Super Group Reports Financial Performance

Super Group (SGHC) Limited, the parent entity of Betway and Spin, has disclosed its financial performance for the fourth quarter and the entire year of 2023. The company, recognized for its online sports betting and gaming operations, reported an increase in revenue, alongside operational highlights and financial challenges during the period.

For the year ending December 31, 2023, Super Group achieved a revenue milestone of €1.4 bn (£1.2 bn/US$1.53 bn), marking its highest annual revenue, which also included the highest quarterly revenue of €359.9 million in the fourth quarter. The company’s profit before tax for the year was €16.8 million, whereas it experienced a loss before tax of €44.9 million in the last quarter, influenced by specific non-cash charges related to changes in the fair value of liabilities and an impairment of goodwill.

Operational EBITDA excluding the US was €254.7 million for the year, surpassing the company’s expectations, with €54.0 million recorded for the fourth quarter. Super Group ended the year with €241.9 million in unrestricted cash.

Quarterly financial details revealed a 9% revenue increase to €359.9 million from the previous year, with a notable 38% increase in monthly average customers to 4.7 million. The loss before tax in the fourth quarter primarily resulted from impairment charges and adjustments in the fair value of option liabilities.

For the full year, the revenue rose by 11% to €1.4 billion from the previous year, with operational EBITDA at €197.3 million. The company served an average of 4.0 million customers monthly throughout the year, a 43% increase from 2022. The year concluded with a slight decrease in unrestricted cash, mainly due to acquisitions and technology investments.

These financial figures are preliminary and unaudited, pending final adjustments that may occur upon audit completion. Super Group aims to continue its growth trajectory while navigating the operational and financial complexities of the igaming sector.

Neal Menashe, Chief Executive Officer of Super Group, commented: “We have made tremendous strides in 2023 and are delighted to have achieved an all-time revenue record of €1.4 billion, enabling us to comfortably surpass our guidance for the year. Q4 2023 was particularly strong. Despite the challenging start, we set record breaking totals for revenue, customer numbers and deposits cementing our position as a growing, cash generative and geographically diverse online sports betting and iGaming operator. iGaming continues to be the largest part of our business, allowing us to manage moments of volatility in the sportsbook to deliver record-breaking results. We are confident that we will achieve the double-digit top-line growth that we are projecting for 2024.”

Alinda van Wyk, Chief Financial Officer of Super Group, stated: “For the fourth quarter, we delivered ex-US Revenue of €352 million and ex-US Operational EBITDA of €54 million, which resulted in our December margin hitting 24%, the strongest ever. To have surpassed our guidance, in the face of multiple headwinds, is indicative of our laser focus on realizing cost efficiencies and investing in growth where we can see a clear return. In the US, the operational EBITDA loss was less than expected for the year and we are actively evaluating all of our options.”