Growth continued for Betway and Spin parent company Super Group across all geographic frontiers except for the Asia-Pacific region during third quarter trading.
Overall group-wide revenue from across the company’s global business was recorded at €356.9m at the quarter’s end, up 16% from €307.8m in Q3 2022 although the group noted that growth potential had been offset.
Operational EBITDA also rose against 2022 comparatives, with the former climbing 8% from €49.6m to €53.8m. However, although the group remains in the black its profit did fall 70% from €34.9m to €10.6m, and the abovementioned EBITDA figure – although still positive – was also impacted by a €10.3m loss from the US.
Whilst acknowledging some headwinds – North America and the Asia-Pacific remain tricky areas for the group, as was the case in Q2 trading – Super Group is confident enough in its performance that it has reiterated previously stated 2023 guidance.
Alinda van Wyk, Chief Financial Officer of Super Group, said: “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%.
“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.”
Segment-by-segment, Betway’s sports betting revenue dropped 30% from €89.7m to €64.6m, whilst revenue from fixed odds contingencies for the online sportsbook jumped 74% from €14.9m to €58m.
Additionally, Betway’s online casino revenue also rose 16% from €57.7m to €68.8m, with Spin also recording a smaller uptick in operations – the brand being an icasino-only operator – by 7% to €150m (Q3 2022: €138.8m).
This meant that casino was the dominant product for Super Group for yet another quarter, with revenue from this segment dwarfing sports betting at €219m (€196.6m) against €64.6m (€89.7m).
Geographically, although the group did acknowledge the aforementioned loss from the region, North America generated the single largest revenue figure for Super Group at €134m, 8% more than the year prior (€123m).
European revenue also rose from €38m to €54m, a growth rate of 30%, and Africa and Middle East revenue by 30% from €70m to €100m. However, Asia-Pacific revenue continued to fall, this time by 9% from €68.5m to €62m, and Latin American revenue also dropped 13% from €7.7m to €6.7m.
Closing Q3, Super Group ended the quarter with cash and cash equivalents of €245.3m, a drop of 4% from €254.8m. This was attributed to inflows from operating activities amounting to €112.1m, inflows from investing activities of €13.9m, outflows from financing activities of €129.3m and a loss of €6.3 million as a result of foreign currency fluctuations on foreign cash balances.
Neal Menashe, Super Group CEO, said: “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.
“I remain encouraged by our very strong customer engagement and continued expansion of our global iGaming offering.”
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Author: John Sommers
John Sommers is a distinguished figure in the world of gambling expertise, known for his deep knowledge and insightful analysis of the gaming industry. As a seasoned author, he has contributed extensively to the reputable gambling news site, TwinCasinos, focusing on providing valuable insights to English-speaking gamblers worldwide. With a career spanning over a decade, John has honed his expertise in various aspects of gambling, from strategic gameplay to industry trends and regulatory developments. His articles are revered for their blend of comprehensive research, astute observations, and a knack for demystifying complex concepts for both novice and seasoned players. Beyond his writing prowess, John has established himself as a trusted authority, often sought after for his expert commentary on the ever-evolving landscape of the casino and betting industry. His passion for responsible gambling and commitment to ensuring players make informed choices are evident in his work, making him a beacon of integrity in an industry that demands such values. Whether you’re a casual gambler or a dedicated enthusiast, John Sommers’ contributions to TwinCasinos promise to be an invaluable resource for navigating the dynamic world of gambling.
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