AvatarUX, the innovative slots studio, is now live in the regulated U.S. iGaming market for the first time following an exclusive launch on Caesars Palace Online Casino in Michigan.

This important milestone marks the first step towards the studio’s aim to set its footprint in the regulated U.S. and Canada through its agreement with Light & Wonder. 

The first title, KokeshiPop™ is now live exclusively on Caesars Palace Online as of February 27, marking the first time AvatarUX’s content, headlined by its PopWins™ mechanic, is available to U.S. players. Following this first launch, more titles will be released in North America across top U.S. operators in different jurisdictions. 

AvatarUX’s award-winning offering has consistently produced engaging hits across the globe, with its thrilling video slots that utilise innovative, in-house developed mechanics and features.

Lara Falzon, CEO at AvatarUX, said: “Caesars is a name that needs no introduction in the world of gaming and casino entertainment, and we’re delighted to make our U.S. market entry with such a prestigious brand.

“KokeshiPop™ is a proven performer and one of our most exciting, fast-paced PopWins™ games and we are confident that Caesars customers will love the theme and nature of the title. It is a landmark moment for AvatarUX, and one we will look to use as a launchpad to further our growth in North America.”

Matthew Sunderland, senior vice president and chief iGaming officer at Caesars Digital, said: “We are pleased to be the first operator in the U.S. to bring AvatarUX’s content exclusively to our players, starting with KokeshiPop™. This exciting launch falls in line with our goal of offering fresh and innovative content to our players across our iGaming platforms.”

Steve Mayes, senior director digital partnerships at Light & Wonder, added: “We have been working closely with AvatarUX for several years, and it is a pleasure to enable their launch into the US. We are looking forward to seeing the great content from AvatarUX available to players in the US with Caesars Palace online casino.”

Shares in Light & Wonder are trading higher today (28 February) after the business announced revenue of $770m in Q4 2023, an increase of 12.9% year-on-year.

Q4 results breakdown

Of the revenue total, $496m came from the supplier’s core land-based Gaming segment, amid year-on-year growth of 13.2%.

The improved revenue in that segment was driven primarily by global gaming machine sales growth of 31%, L&W said, with improved performance in both the US and Australia.

The SciPlay social gaming segment also saw healthy year-on-year growth of 12.1%, as revenue there grew to $204m.

There, the company said it benefited from a combination of strong revenue growth and disciplined user acquisition spend, as its average revenue per daily average user improved 15% year-on-year to $1.

The segment also saw an improved payer conversion rate of 10.7% and record average monthly revenue per paying user of $113.73.

Elsewhere, revenue from L&W’s smaller iGaming segment was up by 12.9% to $70m during the quarter.

Revenue growth there was driven primarily by continued momentum in the US and internationally, L&W said, with Pennsylvania, Michigan, Canada and the EU all mentioned as key growth drivers for iGaming.

Overall, the business declared adjusted EBITDA of $302m, up 14% compared to the $265m generated in Q4 2022, as it maintained a consistent EBITDA margin of 39% across both quarters.

Net income for Q4 2023 was $67m, more than triple the $21m net income declared in Q4 2022.

Full-year results

Turning to the full-year 2023, L&W generated total revenue of $2.9bn, up 15.5% year-on-year.

Adjusted EBITDA for the year totalled $1.12bn, up 22.5% from $914m in 2022.

From its total revenue, the business declared a net income of $180m for the year. That represented a signifiant turnaround compared to the $176m net loss it declared for full-year 2022.

As of the end of the reporting period, the business held cash and cash equivalents of $425m.

Its total debt stood at $3.87bn, while the business had available liquidity of $1.17bn.

Its net debt leverage ratio of 3.1x was 0.2x lower than at the end of the previous year, and was comfortably within its targeted range of 2.5x-3.5x, L&W said.

“2023 was a banner year for Light & Wonder,” said president and CEO of L&W, Matt Wilson.

“Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution. We consistently leverage a differentiated product strategy and plan to capitalise on the significant growth opportunities ahead of us. 

“I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory.”

CFO Oliver Chow added: “We continue to see healthy trends in the business and were able to capitalise on many of the opportunities presented to us in 2023 to deliver strong top- and bottom-line growth, both in the quarter and for the full year. 

“Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.”

