The parent company of Betway and Spin gave its investors stellar news on Tuesday.
Super Group announced a 39% year-over-year revenue increase. The €500 million profit produced the best fourth quarter that the global sports betting and iGaming company has ever seen.
“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,” CEO Neal Menashe said in a statement.
“In December, we declared a special dividend, bringing our total 2024 shareholder returns to over $125 million, and going forward, I’m pleased to announce that we plan to increase our minimum quarterly dividend target to 4.0 cents per share up from 2.5 cents, in line with our commitment to continue returning excess cash to our shareholders.”
Super Group’s profit before tax in Q4 reached €96.8 million a year after losing €44.9 million in 2023’s fourth quarter “relating to the impairment of the Digital Gaming Corporation Limited (“DGC”) cash-generating unit, as well as €6.1 million relating to an increase in the fair value of a liability for a call option granted to a third-party to purchase the B2B division of DGC, which was exercised in the first quarter of 2024,” the company said.
Super Group also reported a fourth-quarter Adjusted EBITDA of €118.1 million, a 251% year-over-year increase while monthly average customers went from 4.7 million in the final quarter of 2023 to 5.3 million in 2024.
Yearly revenue increases
The final three months of 2024 capped a profitable year.
Super Group’s yearly revenue of €1.7 billion rose 18% while profit before tax went from €16.8 million to €188.8 million in 2024.
Adjusted EBITDA increased 66% year-over-year to €330.3 million, including a U.S. EBITDA loss of €60.8 million, while monthly average customers jumped 20% year-over-year.
Super Group didn’t see the U.S. sports betting market as profitable long-term and pulled out in July 2024, closing Betway in Pennsylvania, Iowa, New Jersey, Arizona, Colorado, Indiana, Virginia, Ohio, and Louisiana. iGaming platform Spin continues to operate in Pennsylvania and New Jersey.
“In the U.S., our total investment for the year came in at €61 million, which we expect to reduce considerably in 2025 given our exclusive focus on iGaming,” Super Group CFO Alinda van Wyk said.
“In the fourth quarter, we saw the benefit that operating leverage is having on our financial results, delivering our best ever ex-U.S. quarterly results with total revenue of €487 million and Adjusted EBITDA of €129 million, a considerable margin of 26%”
Looking ahead
With the U.S. decision behind it and the company increasing shareholder dividends, Super Group announced that it projects double-digit growth in 2025.
The ex-U.S. guidance projections for total revenue are €1.83 billion while Adjusted EBITDA is at €435 million. In the U.S., Super Group estimates a total revenue of around €85 million.
Combined, Super Group projects €1.915 billion in total revenue and €400 million in Adjusted EBITDA in 2025.
“As we begin 2025, we are deeply focused on our key growth markets, offering a highly bespoke and localized product, maintaining a lean cost base and having a significant marketing budget ready for the right investment opportunities,” Menashe said.
“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.”
