Super Group record Q4 leads to €1.4bn revenue for full-year 2023

Operator champions strength of online casino to offset sports betting decline as New York-listed firm sets sights on further growth in 2024
The post Super Group record Q4 leads to €1.4bn revenue for full-year 2023 first appeared on EGR Intel.  

Super Group has reported record revenue for Q4 2023 after the multi-brand, global operator saw a 9% jump in top-line growth.

Group revenue for the New York-listed firm rose from €329.1m to €359.9m for the quarter, while on a constant currency basis, revenue increased 15% to €378.4m.

Operational EBITDA for the final three months of the year dipped from €42.3m to €36.2m.

When excluding the US, which returned a €17.8m EBITDA loss in Q4, the metric stood at €54m.

Losses before tax landed at €44.9m compared to a pre-tax profit of €21.1m in 2022.

Super Group said the loss during the reporting period was due to costs amounting to more than €40m related to the Digital Gaming Corporation business, of which it acquired the B2B arm in January 2023.

Monthly active customers during Q4 leapt 38% to 4.7 million against 3.4 million in Q4 2022, with the rise coming despite tough comparisons due to the 2022 World Cup in Qatar.

Geographically, revenue from the Americas accounted for 42% of group revenue, while Africa took a 33% share, up from 22% in Q4 2022.

European revenue remained flat at a 17% share, while rest of the world revenue dropped from 19% of total group revenue to 8%.

While Betway remains the group’s leading brand, from which it derived 55% of its revenue, online casino accounted for a huge 85% of group revenue, an increase in share of 12 percentage points compared to Q4 2022.

Super Group noted sports betting revenue fell 39% YoY in Q4 to €53m due to customer-friendly sports results and an exit from India.

However, online casino came to the fore with a 22% jump in revenue, with “significant growth in Africa” and “solid growth” in Europe and Canada.

In turn, the Q4 performance resulted in full-year 2023 revenue reaching a record €1.4bn on a 11% YoY increase for the operator.

Operational EBITDA amounted to €197.3m, down from €208.5m, with Super Group noting this comprised profit of €256.7m (excluding the US) and a loss of €57.4m in the US. Full-year actives increased 43% to four million.

Neal Menashe, Super Group CEO, said: “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,” he added.

For 2024, Super Group is anticipating full-year revenue (not including the US) of €1.6bn, with adjusted EBITDA to land above €280m, with a corresponding 18% margin.

The firm did say it was “assessing a range of options” for its US operations, with 2024 adjusted EBITDA losses not expected to exceed those in 2023.

The post Super Group record Q4 leads to €1.4bn revenue for full-year 2023 first appeared on EGR Intel.


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