Swintt, the sought-after software developer behind next generation hits ELECTRIC ELEMENTS and CANDY GOLD as well as classic fan favourites like SEVEN SEVEN POTS and PEARLS and EXTRA WIN X, has announced it will now join forces with iconic firm, Light & Wonder, to distribute its slots globally.

Although perhaps best known for its popular land-based slot franchises like the world-renowned DANCING DRUMS™ and RAINBOW RICHES™ series, Light & Wonder has very efficiently gone about setting itself up as one of the leading suppliers of iGaming solutions through the power of its aggregation platform.

With this innovative system connecting players, studios and operators in a single integration, the Light & Wonder game aggregation portfolio currently includes 4,000+ titles from over 60 studios, with this extensive line-up now set to be boosted by the presence of SwinttGames and SwinttPremium releases.

Dealing with the two categories in order, SwinttGames offer the very latest in graphics and sound and are known across the industry for their innovative and often ground-breaking bonus features. Among the Xtra series titles that will soon be available via Light & Wonder, all players on platforms supplied by the Light & Wonder’s aggregation platform will be able to enjoy the new JADE BLADE XTRASPLITTM and Swintt’s most successful slot to date in the tiki-themed ALOHA SPIRIT XTRALOCKTM.

Not only that, but they’ll also be able to join a British film and football icon for the adventure of a lifetime in The Crown starring Vinnie Jones.

Fans of classic games, meanwhile, will also be well-catered for courtesy of the SwinttPremium range. With these games all combining the iconic graphics and sounds of the sort of land-based slots that Light & Wonder have specialised in over the years, players can soon look forward to trying out Extra Win X, Cleopatras Pearls and the brand-new Seven Seven Pots and Pearls with its four linked jackpots.

With all of this and more soon available to all operators on the Light & Wonder platform, Swintt will look to leverage the deal with Light & Wonder to ensure their games are available in regulated markets worldwide and will soon also be accessible in the Italian market for the first time.

Lars Kollind, head of business development at Swintt, said: “While Swintt is always on the lookout for advantageous partnership deals, there can be no denying this latest collaboration with Light & Wonder is significant given the standing of the brand and its extensive reach in regulated markets worldwide.

“By joining forces with them, we’ll be able to ensure both SwinttGames and SwinttPremium releases are available to all operators who use Light & Wonder’s aggregation platform for their game aggregation needs, allowing us to further strengthen our digital presence globally while also preparing us to enter the Italian market for the first time – an exciting development that we’re very much looking forward to!”

James Bustin, commercial director at Light & Wonder, said: “With 4,000+ top titles from over 60 sought-after software providers in the iGaming industry, Light & Wonder’s aggregation platform has everything operators need to supply the ultimate entertainment experience in just one integration.

“We’re always looking to make our offering even better and teaming up with Swintt will enable us to do precisely that. With their innovative catalogue of SwinttGames as well as more traditional SwinttPremium releases, the studio has something for everyone and we’re sure they’ll prove a popular addition.”

Light & Wonder has made a strategic investment into no-code automation platform Flows.

Light & Wonder has already used Flows’ technology to create a new operator-funded marketing jackpots feature, with plans for further releases in the coming months.

The investment will be used by Flows to enter new markets and scale up operations.

The company, which was founded in 2021, is designed to support businesses by speeding up development and simplifying integrations.

The concept is to achieve operational efficiency without having to navigate the complexities associated with traditional coding.

Flows – a start-up in the happyhour.io VC portfolio – said it now intends to “supercharge” product development using the capital injection.

Light & Wonder iGaming CEO Dylan Slaney said: “Having witnessed the power of Flows’ world-class technology through its network jackpots feature, it was a logical next step to invest in its dynamic platform.

“Flows’ platform is an essential resource for businesses across all sectors of the iGaming industry and beyond and we are delighted to offer the company our support and backing.”

Flows recently launched a voice-activated tool, which utilises voice or text activations to build omnichannel jackpots from speech or text.

The new tool harnesses voice technology, automation, and AI language models.

Flows CEO James King said: “With the backing of Light & Wonder, we can expedite our path to becoming a worldwide leader in codeless automation solutions.

“Their support will act as a catalyst, supercharging our growth and innovation across the board and accelerating our mission of making technology accessible and transformative for businesses everywhere.

“I’m incredibly excited for the journey ahead and the unparalleled opportunities this will unlock for Flows and our customers.

