Super Group Exits U.S. Sports Betting Market
Super Group, the company behind gaming brands Betway and Spin, revealed on Wednesday that it will withdraw from the U.S. sports betting market after conducting a thorough...
SuperGroup hits record in Q2
After its exit from the US market, SuperGroup revenues reached a record of €414.7m in Q2.
When announcing their exit in July, the company expected some costs and charges, bringing adjusted EBITDA to €81.9m. Excluding the US, Super Group achieved its highest-ever quarterly adjusted EBITDA of €98.3m.
According to chief financial officer, Alinda van Wyk, the ex-US adjusted EBITDA guidance for 2024 was more than €300m.
Chief Executive Officer & Director at Super Group, Menashe said:
“I’m really excited to welcome English Premier League champions, Manchester City, and South Africa’s Premier Soccer League, now known as the Betway Premiership, to our 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.”
Super Group’s revenue increased by 9% to €414.7 million this year from €380.8 million last year mainly due to the growth of operations in Africa and North America, particularly Canada.
Despite reporting a minimal loss of €0.8 million in the second quarter, Super Group was able to post a profit of €27.6 million.
The Q2 number of monthly active customers grew by 21%, reaching 4.5 million compared to 3.7 million in the same period last year.
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Super Group’s iGaming success fuels record earnings
The iGaming division of Super Group played a significant role in enabling the firm to achieve its unprecedented fourth quarter and 2023 earnings.Menashe stated that the...
