Super Group Enjoys Q2 Growth despite North American Decline
LISTEN TO THIS ARTICLE:Super Group, the online sports betting and gaming operator and parent company of Betway, has announced that the company enjoyed good revenue figures for the second quarter of 2023 despite a small decline in revenue in the North American market.
Overall revenue for Q2 this year saw Super Group achieve €380 million up from €320 million in the second quarter last year which is a rise of 19% in a year-on-year comparison.
Some of the other performance indicators of Betway's parent company for the last quarter in 2023 saw the group post a profit of €27.6 million and achieve an Adjusted EBITDA of €70 million up from €52.7 million in the same period for 2022.
Another financial highlight is the rise in active monthly customers who enjoy a wager with the Super Group brands, and this has seen a significant rise in players to 3.7 million each month. This is a 40% rise when taking a direct comparison for the same period in 2022 which saw 2.7 million customers per month.
Related: Super Group Expands into US with DGC Acquisition.
Our second quarter results, ex-US included record revenue and solid Operational EBITDA of €82.6 million. 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 remains our focus for long-term growth and bringing us back to a consistent ex-US EBITDA margin from operations of greater than 20%. With regards to the US, the business is tracking in line with expectations, and we are confident in our strategy.
Super Group Results by Region
The Q2 results for Super Group in North America were disappointing for the quarter and translated to a decrease in revenue of 4% in the same period as last year falling to €137 million from €142 million. Senior leadership at the group pointed to the tough changes in gambling regulations in Canada as the main reason for the decline in quarterly revenue.
The European revenue for the second quarter in 2023 showed strong revenues of €57.1 million which is up from €30.5 million for the same quarter in 2022, a rise of 47% in a direct comparison.
When combined, the Africa and Middle Eastern regions achieved a good 42% year-on-year rise in revenue showing €110.3 million in Q2 this year up from the Q2 2022 figure of €63.5 million.
Super Group has delivered financial results that reflect our ongoing focus on both an optimized global footprint and investment in long-term growth. 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.
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