Super Group Q2 revenue jumps 19% as US losses hit €13m

Super Group has posted a 19% year-on-year (YoY) increase in Q2 revenue of €380.8m as growth in Africa and the Middle East and Europe offset North American declines.

The Betway and Spin parent company noted operational EBITDA of €70m, up from €53.6m in Q2 2022.

The company did note this figure included a €12.6m loss in the US, meaning non-US EBITDA stood at €82.6m.

Profit amounted to €27.6m compared to €298.6m in Q2 2022. However, Super Group said last year’s figure was bolstered by the positive impact of non-cash adjustments of €283.3m relating to its SPAC merger and subsequent public listing.

Breaking revenue down by geographical regions, European revenue jumped from €30.5m in Q2 2022 to €57.1m in the reporting period based on a hugely improved performance from Spin.

Elsewhere, African and Middle Eastern revenue increased from €63.6m to €110.3m, driven by Betway revenue jumping by almost €50m.

However, downturns in North America, cited as being due to regulatory changes in Ontario, saw revenue slip from €142.1m to €137.1m.

Asia-Pacific revenue also fell, decreasing from €77.4m to €69.1m.

Online casino continued to take the lion’s share of revenue with €223.6m compared to sports betting’s €143m.

Management also reported a 40% YoY increase in monthly active customers, rising from 2.7 million to 3.7 million.

Marketing costs fell by 3% to €81m, with marketing as a percentage of net revenue sitting at 22%.

Neal Menashe, Super Group CEO, said: “Super Group has delivered financial results that reflect our ongoing focus on both an optimised global footprint and investment in long-term growth.

“This quarter’s strong revenue performance has delivered enhanced economies of scale in multiple markets, resulting in significant year-on-year growth in operational EBITDA, ex-US.

“We remain confident in our business model and focused in our search for future growth opportunities in the global online casino and sports betting industry,” he added.