Super Group (SGHC) Limited, the parent company of Betway and Spin, has released its unaudited financial results for Q2 2024.
CEO Neal Menashe emphasised the company’s greatest-ever quarter, noting advancements in global optimisation and the inclusion of the Betway Premiership in South Africa and Manchester City to the company’s sponsorship roster. He mentioned the US sports betting market’s shutdown as well.
For the business outside of the United States, CFO Alinda van Wyk reported record sales of €408 million and adjusted EBITDA of €98 million. She declared the company’s first dividend and increased the guidance for EBITDA for the entire year to approximately €300 million.
Financial Highlights:
- Revenue rose 9% to €414.7 million, driven by growth in Africa and North America, despite declines in the Middle East and Asia-Pacific.
- The period saw a loss of €0.8 million due to non-cash charges, compared to a profit of €27.6 million in Q2 2023.
- Adjusted EBITDA increased by 8% to €81.9 million.
- Monthly Active Customers grew by 21% to 4.5 million.
- Cash and cash equivalents rose to €306.8 million, up from €241.9 million at year-end 2023, with significant inflows from operations and some outflows from investments and financing activities.
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