Super Group Outlines Ambitious Growth Goals for 2024

Super Group, the holding company for leading online sports betting and gaming brands Betway and Spin, has shared insights on their performance in 2023 and their optimistic predictions for 2024.

Following a strong ending to 2023, Super Group expressed optimism for the upcoming months of 2024 and maintained their previous US financial guidance. They anticipate revenue of €1.35 billion ($1.47 billion) and operational EBITDA of at least €240 million ($262 million).

Neal Menashe, the group’s CEO, confirmed their positivity for 2024 and their plans to share their yearly outlook after publishing their Q4 2023 financial results in the spring.

Menashe highlighted the group’s record-breaking performance in 2023, setting new highs for deposits, net gaming revenue, and the number of unique active customers per month during the fourth quarter. These successes solidify the group’s position as a leader in various markets and highlight their commitment to customer engagement.

In terms of expansion, Menashe discussed ongoing growth in Africa and a resumption of plans to expand in Canada, despite challenges posed by regulatory changes in India. Following the introduction of new Indian Goods and Services Tax regulations, the group made the decision to exit the Indian market.

The group also addressed their operations in the United States, where they have a global workforce of over 3,500 colleagues across 17 countries. They announced that the net EBITDA investment for the year would be less than the previously communicated amount of €70 million ($76.5 million).

Menashe, along with Super Group’s president & chief operating officer, Richard Hasson, and chief financial officer Alinda van Wyk, will participate in a fireside chat at the 26th Annual Needham Virtual Growth Conference on Tuesday at 8:45 AM ET.

Overall, Super Group remains optimistic about their future outlook and is poised for continued growth in 2024, despite the challenges posed by regulatory changes and market dynamics in various regions.