Operator Super Group has released its latest financial results, with a revenue of 402.9 million euros (431.6 million USD) for the third quarter of 2024, marking a 13% year-over-year increase.
However, compared to the third quarter of 2023, profits have decreased by 24%, stabilizing at 8.5 million euros in the third quarter of 2024. Despite this, the profit for the year to date remains positive, with Super Group reporting a nine-month profit of 48.5 million euros, compared to 36.2 million euros for the same period last year.
Revenue for the year to date has also continued to rise, with a 10.5% year-over-year increase, as Super Group reports that revenue for the first nine months of 2024 reached 1.2 billion euros. A major driver has been Betway, which has generated 707.6 million euros in revenue so far this year, up 6% from the same period last year.
The remaining revenue for the first three quarters of the year from Super Group came from Spin. Similarly, the group's revenue for the third quarter of 2024 was split between Betway and Spin, generating 239.4 million euros and 163.5 million euros respectively. Africa and the Middle East have continued to be key regions for the group, generating 444.5 million euros in revenue so far this year.
Overall, the company's adjusted EBITDA has seen a significant year-over-year increase of 60%, with the operator reporting an EBITDA of 83.9 million euros for the third quarter of 2024. This growth reflects an increase in the number of monthly active customers, which grew by 17% year-over-year to 4.7 million in the third quarter of 2024.
As with its performance in the first and second quarters of 2024, Super Group attributes its revenue growth to strong quarterly performances in the African and North American markets, and this time, it has also seen strong performance in the European region. Following its exit from the US sports betting market in July, the operator will be pleased that its Canadian operations appear to remain solid on the surface.
Furthermore, as the year draws to a close, the company's revenue is also set to maintain a positive growth trajectory, with full-year revenue figures expected to surpass those at the end of 2023.
It is worth noting that shortly after the second quarter results were announced, Super Group announced its first dividend plan
Discussing the latest financial results, Super Group CEO Neal Menashe said: "We achieved our strongest third quarter ever, highlighting the remarkable progress we have made as a company.
Our global casino brands have all achieved above-expectation growth, especially in Africa, where we have been the fastest-growing region for the second consecutive quarter, thus still holding huge potential for development.
"Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders and intend to discuss potential further special dividends with the board before the end of the year."
Super Group CFO Alinda van Wyk also expressed similar sentiments, stating: "This quarter was our best third quarter outside the US ever, with total revenue reaching 395 million euros and adjusted EBITDA reaching 95 million euros.
We are focused on achieving sustained growth in key markets while striving to maximize operational and marketing cost efficiency across the group, which has resulted in a profit margin of 24% for the second consecutive quarter—far exceeding our long-term target of 20%."
