Super Group, the parent company of Betway and Spin, has unveiled a preliminary financial update for Q4 2024, projecting the strongest quarter in its history outside the United States. The company anticipates revenue of approximately €486 million ($510.97 million) and adjusted EBITDA between €125 million ($131.42 million) and €130 million ($136.68 million), significantly surpassing expectations. Shares of Super Group soared by over 8% following the announcement.
Revenue and EBITDA Surge to Historic Highs
Super Group’s performance in Q4 2024 marked an extraordinary milestone, driven by all-time highs in deposits and revenue, particularly in December. For the full year, the company estimates revenue of €1.66 billion, representing an 18% year-on-year increase, while adjusted EBITDA is expected to exceed €387 million ($406.88 million), showcasing a remarkable 50% growth.
- Exceeding the ex-U.S. revenue target of €1.6 billion.
- Achieving an EBITDA margin surpassing 23%, indicating strong operational efficiency.
- Adjusted EBITDA for 2024 projected between €387 million and €392 million.
This substantial growth underlines Super Group’s ability to outperform its financial targets and cement its position as a leader in global gaming and iGaming markets.
U.S. Market Performance and Strategic Focus
While the U.S. market has posed challenges for many operators, Super Group recorded significant milestones in its iGaming operations during Q4. October saw a record-setting revenue performance, with subsequent months—November and December—exceeding that figure.
Despite exiting the U.S. sportsbook market in July 2024, the company retained its focus on iGaming. This strategic pivot resulted in an investment of approximately €11 million ($11.57 million) in Q4, bringing the total U.S. investment for the year to €61 million ($64.13 million). The company anticipates reducing its U.S. investment significantly in 2025 as its streamlined approach takes hold.
CEO Comments on U.S. Performance
Neal Menashe, CEO of Super Group, commented on the U.S. operations: “We’ve made key adjustments in our strategy for the U.S. market, prioritising iGaming. The results in the fourth quarter show the effectiveness of this approach, and we’re looking forward to a more focused investment strategy moving forward.”
Key Drivers of Growth in Q4 2024
Super Group’s record-breaking quarter can be attributed to a variety of factors. Some of the most notable include:
- Seasonal Uptick in Gaming Activity: December is typically a strong month for online gaming, and Super Group capitalised on this seasonal trend with targeted marketing campaigns.
- Enhanced Customer Engagement: The company invested in user experience enhancements, contributing to increased deposits and higher customer retention.
- Geographic Expansion: Success in key international markets, particularly in Europe and Africa, provided a boost to overall revenue.
These drivers underscore the effectiveness of Super Group’s global strategy, which has allowed it to thrive even as it scales back operations in certain regions.
2025 Outlook: A Promising Start to the Year
The momentum from 2024 appears to have carried into 2025, with Neal Menashe expressing confidence in the company’s trajectory. “I’m proud to have ended 2024 on a high, with new records expected for both total revenue and adjusted EBITDA,” Menashe stated. “This momentum has continued into the start of 2025, setting a solid foundation for the year ahead.”
Challenges and Opportunities Ahead
Looking ahead, Super Group faces a dynamic market landscape. The company’s withdrawal from the U.S. sportsbook market could pose both risks and opportunities:
- Opportunities: A streamlined focus on iGaming in the U.S. allows for more efficient allocation of resources and better alignment with consumer demand.
- Challenges: Competitive pressures in global markets require continued innovation and adaptability to sustain growth.
Despite these potential hurdles, the company’s robust financial health positions it well for the coming year.
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