Super Group reports record Q4 revenue up 11% to €1.4 billion

Finance News

Super Group, the parent company of Betway, a leading online sports betting and gaming business, today announced fourth quarter 2023 and full year 2023 unaudited consolidated financial results.

Revenue increased by 9% to €359.9 million for the fourth quarter of 2023 from €329.1 million in 2022. Revenue increase using constant currency was 15% to €378.4 million. Full year revenue was €1.4 billion.

Loss before tax for the fourth quarter of 2023 was €44.9 million compared to profit before tax of €21.1 million in 2022. The loss for the fourth quarter of 2023 is mainly affected by non-cash charges of €35.9 million relating to the impairment of the DGC cash generating unit as well as €6.1 million (2022: €15.1 million) relating to an increase in the fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation Limited, which Super Group acquired in January 2023.

Operational EBITDA, a non-GAAP financial measure, was €36.2 million in the fourth quarter of 2023 compared to €42.3 million in 2022. The measure for the fourth quarter of 2023 comprised of a profit of €54.0 million ex-US and a loss of €17.8 million in the US.

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.”