Super Group has released its Q3 2024 financial report, showcasing a notable revenue increase despite a drop in quarterly profits. The company reported revenue of 402.9 million ($431.6 million), marking a 13 percent year-on-year rise. Meanwhile, profits declined by 24 percent to 8.5 million for the quarter. However, year-to-date figures remain strong, with the company posting a nine-month profit of 48.5 million, up from 36.2 million in 2023.
Africa and North America drive Super Groups growth
Super Group attributed much of its revenue growth to robust performances in Africa and North America. The African and Middle Eastern markets have particularly excelled, generating 444.5 million in revenue for the first three quarters of 2024, positioning Africa as the company’s largest regional contributor for the second consecutive quarter. The European market also showed strong growth, complementing Super Groups global expansion strategy.
Achieving our strongest third quarter ever highlights the phenomenal progress were making as a business, said Neal Menashe, CEO of Super Group. He emphasised the companys success in scaling African operations, which have now become the largest revenue source within the groups portfolio.
Betway and Spin lead revenue contributions
Betway and Spin, Super Groups primary brands, were central to its financial performance. Betway contributed 239.4 million in Q3 2024, with year-to-date revenue hitting 707.6 million, reflecting a 6 percent year-on-year increase. Spin accounted for the remaining Q3 revenue of 163.5 million, further solidifying Super Groups growth trajectory.
For the year to date, Super Group reported total revenue of 1.2 billion, an increase of 10.5 percent over the previous years figures. This growth has largely been driven by an increase in monthly active customers, which rose 17 percent year-on-year to 4.7 million in Q3 2024.
Adjusted EBITDA and future outlook
Super Groups adjusted EBITDA saw a significant upswing, rising 60 percent year-on-year to 83.9 million for the quarter. Alinda van Wyk, the companys CFO, stated that the results marked our best ex-US third quarter ever, with 395 million in revenue and 95 million in adjusted EBITDA.
Following its exit from the US sportsbook market in July, Super Group has focused on solidifying its Canadian operations, which continue to perform well. With a strong balance sheet, the company is exploring options for shareholder returns and has plans to discuss a potential special dividend before year-end.
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