Super Group seees revenue in Q3 2023 jump by 16%

Super Group Limited, trading as SGHC on the New York Stock Exchange, and parent company of Betway, one of the world’s best-established online betting and casino gaming businesses, has revealed its third-quarter financial results, offering a glimpse into what had been a solid performance across the three-month period ended on September 30.

Super Group hailed its revenue increase to €356.9m, a 16% gain on an annual basis, and the highest single-quarter revenue posted by the company. Welcoming these results, Super Group CEO Neal Menashe said that the company has managed to deliver yet another period of robust performance, growth, and financial bottom line.

"I remain encouraged by our very strong customer engagement and continued expansion of our global iGaming offering," Menashe added. His positive outlook was shared by Super Group CFO Alinda van Wyk who dug into the figures a little further.

Van Wyk explained that the company is focusing on building strong synergies and cost efficiencies between its core businesses, although admitting that there were some challenges to address. Yet, Super Group is not going to budge on its full-year financial guidance, which has given investors confidence.

With the fourth quarter usually busier for companies, Super Group and its CFO are confident that the company can still deliver more outstanding performance. Profit for the third quarter stood at €10.6m. The company also bought out the B2B division of Digital Gaming Corporation Limited, which directed some of the company’s resources into the transaction.

Monthly active customers have been increasing as well, with the company recording 4m active customers, up 44%, from the third quarter of 2022 when the company only had 2.7m active customers.

At the beginning of 2023, Super Group confirmed that it was reorienting its offer towards business-to-customer solutions, but then pounced at the opportunity to acquire DGC later in the year. Most recently, Super Group also confirmed that it is exiting the Indian market, citing a change in taxation that has made the normal operation of business in the region not sustainable.

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