“Kudos to our team who have worked so hard over the last two and a half years to build Flows up to the business it is today,” he added.

Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, has further grown in North America following a key partnership with Hard Rock Digital and its Hard Rock Bet platform in New Jersey.

The deal saw customers of the iconic brand able to enjoy incredibly popular titles such as Magic Stars 3, Burning Sun™, and Sizzling Eggs™, among a plethora of titles.

Wazdan brought its numerous years of experience to the partnership and a strong track record in key regulated states in America, with its games consistently performing excellently with players.

It becomes the latest commercial success for Wazdan, following recent agreements with BetMGM and Tipico in New Jersey, all of which have been integrated via Light & Wonder’s aggregation offering.

Hard Rock Digital recently launched its Hard Rock Bet platform in New Jersey, bringing a highly-rated, easy-to-use online experience to players throughout the state.

Beyond Wazdan’s titles, Hard Rock Bet has added hundreds of games to its platform, including classic titles, new releases each month, and games found on the casino floor at Hard Rock Hotel & Casino Atlantic City.

Izabela Slodkowska-Popiel, head of account management for North America and Latin America at Wazdan, said: “We’re thrilled to partner with a brand as impressive as Hard Rock and deliver some of our top-performing content to its customer base.

“Our partnership with Light & Wonder has driven us to new heights across North America, and we’re confident that this will be another exciting expansion for us.”

Grant Williams, senior vice president of casino at Hard Rock Digital commented: “We’re excited to be adding Wazdan’s popular games to our highly-rated Hard Rock Bet platform in New Jersey.

“With hundreds of gaming options and engaging promotions like our $1 Million-in-prizes Winterfest, Hard Rock Bet is entertaining our players like no one else can.”

December proved to be a favourable month for the stock market, with the majority of gambling stocks on our watchlist registering gains.

Yet, true to the pattern observed every month, there were still a handful of less fortunate ones.

Rivalry

Within the operator category, Rivalry stood out as one of the month’s under-performers, wrapping up December with a 7% loss.

The stock plummeted from C$1.14 on 30 November to C$1.06 on 29 December.

The drop, however, appeared to be a stabilisation following a sharp increase in the share price at the end of November, which was an eventful month for the company.

On 15 November, the operator announced a new C$14m-investment, resulting in an immediate spike in its share price when disclosed.

The new investment was earmarked for strategic purposes including marketing initiatives, product development, and expansion into new geographic markets.

Rivalry also reported a 22% year-on-year revenue increase to C$8.7m for Q3 2023, while betting handle surged to C$105.7m, a 50% rise from the same period in the previous year. 

Despite Rivalry’s primary focus on esports betting, the operator’s online casino segment contributed C$50.4m to the Q3 betting handle.

However, the expanding iGaming share within Rivalry raises questions about the potential and growth prospects for esports betting, a topic that already generates considerable debate.

Having gone public in October 2021, Rivalry still maintains a relatively modest valuation. However, the stock experienced a commendable 17.8% gain throughout 2023.

Moving ahead, investors will undoubtedly monitor Rivalry’s expanding product suite closely, while CEO Steven Salz also expressed intentions to expand into new geographic locations beyond the US in 2024.

Light & Wonder

In the supplier category, Light & Wonder registered a loss of 7.1% in December, with the share price falling from $88.42 to $82.11 at the end of last month.

The reasons behind the share decline in December remain unclear, despite the notable gains of nearly 40% for Light & Wonder throughout 2023.

In Q3 2023, Light & Wonder generated a 13% year-on-year revenue increase to $731m. 

Consolidated adjusted EBITDA grew 22% year-on-year to $286m, driven by double-digit growth  across all business segments, encompassing gaming, SciPlay, and iGaming.

The supplier highlighted the performance of its social casino business SciPlay, which posted a 15% year-on-year revenue rise to $196m on the back of strong player metrics. 

In August, Light & Wonder acquired the remaining 17% equity interest in SciPlay, which it did not own previously. 

Moreover, CEO Matt Wilson revealed that the firm is well on track to achieve its annual EBITDA target of $1.4bn by 2025.

“We’ve also built a cost optimisation programme into our plan as a mitigant against any potential headwinds. 

“But yeah, I think we are trending above the target line at the moment, and we’re on a path to deliver the $1.4bn,” Wilson had said. 

If accomplished, this would undoubtedly be welcomed as positive news for Light & Wonder’s investors.

