On Monday Super Group announced a year-on-year group revenue rise of nearly 26% to $556.9 million for Q3, boosted by significant growth in the UK and Africa.
The Betway and Spin owner reported strong performances in the UK and Africa, with the revenues in these markets increasing by 71% and 36% respectively.
The growth in Africa was driven by “solid gains” in Malawi and Tanzania, as well as a 23% revenue rise in South Africa, the operator said. Africa and the Middle East accounted for up to 40% of Super Group’s total revenue in Q3, up from 38% in the same period last year.
In the UK, meanwhile, sports betting revenue shot up 89%, while online casino also increased by 67%.
Analysts at Regulus Partners said the group was “continuing a very strong run which suggests run-rate market share in the UK has grown by 1.6pts to 3.8%”.
Total monthly active customers across all brands reached an all-time high monthly average of 5.5 million in Q3, marking an 18% increase year-on-year. in September alone Super Group reached a record of around six million monthly actives.
Super Group CEO Neal Menashe believes the company’s Q3 performance demonstrates the continued strength of its platform and execution across its core markets.
“Despite customer-friendly outcomes in September, we delivered record-level customer engagement, strong revenue growth and margin expansion,” Menashe said.
“Hitting six million monthly active customers was another significant milestone, a reflection of our product innovation and local execution.”
Canada also a Q3 success story, although LatAm declines
LatAm revenue for Super Group in Q3 dropped from $6 million to $4 million, although growth in Africa and the UK offset that decline.
Canada was another success story for Super Group in the period, with the market increasing its revenue by 15% when excluding Ontario, which grew just 3% year-on-year.
Growth in Canada led Super Group to a 12.4% hike in North America revenue. This will likely be the last full quarter in which US revenue is included in the earnings as the company is set to close its US business in Q4.
Super Group has been offering iGaming in Pennsylvania and New Jersey for some time, although it announced in June it would pull out of the US due to “regulatory shifts impacting long-term US expected profitability”.
Super Group again increases guidance
Strong results left Super Group with an adjusted EBITDA of $152 million (up 65.2%) and a Q3 profit of $95.8 million, a mammoth 830% increase from the $10.3 million reported last year.
Notably, the operator said it had adopted a change in presentation currency from euros to USD as of January. Accordingly, the comparative table has been re-presented retrospectively in line with the change.
As a result of its strong results, Super Group has raised its full-year revenue forecast by 3% to $2.17 billon-$2.27 billion from its previous target of $2.125 billion-$2.2 billion.
The operator also raised its full year adjusted EBITDA forecast slightly to $555 million-$565 million from $550 million-$560 million.
Super Group CFO Alinda van Wyk said of its Q3 results: “Our disciplined investment in high-return markets, combined with operational efficiencies and improved marketing ROI, continues to translate into expanding margins.
“Our balance sheet remains robust with $462 million in cash, giving us both flexibility and confidence as we look ahead to 2026.”
Super Group previously raised its guidance in September at an investor day after a stronger-than-expected start to the quarter.
Previously, Super Group was anticipating ex-US group revenue of at least $2.04 billion, with a forecast of between $470 million and $480 million for adjusted EBITDA.
Analysts suggest path for future Super Group growth
In its note, Regulus Partners highlighted the company’s decision to not enter “expensive new markets with the vigour of many of its competitors”, claiming many of those businesses are now potential M&A targets.
After a strong Q3, Regulus believes Super Group should alter its strategy slightly to continue its growth.
“Super Group’s regulatory risk profile remains relatively ‘spicy’, our view, but while macro growth in mature markets has consistently saved the day in the past, Super Group must now pivot into emerging markets to maintain momentum,” Regulus said.
As a result of strong Q3 results, Super Group raised its 2025 full-year revenue forecast by 3% to $2.17bn-$2.27bn.