Super Group Q3 Report Shows Africa Focus Is Paying Off

Super Group, Betway’s parent company, has published its financial report for the third quarter of the year, reporting a record-breaking revenue figure. The company attributed its amazing financials to its growth in key markets such as Africa, Europe and Canada.

Super Group’s Strongest Q3 Yet

Super Group, which operates Betway and Spin, reported revenue of EUR 402.9 million ($433.5 million) for Q3, up 13% year-on-year. This figure, driven by growth in key regions, such as Africa, Europe and North America, was the highest third quarter revenue ever reported by the company.

The figure, however, was partially offset by suboptimal performance in the Middle East and Asia-Pacific.

In Q3, Super Group reported a profit of EUR 8.5 million ($9.15 million). The company clarified that its EUR 10.6 million profit in Q3 2023 included a non-cash charge of EUR 14.2 million related to changes in fair value and option liability.

Q3 2024 adjusted EBITDA, on the other hand, was up 60% to EUR 83.9 million ($90.3 million). Additionally, the number of monthly active customers increased by 17% to 4.7 million.

Super Group ended the quarter with EUR 296.6 million ($319.1 million) in cash and cash equivalents, marking a significant year-to-date increase. The company clarified that inflows from operating activities reached EUR 159.1 million, while outflows from investing activities stood at EUR 59.2 million. Outflows from financing activities, meanwhile, were EUR 51.9 million, mainly because of dividends of EUR 46.1 million and lease payments of EUR 5.7 million.

Super Group also reported a gain of EUR 6.7 million ($7.2 million) thanks to foreign currency fluctuations.

Executives Celebrated the Success

The group’s chief executive officer, Neal Menashe, was thrilled by the results and his team’s “phenomenal progress.” He added that there is still tremendous potential for further growth in many regions, especially Africa, which Super Group has scaled to be its largest region for the second quarter in a row.

Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders, and intend to discuss with the board a possible further special dividend before the end of the year.

Neal Menashe, CEO, Super Group

Alinda van Wyk, Super Group’s chief financial officer, praised the financials and the strong revenue in key markets. The CFO announced that thanks to the strong business performance, Super Group has adjusted its guidance accordingly. The company now expects its ex-US adjusted EBITDA to be greater than EUR 345 million.