SBC News Voice of the Sports Betting Industry
Super Group (SGHC) has declared its “best year in business”, successfully navigating significant corporate adjustments following Betway’s exit from the US market.
Publishing its Q4 and full-year 2024 accounts, the NYSE group and parent company of Betway and Spin brands reported record group revenues of €1.7bn, up 21% on FY2023 results of €1.4bn.
The year ended on a high as SGHC achieved peak revenues of €500m, marking a 40% increase on Q4 2023 comparatives of €360m.
The milestone of reaching €500m in Q4 revenues was supported by the peak KPI of SGHC brands, which serviced an active monthly customer base of 5.3m (+12%).
A breakdown of units showed SGHC’s sports betting revenues doubled to €111m (Q4 2023: €54m), driven by strong growth of Betway across seven regulated markets in Africa, alongside improved results in the UK and Spain.
Q4 sports results were further supported by online casino revenues increasing by 29% to €373m, reflecting strong growth in African markets and robust trading in Canada and New Zealand.
Peak headline results for sports betting and casino saw SGHC triple its Q4 adjusted EBITDA to €118m, compared to €33m in 2023.
For Q4 trading, group accounts included impairment charges of €36m and €6m related to the closure of the US subsidiary, Digital Gaming Corporation (DGC). Despite these impairments, SGHC delivered Q4 profits (before tax) of €96m, reversing the operating loss of €45m registered in 2023.
Closing the year, SGHC reported full-year profits (before tax) of €188m, reflecting a 10-fold increase on FY2023 results of €17m.
Following this strong performance, leadership announced an increase in its planned quarterly dividend reward from 2.5 to 4.0 cents per share, fulfilling its pledge from December 2024 to return over $125m to investors.
Neal Menashe, Chief Executive Officer of Super Group, commented: “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. In December, we declared a special dividend, bringing our total 2024 shareholder returns to over $125 million.
“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.”
2025 outlook
In 2025, Super Group anticipates double-digit growth in both total revenue and Adjusted EBITDA. Excluding US adjustments, leadership projects revenue to exceed €1.83bn, with Adjusted EBITDA surpassing €435m.
US adjustments continue as SGHC maintains its Spin brand active in New Jersey and Pennsylvania. Revenue in the US is expected to reach approximately €85 million, while Adjusted EBITDA for US activities will reflect a loss of €30m to €35m.
Overall, Super Group expects total revenue to exceed €1.915bn, with Adjusted EBITDA projected to be above €400m, reinforcing its strong financial trajectory and commitment to sustained growth in regulated markets.
Alinda van Wyk, Group CFO, of Super Group stated:“We achieved our best results to date, delivering full-year ex-US revenue of €1.663 billion and ex-US Adjusted EBITDA of €391 million. In the US, 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.
“In the fourth quarter, we saw the benefits of operating leverage on our financial results, delivering our best-ever ex-US quarterly results with Total Revenue of €487 million and Adjusted EBITDA of €129 million, a considerable margin of 26%. We are pleased to see continued momentum into 2025 and anticipate another year of double-digit growth across both Total Revenue and Adjusted EBITDA.”
