Super Group's Remarkable Q3 Performance Shows Surge in Revenue and Customer Base
Date: 2023-11-10 Author: Dima Zakharov Categories: EVENTS
Financial Milestones:
In the latest trading period, Super Group reported a substantial revenue of €356.9 million ($381.4 million), reflecting a remarkable 16% increase compared to the same period in 2022. This surge is attributed to the company's expanding operations in Europe, North America, Africa, and the Middle East, although it faced challenges in South/Latin America and Asia-Pacific markets.
Operational Strength:
Operational EBITDA for Q3 reached €53.8 million ($57.5 million), showcasing a positive trend with an increase from the previous year. The company also witnessed a surge in monthly active customers, reaching 4.0 million in the third quarter of 2023, a notable 44% increase from Q3 2022.
Strategic Decision:
Post the recent trading period, Super Group announced its withdrawal from the gambling sector in India due to increased taxes, deeming the business unsustainable. This strategic move aligns with the company's commitment to prudent decision-making in challenging markets.
Future Outlook:
Super Group's CFO, Alinda van Wyk, expressed confidence in the company's future growth, emphasizing a commitment to investment and cost efficiencies. Despite challenges in Q3, the company reaffirmed its guidance for the remainder of the year.
CEO's Perspective:
Neal Menashe, CEO of Super Group, applauded the company's outstanding performance in Q3, citing record-breaking revenue and increased customer numbers. He foresees continued expansion in the global iGaming sector.
