Super Group Achieves Record Revenue in 2023, Eyes Future Growth

Super Group, the parent entity of Betway and Spin, announced a stellar performance for 2023, with a record annual revenue of €1.4 billion, up by 11% compared to the previous year.

This growth was particularly notable in the fourth quarter, with revenue reaching €359.9 million, a 9.4% increase year-on-year, marking the highest Q4 revenue in the company’s history. This surge was largely driven by a significant rise in monthly average customers, which jumped by 38% from the previous year.

A notable shift in revenue sources was observed, with online casino operations contributing to 85% of Q4 revenue, compared to 73% in Q4 2022.

This shift came as sports betting revenue declined by 39%, partly due to Super Group’s strategic exit from the Indian market. Nonetheless, a 22% growth in online casino revenue was witnessed, fueled by strong performances in Africa, Canada, and several European markets.

Super Group Achieves Record Revenue in 2023, Eyes Future Growth

Super Group Achieves Record Revenue in 2023, Eyes Future Growth

Despite these revenue gains, Q4 saw a 19% decrease in adjusted EBITDA to €33.6m and a loss before tax of €44.9m, compared to a profit in the previous year. The annual figures also reflected a modest profit of €16.8m for the year, down significantly from €216.5m in 2022, influenced by non-cash charges related to acquisitions.

Looking forward, CEO Neal Menashe expressed confidence in achieving double-digit growth in 2024, citing the robust foundation provided by iGaming. CFO Alinda van Wyk highlighted the company’s strategic accomplishments in surpassing financial guidance and emphasized a focused approach on cost efficiency and growth investment.

For 2024, Super Group projects a total revenue of €1.55bn and an adjusted EBITDA of over €280m, showcasing a positive outlook for the company’s future amidst the dynamic iGaming industry landscape.

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Martin Vatev's exploration into the world of words began not amid the pages of fictional tales but within the bustling, pragmatic environments of newsrooms and media outlets. As a student of Journalism at the Technical University of Dortmund, Martin was swiftly plunged into the ecosystems of stories that were urgent, real, and imperatively bound to the world's happenings. By taking part in different local media, his days were enveloped in uncovering facts, ensuring objectivity, and rendering narratives that adhered strictly to the pulses of reality.