Gambling.com Group

All affiliates on our watchlist closed the month with gains.

Interestingly, the affiliate stock that demonstrated the most robust performance this month was XLMedia, a company that found itself on our biggest loser list multiple times last year.

Raketech closed the month with a gain of 10.5%, while Better Collective experienced a notable increase of 7.8% in its share price throughout the month.

Acroud saw its stock surge by 8.6%, and Catena Media witnessed a commendable 3.9% increase in share value. 

Even though Gambling.com Group’s stock did not dip into negative territory, its modest 2% increase placed the company on the list of the month’s lowest performers.

Opening at $9.56 on 30 November and closing at $9.75 on 29 December, the stock remained relatively stable for the month. 

However, the most significant downturn in recent weeks occurred in mid-November when the group reported its Q3 2023 results.

Although Gambling.com Group generated a 19% increase in revenue, it also reported a 6% decline in adjusted EBITDA.

The stock suffered a 20.4% loss between 15 and 16 November and has yet to fully recover from that setback.

Light & Wonder has appointed Michael Marchetti as the newest member of its board of directors.

Marchetti previously served as a director at SciPlay, which was acquired in full last year after Light & Wonder purchased a remaining 17% shareholding for approximately $420m.

The executive will join the board as of 15 January 2024, and he will stand for re-election at this year’s annual general meeting.

Light & Wonder executive chair Jamie Odell said: “We are pleased to welcome Michael to the Light & Wonder Board as a new independent director.

“Michael has a wealth of mobile gaming experience and a strong financial background that will help us continue to maximise value for our shareholders,” he added.

Marchetti is an experienced senior exec who has already severed as a board member at companies including TechStyle Fashion Group and Little Labs.

For the last 10 years, he has worked as CFO and executive committee member of Age of Learning, a California-based education technology innovation company.

Marchetti sat on the board at SciPlay for more than four years, where he was also chairman of the nominating and governance committee.

He began his professional career in investment banking in the nineties, including multi-year spells with Merrill Lynch and Cahill Gordon & Reindel.

“Light & Wonder is operating from a position of strength, and I look forward to applying my experience and passion for the business, along with my fellow directors, to deliver value to the shareholders of this great company,” said Marchetti.

Light & Wonder acquired the remaining shares in SciPlay for $22.95 per share as part of an all-cash deal.

At the time, Light & Wonder CEO Matt Wilson said the company’s combination of assets, including a land-based business, a prominent iGaming position, and a rapidly expanding social casino division, could help to unlock the full potential of Light & Wonder.

Light & Wonder initially pursued the acquisition of the remaining interest in SciPlay towards the close of 2021.

However, the company subsequently retracted an all-stock offer due to its disciplined M&A approach as part of a now completed corporate strategy to reduce debt.

Light & Wonder has named Oliver Chow as permanent CFO following a successful interim tenure since August 2023.

Chow has also been appointed executive vice president and treasurer.

Chow, who previously served as the company’s senior vice president of corporate finance, stepped in when former CFO Connie James departed in August.

This prompted Light & Wonder to engage a leading search firm in finding a permanent CFO replacement, during a process that considered both internal and external candidates.

L&W CEO Matt Wilson said of the appointment: “Over the last four months, we’ve all been impressed with Oliver’s ability to seamlessly step into the role of chief financial officer. 

“With more than 15 years of entertainment and gaming leadership experience and deep financial expertise, Oliver was the candidate best positioned to lead us forward. 

“His attention to detail, combined with his willingness to take on a wider variety of challenges within the organisation with ease, has made us resolute in our decision,” he added.

Vision for growth

Chow said being appointed as CFO is a “privilege” and that he is excited to build on Light & Wonder’s “strong financial profile.”

“I am looking forward to supporting the organisation to further enable growth, margin expansion, and financial execution,” he said.

In Q3 2023, Light & Wonder generated a 13% year-on-year revenue increase to $731m in Q3 2023.

Consolidated AEBITDA grew 22% year-on-year to $286m, driven by double-digit growth for the fourth consecutive quarter across all business segments, encompassing gaming, SciPlay, and iGaming.

Prior to joining Light & Wonder in October 2022, Chow spent five years in senior-level finance roles at Aristocrat, most recently serving as CFO of Americas, EMEA and customer experience. 

