Super Group’s strong fourth quarter in 2023 and record full-year revenue had the owners of Betway beaming about surpassing guidance on Wednesday.
The global online sports betting and online casino company announced a 9.4% year-over-year revenue spike to $458.2 million in Q4.
Betway accounted for 55% of the profits with the remaining portion coming from online casino Spin.
iGaming produced 85% of Q4 revenue as online sports betting revenue fell 39% year-over-year, thanks to a strong October for customers.
However, customer growth and a 22% year-over-year jump in online casino revenue helped balance out the sportsbook’s struggles.
“Q4 2023 was particularly strong,” CEO Neal Menashe said. “Despite the challenging start, we set record-breaking totals for revenue, customer numbers, and deposits cementing our position as a growing, cash-generative, and geographically diverse online sports betting and iGaming operator.”
Adjusted EBITDA was down 19% compared to 2022. Loss before tax was over $57 million in Q4 compared to a profit before tax of $26.8 million in the final quarter of 2022.
Record year
Revenue soared to an all-time high of $1.78 billion, up 11% year-over-year, for Super Group in 2023.
However, Adjusted EBITDA for 2023 was down 6%, and after costs and expenses, market closers, and other factors, a yearly profit of $21.4 million was down 92% from 2022.
Much of the difference was because of non-cash charges tied to Super Group acquiring Digital Gaming Corporation in Jan. 2023. The company also exited the market in India.
Moving forward
Online casino growth in Africa, Canada, and Europe has Super Group estimating a 10% increase in revenue for 2024.
“We are confident that we will achieve the double-digit top-line growth that we are projecting for 2024,” Menashe said.
While Super Group is evaluating business options in the U.S., the operational EBITDA loss was less than expected in 2023. The belief is that 2024 won’t be worse.
“To have surpassed our guidance, in the face of multiple headwinds, is indicative of our laser focus on realizing cost efficiencies and investing in growth where we can see a clear return,” CFO Alinda van WykCFO said.
