Super Group has announced its “strongest quarter ever” for Q2, recording a remarkable revenue of €414.7 million, representing a 9% increase from the same period last year.
The company’s flagship brand, Betway, contributed significantly to this success, achieving a 7.6% year-on-year revenue growth of €246.3 million for the quarter. Notably, Betway’s performance in the Africa and Middle East region was outstanding, generating €152.8 million. Europe emerged as the brand’s second-best region, with revenue hitting €45 million, marking a significant 23% increase.
In North America, Super Group’s Spin brand stood out as the strongest region, generating €112 million in revenue during Q2. Overall, Spin’s casino-focused revenues across all regions amounted to €168.5 million, reflecting an 11% rise compared to 2023. The company reported a 21% increase in monthly active customers, bringing the total to 4.5 million, with icasino accounting for the majority (78%) of the overall revenue.
The robust growth in the Africa and Middle East region, which contributed €153.6 million in Q2, played a crucial role in driving Super Group’s performance. Together with North America, these two markets accounted for 73% of the group’s revenue during the three-month period, with North America contributing €150.1 million.
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However, the company faced a setback with the decision to withdraw its Betway sportsbook brand from the US in July, resulting in an adjusted EBITDA loss of €16.4 million related to the exit. Group CEO Neal Menashe commented on this move, stating, “I’m glad we have reached a conclusion in shutting the US sports betting market and we continue more generally to optimise our global footprint both in terms of geography and product.”
Super Group president and CCO Richard Hasson indicated that the firm plans to reinvest up to €40 million annually in the US if returns continue from the two states where its igaming operation, Spin, remains active—New Jersey and Pennsylvania. Yet, Hasson underscored the importance of monitoring the US market closely, setting monthly net win targets to ensure ongoing profitability.
“The €40 million was the most it would invest in the US each year,” he noted, cautioning that the firm would pivot away from markets where profitability suffers.
Despite exiting the sports betting segment in the US, Super Group remains focused on its igaming offerings in New Jersey and Pennsylvania after an extensive review concluded that its betting arm lacked a sustainable path to profitability.