Previously, he occupied various financial roles with Universal Pictures, Deluxe Entertainment Services and JPMorgan Chase. 

He is also a current board member of United Way of Southern Nevada, where he serves as board treasurer. 

Light & Wonder’s market share in the US iGaming sector slipped this month, as dominant suppliers Evolution and IGT maintained their leading positions.

That’s according to the latest Online Game Performance Report from Eilers & Krejcik Gaming (EKG).

Each month, EKG releases the report alongside Fantini Research. Gathering data directly from operators, the report provides an in-depth recap of US online casino and iGaming performance.

Below are some of the latest standout market figures, through to October 2023, presented in partnership with NEXT.io.

GGR share by supplier

Of the top three iGaming suppliers in the sector, Light & Wonder in third place was the biggest loser this month.

The firm’s share of overall iGaming GGR dropped from 15.8% in October’s report to 13.3%, although it maintained its position as the third largest supplier on the list.

The drop in its overall share of GGR came as its share of slots revenue fell from 18.6% to 15.5%, though this meant the company still kept its place as the largest supplier of online slots in the sector.

A modest increase in its share of table games revenue, from 11% to 11.3%, did little to offset the decline.

Both Evolution and IGT, the largest and second-largest suppliers listed in the report, stayed fairly consistent with the previous month.

Evolution’s share of overall GGR increased slightly from 21.1% to 21.2%, while IGT’s share shrunk from 17.4% to 17.2%.

Elsewhere, Digital Gaming Corporation remained in fourth place as it grew its share of overall GGR from 9.1% to 9.6%.

In fifth place, Everi’s share fell from 7.6% to 7%, while operators’ proprietary internal titles saw their share of GGR drop from 5.8% to 4.8%, falling from sixth place to seventh as a result.

Anaxi, meanwhile, rocketed from 17th place with 0.5% of overall GGR to 5.2% in sixth, however this is likely due to the report accounting for a larger number of its game titles than previously.

Other significant moves included White Hat Studios dropping from seventh place to ninth, as its share of GGR fell from 3.6% to 3.1%.

AGS held onto eighth place for another month, while increasing its share from 3.4% to 3.9%.

One new entrant onto the top suppliers list was Playzido, although with just two of its titles analysed in the report, its share of overall GGR failed to register above 0.0%.

Top game titles by GGR

In the leaderboard for the top-performing individual game titles by GGR, Anaxi’s Buffalo slot charged onto the scene in the number one spot, as it accounted for a huge 4.55% of all GGR included in the report.

The game was not previously included in the top 25 individual game lists of prior reports.

That performance pushed IGT’s Blackjack from first place into second, as its share of overall GGR fell from 3.7% to 3.49%.

In third, IGT’s Cash Eruption slightly improved its share of GGR from 2.15% to 2.19%, but still fell from second place due to the emergence of Buffalo as number one.

Digital Gaming Corporation’s Gold Blitz fell from third place in the previous report to seventh, as its share of GGR dropped from 1.46% to 1.18%.

Another of the supplier’s slot games, however, Fire and Roses Joker, also became a surprise addition to the top five game titles as it came in at fourth with 1.7% of GGR having not previously featured in the top 25 games list.

Evolution’s RNG version of Blackjack had a rough month, as it fell from fourth place to eighth, with its share of GGR dropping from 1.27% to 1.16%.

Light & Wonder’s 88 Fortunes did not fare so well either, dropping from fifth place with 1.26% of GGR to 10th, with 1.14%.

Evolution’s Lightning Roulette, meanwhile, performed much better as it jumped from 14th place with 0.9% of GGR to fifth place with 1.54%, completing this month’s top five.

AGS’ Mega Diamond slot also made a surprise appearance this month as it stormed into sixth place with 1.35% of GGR, marking its first appearance on the top game titles leaderboard.

Another new addition to the list was Light & Wonder’s Lightning Gorilla slot, which appeared in 25th place with 0.5% of overall GGR.

Overall revenue mix by game type

This month’s revenue mix by game type showed a slip in the proportion of GGR attributable to table games in favour of slots and live casino.

Table games’ proportion of revenue fell from 12.3% last month to 11%, while the proportion of revenue attributable to slots grew from 77% to 77.8%.

Live casino, meanwhile, increased its proportion of revenue from 7.6% to 8.2%, while the share of video poker revenue remained consistent at 1.5%.

