Super Group’s record-breaking performance in 2023

Super Group, a prominent online sports betting and iGaming operator, has reported a record-breaking revenue for the fourth quarter (Q4) and full-year of 2023. The company’s shares surged by 11 percent following the announcement of these impressive financial results.

Year of growth amidst challenges

Despite a 39 percent decline in sports betting revenue due to customer-friendly sporting outcomes and the company’s exit from the Indian market, the online casino segment witnessed a 22 percent increase in revenue, reaching €289 million. This was driven by significant growth in Africa, Canada, and several European markets.

The Q4 of 2023 marked Super Group’s best performance to date, with a 9.4 percent increase in revenue year-on-year, amounting to €359.9 million. This growth was primarily fuelled by a 38 percent rise in the monthly average number of customers, which soared from 3.4 million in Q4 2022 to 4.7 million. The Betway brand contributed 55 percent of the revenue, while Spin accounted for the remaining 45 percent.

However, the company faced challenges, including a 19 percent decrease in adjusted EBITDA for the quarter and a loss before tax of €44.9 million, contrasting with a profit of €21.1million in Q4 2022. The full-year results mirrored this trend, with a record-high revenue of €1.4 billion but a reduced profit of €16.8 million, down from €216.5 million in 2022. These figures were impacted by non-cash charges related to acquisitions and impairments. Super Group’s management remains optimistic about the future, with CEO Neal Menashe expressing confidence in achieving double-digit top-line growth in 2024. The company’s focus on cost efficiencies and strategic investments has allowed it to surpass its guidance despite various headwinds. With an expected total revenue of €1.55 billion and an adjusted EBITDA of over €280 million for 2024, Super Group is poised for continued success in the online gaming industry.

———-The next SiGMA Africa Summit takes place in Cape Town between 11-13 March !  SiGMA Africa event kicks off in Cape Town, South Africa on the 11 March. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Group recognizes the need to foster collaboration and innovation within the industry.