Super Group lifts full-year 2024 guidance following strong start to Q4
Betway and Spin parent company expecting revenue to reach €1.6bn and ex-US adjusted EBITDA to be at least €360m as special cash dividend also confirmed
Super Group has raised its full-year 2024 revenue and adjusted EBITDA guidance as the operator cited a “strong performance” in October and November.
Revenue is now expected to hit €1.6bn (£1.3bn) from a previous guidance of €1.55bn while ex-US adjusted EBITDA should reach at least €360m.
As part of the group’s Q3 earnings report from 6 November, ex-US adjusted EBITDA guidance had been hiked from greater than €300m as of Q2 to at least €345m.
The new guidance would put full-year 2024 above full-year 2023, when revenue landed at €1.4bn and ex-US adjusted EBITDA came in at €254.7m.
Super Group, which is the parent company of Betway and multi-brand online casino Spin, saw Q3 revenue rise 13% year on year to €402.9m.
Alongside the guidance adjustments, the New York-listed business declared a special cash dividend on its ordinary shares of 15 cents per share.
The dividend will be payable on 8 January to shareholders of record, as of close of business on 23 December.
The new payment, combined with the initial 10 cent per share dividend in July, takes total 2024 shareholder dividend to 25 cents per share.
Super Group said: “The company re-iterated its intention to begin paying a regular quarterly dividend, subject to board approval, in 2025.”
The past 12 months have been noteworthy for the business, given the group agreed a €140m deal to acquire its sports betting supplier partner Apricot.
The firm also pulled out of the US sports betting race but will remain live in the US on an online casino-only basis in New Jersey and Pennsylvania.
Costs related to exiting the online sports betting market in the US also came in lower than expected at around €36m compared to the previous €45m guide.
Elsewhere, management have talked up the potential of Africa, where Betway holds podium positions in five markets, as having a TAM of $5bn.
Neal Menashe, Super Group CEO, said: “I’m very proud of our performance this year and delighted we are in a position to raise our full-year revenue and ex-US adjusted EBITDA guidance again while announcing another dividend for 2024.
“We have consistently said that we will consider returning excess cash to shareholders, and the outstanding performance of the business throughout 2024 alongside the continued strength of our balance sheet, has given us the platform to be able to do this.
“It has been a super year for Super Group and we look forward to building on this success as we move into 2025,” he added.
Earlier this week, Super Group chief commercial officer and president Richard Hasson tendered his resignation. He is expected to be replaced in H1 2025.