Super Group has released financial results for the second quarter of 2024, highlighting a positive period for the Betway and Spin parent company.
Total revenue for the quarter reached €414.7 million ($453.1 million), up 9% year-on-year.
Growth in Africa and North America was the main growth driver for the entire group, although this was partially offset by declines in the Middle East and Asia Pacific markets.
Betway's highest proportion of revenue comes from Africa and the Middle East, at €152.8 million (62%), while Spin's top revenue region is North America, at €111.8 million (66%).
Looking at Super Group’s product lines, online casino revenue increased by 18.6% compared to the same period last year, while sports betting revenue decreased by 10.5%, and revenue from brand licensing also declined.
For the quarter, the company posted a loss of €0.8 million, compared to a profit of €27.6 million in the second quarter of 2023.
Adjusted EBITDA increased 8% year over year to €81.9 million, with 4.5 million monthly active customers in the second quarter of 2024, compared with 3.7 million in the second quarter of 2023.
Neal Menashe, CEO of Super Group, said: “Q2 2024 was our strongest quarter ever, demonstrating the extraordinary progress we continue to make as a business. I am delighted that we have reached agreement to close the US sports betting market, And we will continue to optimize our global footprint more broadly across geographies and products.
“I am delighted to welcome Premier League champions Manchester City and the South African Premier League (now known as the Betway Premiership) to our brand sponsorship portfolio. We are positive about the prospects for the remainder of the year and we look forward to making 2024 a super year for the Premier League. Year."
Alinda van Wyk, Chief Financial Officer of Super Group, added: “Our operations outside the United States achieved record quarterly total revenue and adjusted EBITDA of €408 million and €98 million respectively. We continue to focus on growth in our key markets, as well as in Significant progress in achieving cost efficiencies drove strong EBITDA margin growth of 24% in the second quarter outside the United States.
“Given the strong performance we saw in the first half of the year, we are confident in raising our full-year 2024 adjusted EBITDA ex-U.S. guidance to above €300 million. Finally, our debt-free balance sheet continues to demonstrate strong momentum , we are pleased to return capital to shareholders by announcing our first dividend."
In other results-based news, Zeal Network announced its financial results for the first half of 2024, showing revenue growth of 40% and EBITDA growth of 46%.
