Super Group Posts Record Q2 Results Following US Exit
Super Group has published its financials for Q2 2024, outlining record-breaking revenues in the wake of its exit from the US market.
Super Group Excels Following Its US Exit
For Q2, the company reported revenue of €414.7 million ($453.2 million) marking an increase of 9% from €380.8 million in Q2 2023. The significant increase was attributed to growth from the company’s businesses in Africa and Canada, which offset declines in the Middle East and Asia-Pacific markets.
Loss for Q2 2024 stood at €0.8 million ($0.87 million) and includes non-cash charges of €36.8 relating to the impairment of DGC-related assets.
Adjusted EBITDA, meanwhile, was up 8% year-on-year to €81.9 million ($89.5 million) for the second quarter of 2024.
At the end of the quarter, Super Group had cash and cash equivalents of €306.8 million ($335.3 million), up from €241.9 million in the prior-year period. This increase was attributed to inflows from operating activities of €104.5 million ($114.2 million) and outflows from investing and financing activities of €42.9 million and €3.7 million, respectively. The figure also takes a gain of €7 million as a result of currency fluctuations into mind.
Super Group reported a vast increase in the number of monthly active consumers. Whereas the company recorded 3.7 million active consumers in Q2 2023, it now reported an increase in active players of 21% to 4.5 million.
CEO Menashe Wants to Make 2024 a “Super Year for Super Group”
Company representatives commented on the results, expressing excitement about the company’s financial position and FY2024 outlook. According to CEO Neal Menashe, the record-breaking Q2 results demonstrate the company’s exceptional business progress.
Menashe reflected on the exit from the US market, saying that he was glad to have optimized the company’s activity. He vowed to continue improving the company’s global footprint both in terms of geography and product.
On an additional note, CEO Menashe added that he glad to welcome Manchester City and South Africa’s Premier Soccer League to the company’s 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.
Neal Menashe, CEO, Super Group
Alinda van Wyk, Super Group’s chief financial officer, added that the company’s sharpened focus on key markets continues to be a winning strategy. She provided an insight into the company’s expectations for FY 2024:
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.
Alinda van Wyk, CFO, Super Group
In other news, Super Group appointed a new chief marketing officer earlier this year. The one up to the task was Elen Barber, a former Kindred executive.
IGT Selects Nick Khin for President, Global Gaming Role
Amid the sale of IGT’s Gaming and Digital business, the company recently disclosed its second quarter results. The Q2 2024 report pointed to $1.05 billion in revenue for the latest trading period, a figure that marked a decrease of 1% year-over-year.
Now, the company announced a senior-level appointment as well. On Wednesday, IGT confirmed the promotion of Nick Khin to the role of president, Global Gaming. In this new elevated role, the exec will be in charge of managing IGT’s Global Gaming business unit.
He will oversee processes related to sales and technology. Moreover, as president, Global Gaming, Khin will be in charge of hardware, manufacturing, as well as systems and services, helping the expansion of the company’s unit.
Currently, Khin is based in Las Vegas. According to IGT, his latest appointment will not impact his residency. Not unexpectedly, Khin reports directly to the company’s CEO, Vince Sadusky.
Khin Is the Perfect Fit for the New Role
Before his appointment of president, Global Gaming, Khin held the role of chief operating officer and SVP of Gaming at IGT since 2015. Initially, he joined the company back in 2013. At the time, he provided guidance and advice for IGT’s expansion strategy and helped identify potential mergers and acquisitions.
Overall, Khin has more than two decades of experience within the gambling industry. He has a track record and has accumulated knowledge and experience while holding C-suite roles across the globe, including in gambling hubs such as Las Vegas, Sydney and London, among others.
“Nick is the obvious choice to lead IGT Global Gaming.“
Vince Sadusky, CEO at IGT
Sadusky commented on the topic revealing that Khin was the perfect fit for the role of president, Global Gaming. “Under his leadership, IGT is consistently releasing top games and strengthening its performance in every game category,” added IGT’s CEO. Finally, he spoke about Khin’s leadership, extensive knowledge and dedication that helped him earn the respect of colleagues within the gambling sector.
Last month, a newly formed holding subsidiary of Apollo Global Management called Apollo Funds, announced a historic deal that would see the acquisition of IGT’s Gaming and Digital business, as well as Everi Holdings. The landmark acquisition has a mind-blowing price tag of $6.3 billion.
