Super Group (NYSE:SGHC) reported better-than-expected Q3 results, with revenue up 2% year-over-year. Monthly Average customers grew 7% year-over-year to 2.7 million, excluding customers of Jumpman Gaming which was acquired on September 1.

Despite the beat, management left 2022 guidance unchanged, implying Q4 revenue in the range of €187–317 million and EBITDA in the range of €37–52 million.

The analysts believe the wide range suggests a high degree of conservatism over holds around the FIFA and Cricket World Cups. The DGC acquisition will close in early January, and the analysts will update their estimates accordingly. Management plans to break out DGC separately given the EBITDA drag from operating in the hyper-growth US market. The analysts see Canada returning to growth in H2/23 but remain on the sidelines until financial visibility improves.