Super Group grows following US withdrawal
Super Group, the parent company of Betway, has recently reported a notable increase in full-year revenue as it sharpens its focus on key growth markets within the gambling sector. The company announced a 2024 full-year group revenue of €1.66 billion ($1.7 billion / £1.37 billion), reflecting an impressive year-on-year growth of 18%.
As detailed in the earnings report released on February 25, the financial results encompass the 12 months concluding on December 31, 2024. The company reported an adjusted EBITDA of €330.3 million, a significant rise from €198.2 million in the previous year. Notably, adjusted EBITDA excluding the US operations stood at €391.1 million.
The revenue composition indicates a strong preference for online gaming, with 80% derived from online casino operations and 20% from sports betting activities. This distribution underscores the ongoing trend toward the online casino sector, which continues to dominate the market due to user engagement and evolving gaming preferences.
In terms of user engagement, Super Group reported an average monthly customer base of 4.8 million in 2024, reflecting a robust 20% increase from the previous year. This growth highlights the company’s effective customer acquisition strategies and retention efforts.
Super Group’s CEO, Neal Menash, stated that the company’s renewed focus is on its key growth markets, strategically aligning operations to foster long-term profitability. Last July, the company made a decisive move to exit the US sports betting market after an extensive review process, resulting in a one-time charge of €32.7 million for the year. Previously, Betway had operated a sportsbook in nine states.
Despite this strategic exit, Super Group has retained its iGaming offerings in Pennsylvania and New Jersey, with plans to expand its Spin portfolio within these regions. The total investment in the US for 2024 amounted to €61 million; however, CFO Alinda van Wyk indicated that this investment will be significantly reduced in 2025, as the company narrows its focus to iGaming.
Shifting Its Focus
During a discussion with analysts, Menash articulated the company’s concentration on core markets, specifically Africa, Europe, Canada, and New Zealand. “We are honing in on those,” he noted. “Alongside that, we are exploring new markets with a keen eye on ensuring profitability in each venture.” This strategic pivot is part of Super Group’s ongoing efforts to streamline operations and enhance performance across its primary markets.
Menash emphasized the deliberate closure of markets lacking a clear pathway to profitability, a move he believes is reflected in the organization’s improved financial metrics. Looking forward to 2025, Super Group projects a revenue of €1.83 billion, excluding US business operations, along with an estimated adjusted EBITDA of approximately €435 million.
Including anticipated costs associated with the market exit, the 2025 forecast for group revenue—factoring in US operations—stands at €1.92 billion, with an adjusted EBITDA target of around €400 million. This forward-looking guidance signals Super Group’s commitment to consolidating its presence in more profitable markets while maintaining a keen focus on operational efficiency.
