Super Group Limited Sets Revenue Record With $390M In Q3 2023

Written By J.R. Duren on November 24, 2023
Business Man Stands Behind Financial Graph with Super Group Limited logo

Super Group Limited’s Q3 numbers are in and they’re looking good. 

The company, which operates sportsbooks and online casinos in the US through its Betway brand, posted its highest-ever Q3 revenue, customer and deposit totals.

Why Super Group’s Q3 numbers matter

A company’s quarterly results give shareholders a look into how well the company did during the three months in question. 

Some of the common metrics included in quarterly results are revenue, profit, and earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA helps shareholders see how profitable a company is by showing them how much money the company is making purely based on its day-to-day operations.

If Super Group’s revenue, profit, and EBITDA are all positive, it’s a relatively good indication that the company did well in a quarter. 

Additionally, a gambling company’s quarterly reports often include insight into how launching in new states, buying other sports betting companies, and partnerships with new sports betting firms affected performance. 

A snapshot of Super Group’s third-quarter metrics

Super Group’s Q3 numbers were generally positive: 

  • Revenue was up 16% compared to Q3 2022, rising from $336.49 million to $390.17 million.
  • EBITDA was up 8.5% year-on-year, mumping from $54.22 million to $58.82 million. 
  • Monthly active customers saw a huge increase, rising 44% from 2.7 million in Q3 2022 to 4 million in Q3 2023. 

The company’s North American operations, along with Africa, the Middle East, and Europe, helped drive the company’s record revenue, according to the statement. 

While revenue, EBITDA, and active users were positive, profits were down considerably compared to Q3 2022, dropping from $38.15 million to $11.59 million. Looking at Super Group’s Q2 financials, this is the second straight quarter that profit saw a significant year-on-year profit decline. 

“We continue to focus on investing for future growth and the further realization of cost efficiencies,” CFO Alinda van Wyk said in a Super Group news release.

“Despite some headwinds experienced this quarter, while tight, we are reaffirming our guidance, assuming a normalized margin for the remainder of the year.”

Super Group sees annual growth in North America

Super Group’s Betway brand is the company’s primary presence in the US. Betway runs sportsbooks in nine states and online casinos in two.

Betway operates in nine states and Spin is active in two states. Both Betway and Spin, Super Group’s online casino company, operate in Canada and Latin America. 

Betway generated $33.6 million in sports betting revenue in Q3, up from $24.4 million in Q3 2022. Betway and Spin generated $100.54 million in Q3 compared to $98.7 million the previous year.

Super Group CEO Neal Menashe said in a statement:

“Super Group has delivered yet another quarter of solid results, having achieved our highest-ever revenue for a third quarter, as well as new all-time highs for both our customer numbers and deposits. I remain encouraged by our very strong customer engagement and continued expansion of our global iGaming offering.”

Photo by PlayUSA
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J.R. Duren

J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.

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