Super Group Forecasts Strong Growth in 2024, Led by Betway and Spin
Super Group (SGHC) Limited, the parent company of renowned online sports betting and gaming businesses Betway and Spin, recently shared insights from management in anticipation of their upcoming conference participation.
Record-Breaking Performance in 2023
Neal Menashe, Chief Executive Officer of Super Group, highlighted the company’s robust performance, emphasizing the achievement of annual records for both deposits and net gaming revenue. He noted, “For the year, we set annual records for both deposits and net gaming revenue and during the fourth quarter, we achieved a new record for unique monthly active customers.”
Super Group reiterates its 2023 ex-US financial guidance, forecasting revenue of €1.35 billion and an operational EBITDA of at least €240 million. Menashe remarked on the company’s growth trajectory, especially in the African and Canadian markets, which have offset regulatory changes in India.
US Market Strategy and EBITDA Investment
In the US market, Super Group’s net EBITDA investment for the year is expected to be less than the €70 million previously communicated. This strategic approach underscores the company’s efficiency in managing investments while pursuing growth opportunities.
Menashe expressed confidence in the company’s prospects for 2024, stating, “We are optimistic about another year of growth in 2024.” The company plans to announce its annual outlook along with the fourth quarter 2023 financial results in March.
Our Comment on the Article
Super Group’s optimistic forecast and strong performance in 2023 reflect the dynamic growth potential of the online sports betting and gaming industry. Their success in setting annual records for deposits and net gaming revenue, coupled with an expanding customer base, showcases their ability to adapt and thrive in various global markets.
The company’s strategic investment in the US and continued growth in Africa and Canada demonstrate a keen understanding of diverse market dynamics. As the industry continues to evolve, Super Group’s approach to balancing market expansion with operational efficiency sets a precedent for sustainable growth and innovation in the iGaming sector.