributed to better-than-expected revenue and adjusted EBITDA results.”

9%

Super Group declared revenue of €414.7m for Q2 2024, an all-time quarterly record as well as a 9% increase year-over-year (Q2 2023: €380.8m). 

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).

CEO Neal 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.”

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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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Through the agreement, Super Group’s online sports betting and gaming brand will be the football club’s official global betting partner from the start of the 2024/25 season.

To mark the deal, Super Group CEO Neal Menashe and City Football Group CEO Ferran Soriano took part in the opening bell ceremony together at the New York Stock Exchange on July 26.

“We are absolutely delighted to become Manchester City’s Official Global Betting Partner,” commented Menashe on the agreement.

“This agreement cements our place in the top tier of Premier League partners, ensuring that our Betway brand reaches fans in all corners of the globe.”

Throughout the partnership, Man City and Betway will collaborate on several activations and exclusive content opportunities, with the betting brand also featuring across digital and in-stadia assets.

In addition, the two parties will provide training to all players, coaches, management and staff on all relevant codes of conduct relating to betting integrity and responsible gambling. This will be delivered alongside the work the club already does to support players and staff in this area.  

Soriano added: “We are pleased to announce Betway as our Official Global Betting Partner today. 

“As a globally recognised brand, Betway has a strong pedigree and history of working with high-profile brands within the sports space and we’re excited to work together throughout the partnership.”

Alongside Man City, Betway’s sports sponsorship portfolio includes Premier League teams Arsenal, West Ham United and Brighton & Hove Albion, as well as teams in La Liga, the NBA and more.

Super Group will report its financial results for the second quarter of 2024 on August 7.

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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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