The parent company behind former U.S. sports betting brand Betway has announced it is updating its 2024 revenue guidance.
Super Group has issued a statement adjusting its revenue guidance for the year from €1.55 billion to €1.6 billion.
Meanwhile, it has also changed its ex-U.S. Adjusted EBITDA guidance from €345 million to €360 million. This comes after what Super Group calls a “strong” performance in the first two months of Q4 2024.
“I’m very proud of our performance this year and delighted we are in a position to raise our full-year revenue and ex-U.S. Adjusted EBITDA guidance again while announcing another dividend for 2024,” CEO Neal Menashe said. “We have consistently said that we will consider returning excess cash to shareholders, and the outstanding performance of the business throughout 2024 alongside the continued strength of our balance sheet, has given us the platform to be able to do this. It has been a super year for Super Group and we look forward to building on this success as we move into 2025.”
Following the announcement, the Super Group board of directors has revealed a cash dividend of ordinary shares worth 15 cents per share, which will be paid to shareholders on Jan. 8, 2025. Combined with the 10 cents per share paid out to shareholders in July 2024, this brings the total for 2024 to 25 cents per share.
If the board approves, Super Group will change its payments to the shareholders system in 2025, moving to a quarterly dividend structure.
Positive end to tricky 2024 for Super Group
While Q4 appears to outperform expectations, Super Group did struggle in the first part of 2024, leading to its decision to shut down Betway Sportsbook in the U.S. in July. Betway was licensed to operate in eight U.S. states: Arizona, Colorado, Indiana, Iowa, Louisiana, New Jersey, Ohio, and Virginia.
Super Group made the decision due to profitability concerns, which came to a head in the first quarters of 2024. In May, Super Group announced its Q1 earnings, revealing that its North American segment lost $21.7 million while revenues fell by 13% year-on-year.
The company was scheduled to launch in Massachusetts but decided not to renew its license and instead initiated an internal review. That review led to the decision to pull Betway from the U.S. and the associated costs with this move.
Those costs were impacted by the operator’s many partnerships with U.S. sports teams and leagues. Betway was an official betting partner of the NHL, as well as the Brooklyn Nets, Chicago Bulls, Cleveland Cavaliers, Golden State Warriors, Los Angeles Clippers, Miami Heat, Milwaukee Bucks, and Minnesota Timberwolves.
However, Super Group bounced back in Q2 2024, hitting a record €414 million in revenue, up 9% year-on-year. Meanwhile, it also hit a record Adjusted EBITDA of €98 million, an 11% year-on-year increase and a 24% margin.
“The second quarter of 2024 was our strongest quarter ever and demonstrates the exceptional progress we continue to make as a business. I'm glad we have reached a conclusion in shutting the U.S. sports betting market and we continue more generally to optimize our global footprint both in terms of geography and product,” Menashe commented at the time.
