Latest News

Super Group Reports Financial Results for Third Quarter of 2024

Published

2 weeks ago

November 8, 2024

Super Group (SGHC) Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced third quarter 2024 unaudited consolidated financial results.

Neal Menashe, Chief Executive Officer of Super Group, said: “We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business. There is still tremendous potential as we experience super growth across our global casino brands, and particularly in Africa which we have scaled to be our largest region for the second quarter running. Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders, and intend to discuss with the board a possible further special dividend before the end of the year.”

Alinda van Wyk, Chief Financial Officer of Super Group, said: “This quarter was our best ex-US third quarter ever, achieving total revenue of €395 million and Adjusted EBITDA of €95 million. We are focusing on consistent growth in our key markets, while striving to maximize operational and marketing cost efficiencies across the group, which resulted in a margin of 24% for the second quarter in a row – well ahead of our long-term target of 20%. Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345 million.”

Financial Highlights:

Stake - Best Online Casino & Sports Betting Platform

Revenue increased by 13% to €402.9 million for the third quarter of 2024 (constant currency: 15% to €410.9 million) from €356.9 million in the same period of the prior year, driven by growth from the Africa, Europe and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets.

Profit for the period was €8.5 million for the third quarter of 2024. Profit for the period of €10.6 million for the third quarter of 2023 included a non-cash charge of €14.2 million related to the change in fair value of option liability.

Adjusted EBITDA, a non-GAAP measure, increased by 60% to €83.9 million for the third quarter of 2024 compared to €52.5 million in the third quarter of 2023.

Monthly Active Customers increased by 17% to 4.7 million during the third quarter of 2024 from 4.0 million in the third quarter of 2023.

Cash and cash equivalents was €296.6 million at September 30, 2024, up from €241.9 million at December 31, 2023. This net increase during the nine months ended September 30, 2024 was the result of:

Inflows from operating activities amounting to €159.1 million;

Outflows from investing activities of €59.2 million. This was mainly as a result of further investment in tangible and intangible assets of €63.6 million, predominantly due to the capitalization of expenditure on software, issuance of a loan to Apricot Investments Limited of €10.0 million, deferred consideration paid of €2.5 million relating to the 15 Marketing Limited acquisition and cash paid of €2.0 million for an investment in associate. These outflows were offset in part by €9.2 million of consideration received from the sale of the B2B division of DGC, as well as €9.2 million resulting from receipts of interest and repayment of loans receivable;

Outflows from financing activities of €51.9 million, mainly due to dividends paid of €46.1 million and lease payments of €5.7 million; and

A gain of €6.7 million as a result of foreign currency fluctuations on foreign cash balances held over this period.

Up Next

ComeOn Group adds sportsbook to its offering in Ontario

Don't Miss

BetMGM Offers Interstate Online Poker, Merges New Jersey and Michigan Markets

Latest News

BetConstruct to Participate at GAT Caribbean Cancún

Published

2 mins ago

November 21, 2024

Niji Narayan

BetConstruct has announced their participation at this year’s GAT Caribbean Cancún that takes place in Mexico from November 26-28.

Taking place at the Cancún International Center, the GAT Caribe Cancú is a prestigious event that gathers manufacturers, operators, and marketers to broaden the horizons of the online and land-based markets in Mexico, the Caribbean region, and Central America.

Exhibiting at stand A36, BetConstruct are set to showcase the company’s wide array of Land Based Solutions alongside comprehensive Sports Betting Solutions and Casino Suite. These offerings have the full capabilities and features that are essential for catering to the regional markets and open vast opportunities for both new and entrant operators.

Latest News

BGaming pens Brazilian multi-brand agreement with Cometa Gaming

Published

13 mins ago

November 21, 2024

George Miller

Popular iGaming content provider BGaming has solidified its market position in Brazil by securing an aggregation deal with Cometa Gaming.

Cometa Gaming is an online casino and sportsbook aggregator with several brands in Brazilian market, all in the regulatory process. The group handpicks the best slot studios in the industry to meet the high standards of its passionate players.

BGaming has initially launched its entire portfolio with Cometa Gaming’s iGaming and sports betting brand Br4bet, including popular titles such as Fruit Million, Burning Chilli X and Space XY. The provider will continue to roll out its games across several of the platform’s other brands over the coming months.

This latest partnership demonstrates BGaming’s growing demand in LatAm ahead of the Brazil’s regulated market launching in January, where it remains committed to delivering a safe, fair and entertaining experience for players.

Gian Carlo Ferrini, Sales Manager at BGaming, said: “Partnering with Cometa Gaming is a major move for BGaming, enabling us to broaden the reach of our award-winning content to LatAm players across its multiple brands. So far, we have enjoyed early success with Br4bet and look forward to launching with Cometa Gaming’s other casino sites in the future.”

Thomaz Campos, COO at Cometa Gaming, said: “BGaming continues to break new ground in Brazil and we are delighted to have them live on Br4bet. Their games will help us achieve our goal of delivering the most appealing and forward-thinking content to players, as we both work towards a shared commitment to excellence.”

BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,600+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 150+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.

Financial reports

New Jersey Division of Gaming Enforcement Announces October 2024 Total Gaming Revenue Results

Published

2 hours ago

November 21, 2024

George Miller

New Jersey Division of Gaming Enforcement Announces October 2024 Total Gaming Revenue Results

The New Jersey Division of Gaming Enforcement announced the October 2024 total gaming revenue results.

Casino Win:
Based upon filings with the Division of Gaming Enforcement, Casino Win for the nine casino hotel properties was $208.7 million for October 2024, reflecting a decrease of 8.5% when compared to $228.1 million reported in October 2023. Year-to-date Casino Win for the nine casino hotel properties was $2.36 billion, which is a decrease of 1.6% compared to the year-to-date Casino Win for October 2023.

Internet Gaming Win:
For the month of October 2024, Internet Gaming Win reported by casinos and their partners was $213.6 million, reflecting growth of 28.1% when compared to $166.8 million reported in October 2023. For the year-to-date period, Internet Gaming Win reported by casinos and their partners was $1.95 billion, reflecting growth of 23.7% when compared to $1.57 billion for the prior year-to-date period.

Sports Wagering Gross Revenue:
Sports Wagering Gross Revenue reported by casinos, racetracks, and their partners was $77.5 million for October 2024, reflecting a 16.0% decrease when compared to $92.3 million reported in October 2023. Sports Wagering Gross Revenue reported by casinos, racetracks, and their partners was $912.8 million for the year-to-date period, reflecting a 13.9% increase when compared to $801.3 million reported in the prior year-to-date period.

Total Gaming Revenue:
Total Gaming Revenue reported by casinos, racetracks, and their partners was $499.8 million for October 2024, reflecting a 2.6% increase from $487.1 million reported in October 2023. For year-to-date, Total Gaming Revenue reported by casinos, racetracks, and their partners was $5.22 billion, reflecting a 9.3% increase from $4.77 billion reported in the prior year-to-date period.