After its shares spiked following optimistic preliminary, unaudited financial results for Q4 and FY 2024 in January, and following a €1.3 billion ($1.34 billion) refinancing deal inked with Blackstone earlier this month, Super Group has fresh news.
The popular Spin and Betway operator has reported a record-breaking fourth-quarter revenue of €500 million ($525 million), marking a 39% year-on-year increase from €359.9 million ($378 million) in Q4 2023.
Strong Casino and Sports Betting Performance
The impressive growth is attributed to strong performances in both online casino and sports betting, particularly in Africa.
The company’s stock rose by 3.4% to $8.17 in early trading on the New York Stock Exchange.
Super Group’s adjusted EBITDA for Q4 2024 soared over three times, jumping from €33.6 million ($35 million) to €118.1 million ($190.1 million).
Despite a negative contribution from its US operations, the company reported a significant reduction in its adjusted EBITDA losses from €17.6 million ($18.4 million) to €10.7 million ($11.2 million), following its decision to withdraw from the competitive US online sports betting market and focus solely on iGaming.
Record 64% Rise in US Operations Revenue
Super Group’s Q4 also marked a record revenue period for its US operations, which saw a 64% increase, reaching €14 million ($14.6 million).
The company has plans to migrate Betway Casino to a second Spin brand in the US by Q1 2025, contingent on regulatory approval.
Despite these successes, Super Group’s US operations continued to face challenges, with losses amounting to €11 million ($11.5 million) during Q4, including €9.9 million ($10.3 million) from online casino operations and €900,000 ($944,800) in winding down costs related to sportsbook closures.
On a global scale, the company saw a 12% year-on-year rise in average unique monthly active customers, reaching 5.3 million, another milestone for the company.
Africa Brought the Largest Revenue Share
Regionally, Africa accounted for the largest share of Super Group’s revenue, contributing 43%, driven by the firm’s expansion into its seventh regulated market.
The company also reported strong performance in Canada, the UK, Spain, and New Zealand. In terms of revenue distribution, online casino remained the dominant vertical, contributing 77% of total revenue, though this was down from 85% in Q4 2023.
Betway, the group’s leading brand, captured 63% of total revenue, up from 55% the previous year.
Non-US sports betting revenue surged 112% to €111 million ($116 million), while online casino revenue increased by 29% to €373 million ($391 million).
For the full year 2024, Super Group saw its total revenue (excluding the US) climb from €1.3 billion ($1.36 billion) to €1.7 billion ($1.78 billion), with adjusted EBITDA rising from €198.2 million ($208 million) to €330.3 million ($346.7 million).
Despite the negative impact of US operations, the company has projected revenue for 2025 to exceed €1.91 billion ($2 billion) and adjusted EBITDA to surpass €400 million ($419 million), with plans to increase its annual dividend to a minimum of 16 cents per share.
Chief executive officer Neal Menashe highlighted 2024 as a year of “phenomenal progress” and emphasized the company’s commitment to focusing on key growth markets, offering localized products, and maintaining a lean cost structure for the year ahead.
“We are proud of our strong finish to the year and the record-setting performance across the business,” he added.
The group’s chief financial officer, Alinda van Wyk, added they achieved their “best results to date,” praising their full-year ex-US revenue and ex-US adjusted EBITDA.
