Super Group Expects Strong Growth in 2024

Super Group, the holding company behind well-known online sports betting and gaming brands like Betway and Spin, is looking forward to a promising year in 2024. The company's positive outlook stems from its strong performance in 2023, as well as its ambitious financial projections.

Super Group is optimistic about the coming months of 2024, maintaining its previous guidance of achieving revenue of €1.35 billion ($1.47 billion) and operational earnings (EBITDA) of at least €240 million ($262 million). These projections were initially set for the US market.

As the company prepares for the Needham Growth Conference starting on January 16, Super Group's CEO, Neal Menashe, expressed confidence in 2024, foreseeing it as "another year of growth." Menashe, a co-founder of Win Technologies, a leading provider of online marketing support and tech solutions, also revealed that the company plans to disclose its annual outlook once Q4 2023 financial results are published this spring.

CEO Menashe highlighted the company's exceptional performance in 2023, achieving "annual records for both deposits and net gaming revenue" and setting a new milestone in terms of monthly active customers during the fourth quarter. In November, the company reported a 16% revenue growth for the third quarter, underscoring its leadership in multiple markets and ongoing customer engagement efforts.

Menashe also discussed the company's continued expansion in Africa, and the resumption of plans to enter the Canadian market, which had previously been affected by regulatory issues in India. Super Group decided to exit India due to the introduction of new Goods and Services Tax regulations that would have made its business unsustainable.

In the United States, where Super Group has a global workforce of over 3,500 colleagues across 17 countries, the company announced a lower net EBITDA investment for the year compared to the previously communicated €70 million ($76.5 million).

Menashe will be joined by the company's president & chief operating officer, Richard Hasson, and chief financial officer Alinda van Wyk in a fireside chat scheduled for Tuesday at 8:45 AM ET during the 26th Annual Needham Virtual Growth Conference.