Super Group reports record revenue after Betway’s US exit
The gambling operator’s revenues rose by 21 per cent year-on-year.
US.- Super Group (SGHC) has reported record full-year revenue after major corporate changes saw it withdraw its Betway brand from the US market. Group revenue was up by 21 per cent year-on-year to €1.7bn. Q4 revenue hit €500m as active monthly customers rose by 12 per cent to 5.3 million. Q4 adjusted EBITDA tripled to €118m.
Sports betting revenues more than doubled to €111m, with Betway performing strongly in its seven regulated markets in Africa as well as in the UK and Spain. Online casino revenues, driven by the Spin brand, rose by 29 per cent to €373m. Again, growth was strong in African markets while Canada and New Zealand also performed well. The Spin brand is also still active in New Jersey and Pennsylvania.
The NYSE-listed group booked impairment charges of €36m and €6m in Q4 for the closure of its US subsidiary, Digital Gaming Corporation (DGC). Nevertheless, it still turned a pre-tax profit of €96m, compared to a loss of €45m in 2023. Full-year profit before tax was €188m, up from €17m in 2023.
The company has announced that it will increase its planned quarterly dividend from 2.5 to 4.0 cents per share. For 2025, Super Group expects double-digit growth in both revenue and adjusted EBITDA. Revenue is forecast at €1.915bn and adjusted EBITDA at over €400m.
CEO Neal Menashe said: “The company made phenomenal progress in 2024, and we are proud of our strong finish to the year and the record-setting performance across the business. In December, we declared a special dividend, bringing our total 2024 shareholder returns to over $125m.
“We believe that Super Group is in an excellent position to build on last year’s success, and we look forward to another year of solid growth.”
Group CFO Alinda van Wyk added: “We achieved our best results to date, delivering full-year ex-US revenue of €1.663bn and ex-US adjusted EBITDA of €391m. In the US, our total investment for the year came in at €61m, which we expect to reduce considerably in 2025, given our exclusive focus on iGaming.
“In the fourth quarter, we saw the benefits of operating leverage on our financial results, delivering our best-ever ex-US quarterly results with total revenue of €487m and adjusted EBITDA of €129m, a considerable margin of 26%. We are pleased to see continued momentum into 2025 and anticipate another year of double-digit growth across both total revenue and adjusted EBITDA.”
In December, the board of Super Group advised investors that Richard Hasson would resign from the role of president and chief commercial officer (CCO). He will step down in the first half of 2025 after 13 years in the group’s leadership. The group also decided to pull Betway out of Brazil’s online gambling market ahead of the launch of the new regulatory framework