Instant win games accounted for 1.4% of revenue, down from 1.5%, meanwhile.

EKG reported, however, that due to the way these statistics are analysed, the GGR attributable to both table games and live casino is likely higher than stated in the report.


For a month-on-month comparison of some of the above data points, you can read the October Online Game Report write-up here.

If you are interested in learning more, subscribing, or participating in the Eilers-Fantini Online Game Performance Database, reach out to Rick Eckert at reckert@ekgamingllc.com.

October proved to be yet another month where only a select few gambling stocks witnessed share gains, with Better Collective taking the lead.

Better Collective

The affiliate giant’s share price increased by 10.2% during the month, rising from SEK245 on 29 September to SEK270 by 31 October. 

This robust performance follows a pattern of steady growth, marking an 88% increase over the 12-month period ending 31 October 2023.  

Founders Jesper Søgaard and Christian Kirk Rasmussen, each holding nearly 20% of the company, have been instrumental in driving Better Collective’s exponential rise. 

Since its listing in 2018, the company has grown annual revenue from €40m to €269m for 2022.

Better Collective’s success is rooted in several key factors. Its strong foothold in the US, fostered by successful acquisitions, has solidified its position in the market. 

Moreover, the company’s consistent delivery on financial targets has instilled confidence in its future growth trajectory.

The recent acquisition announcement of Playmaker Capital for €176m reinforces Better Collective’s ambitious expansion strategy.

This move, marking their second-largest acquisition after the Action Network deal in 2021, positions them as the potential Latam market leader and fortifies their standing in the US.

However, future performance appears slightly less certain in light of the group’s Q3 2023 results. 

Although Better Collective reported year-on-year revenue growth of 26% to €75m, CEO and co-founder Søgaard also warned about a “short-term dampening impact.”

The company is currently working on transitioning from a cost-per-acquisition model to revenue sharing in the US market. 

Søgaard emphasised that this transition will continue to impact the group’s financial performance in the upcoming quarters and into 2024. This led to a 16% share decline yesterday (16 November).

Light & Wonder 

In the supplier category, Light & Wonder was the best performing stock in October, with a mere 2.5% increase. 

Starting at $71.33 on 29 September, the company’s stock rose to $73.11 by 31 October. 

The standout moment for Light & Wonder in October came with its announcement of a partnership with Netflix to develop a Squid Game-themed slot machine.

Following the announcement, the stock surged from $72.85 on 9 October to $76.25 on 13 October.

This unveiling took place at the G2E event in Las Vegas, drawing considerable attention and generating significant market interest.

On 24 October, the stock surged to its highest point of $78.01 after the firm confirmed that it completed the acquisition of the remaining 17% of SciPlay shares it didn’t previously own.

As part of the agreement terms, Light & Wonder paid $22.50 in cash per share, valuing the entire deal at approximately $500m.

This move marks the gaming technology developer’s transition into a wholly owned subsidiary of Light & Wonder.

Super Group

While most gambling operators’ stocks grappled with losses in October, Betway and Spin owner Super Group managed to defy the trend, recording a modest gain of 3.8%. 

The company’s stock climbed from $3.69 on 29 September to $3.83 by 31 October. 

However, this gain came against a backdrop of a 6.4% decrease over the preceding six months.

The month began with a significant announcement from Super Group – it withdrew from the Indian market with immediate effect. 

The decision stemmed from revised tax regulations in India, particularly the enforcement of a 28% turnover tax on customer wagers under the amended Indian Goods and Services tax. 

This exit triggered a slight drop in the share price, plunging to $3.48 on 5 October.

Nevertheless, the stock regained its momentum afterward.

Super Group’s financial performance showcased resilience in recent months. 

In Q2 2023, the company reported an 18.7% year-on-year increase in revenue, amounting to €380.8m. 

The African and Middle Eastern markets displayed robust growth, generating €110.3m, a 73.5% year-on-year surge in revenue. 

Europe also demonstrated progress, boasting an 87.2% year-on-year growth rate, with €57.1m in revenue.

Moving into Q3 2023, Super Group sustained its upward trajectory with a 16% year-on-year revenue hike, reaching €356.9m. 

Growth, again, was primarily fuelled by robust performance in African, Middle Eastern and European markets. 

What stands out as a pivotal factor behind Super Group’s resilience in recent months is its ability to capitalise on opportunities in emerging markets.