Super Group posted its latest financial report. It featured Q2 record-breaking revenues after its exit from the US gambling market. It earned $453 million in the second quarter, a 9 percent increase compared to the same quarter in 2023. In addition, the company attributed its growth to its businesses in Canada and Africa. On the other hand, the report showed declines in the Asia-Pacific and Middle East markets.
According to BookiePayPerHeadSolutions.com sources, a non-cash charge of €36.8 million for the impairment of assets connected to DGC was included in the $0.87 million loss for the second quarter of 2024.
The company’s adjusted EBITDA for the second quarter of 2024 was $89.5 million, an increase of 8% year over year.
Q2 Record-Breaking Revenues
Super Group ended the quarter with $335.3 million in cash and equivalents, an increase from €241.9 million in the previous year. This growth was due to the $114.2 million in operational income and the €42.9 million and €3.7 million in investment and finance income. Changes in currency additionally contributed to a profit of €7 million.
The company said the number of people using Super Group monthly has increased dramatically. According to the business, active gamers increased by 21% to 4.5 million, up from 3.7 million in Q2 2023. It gives them more reason to become a bookie in the future.
In response to the findings, corporate officials voiced their enthusiasm for the company’s financial situation and forecast for FY2024. According to CEO Neal Menashe, the record-breaking Q2 results demonstrate exceptional business development.
Super Group Hopes for a Super 2024
Menashe expressed his satisfaction with optimizing the company’s operations as he considered withdrawing from the US market. He committed to expanding the company’s reach geographically and in terms of products worldwide.
Additionally, CEO Menashe expressed his pleasure at adding Manchester City and the Premier Soccer League of South Africa to the company’s roster of brand sponsors. They have high hopes for the rest of the year and look forward to having a fantastic year for Super Group in 2024.
Super Group’s CFO Alinda van Wyk expanded on this by saying that the firm’s focus on specific areas has been successful thus far. She shed light on what the business hopes to achieve in FY 2024:
Based on its performance in the first half of the year, the company is confident in increasing its ex-US Adjusted EBITDA projection for 2024 to better than €300 million. Lastly, it is thrilled to declare its first dividend, returning cash to shareholders, and its debt-free balance sheet continues to demonstrate strength.
Also, Super Group hired a new chief marketing officer early this year. Elen Barber, a former executive at Kindred, was capable. With this promotion, Barber will move to London to join the group’s executive team, including CEO Neal Menashe, COO Richard Hasson, and CFO Alinda Van Wyk.
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