Super Group Q4 revenue hits €500m, with US losses expected to halve in 2025
Betway and Spin owner champions growth in Africa as a core driver, with sports betting revenue soaring 112% year on year
Super Group has posted record Q4 revenue of €500m (£414.4m), representing a year-on-year (YoY) leap of 39% for the Betway and Spin parent company.
The New York-listed firm stated revenue had jumped from Q4 2023’s €359.9m on the back of “exceptional growth” in both online casino and sports in Africa.
The group’s shares are up 3.4% in early trading in the US to $8.17.
Adjusted EBITDA for the final three months of 2024 more than tripled from €33.6m to €118.1m, albeit with a negative contribution from US operations.
However, US adjusted EBITDA losses shrank from €17.6m to €10.7m, as Super Group pulled out of the online sports betting race and chose to focus on igaming last year.
Two brands from the Spin portfolio, including Jackpot City, are live in New Jersey and Pennsylvania.
Bosses said Q4 represented a record revenue period for the US, with total revenue up 64% to €14m.
Management is also expecting the migration from Betway Casino to a second Spin brand in Q1 2025, subject to regulatory approval.
On US losses, Q4 amounted to €11m which comprised a €9.9m hit from ongoing online casino efforts and €900,000 on winding down costs associated with the sportsbook closures.
Outside of the US, average unique monthly active customers had a 12% YoY increase to 5.3 million – another record for the group.
Pre-tax profit for Q4 at a group level swung from a €44.9m loss to €96.8m after 2023 was impacted by non-cash charges of €35.9m relating to the impairment of the Digital Gaming Corporation asset that was sold.
Breaking revenue down by region, Africa took the lion’s share with 43% as the seventh regulated market Super Group is now live in.
The firm said a further “healthy pipeline” of locally regulated markets on the continent would support growth over 2025.
The Americas, powered by “significant” growth in Canada, meant the region accounted for 32% of group revenue.
Super Group also highlighted strong growth in the UK, as well as gains in Spain and New Zealand during the quarter.
Looking at verticals, online casino amounted to 77% of group revenue, down from 85% in Q4 2023.
Betway remains the leading brand in the group’s portfolio, snaring a 63% share of group revenue, up from 55% in Q4 2023.
Non-US sports betting revenue increased 112% to €111m, while online casino was up 29% to €373m.
On a full-year 2024 basis, group revenue (excluding US) climbed from €1.3bn to €1.7bn, while adjusted EBITDA jumped from €198.2m to €330.3m.
The US had a full-year negative impact on adjusted EBITDA of €60.8m. Actives rose 20% to hit 4.8 million.
Unrestricted cash was €355.8m as of 31 December 2024, compared to €241.9m at the end of 2023.
Alongside the report, Super Group confirmed its full-year 2025 guidance, with group revenue expected to break the €1.91bn barrier and adjusted EBITDA to rise above €400m.
Those projections include a €30m to €35m adjusted EBITDA loss from the US and revenue of around €85m from igaming states.
Bosses also revealed annual dividend programme targets will be upped from 10 cents per share to a minimum of 16 cents per share in 2025.
Neal Menashe, Super Group CEO, said 2024 marked a year of “phenomenal progress” for the online operator.
He said: “As we begin 2025, we are deeply focused on our key growth markets, offering a highly bespoke and localised product, maintaining a lean cost base and having a significant marketing budget ready for the right investment opportunities.
“We believe that Super Group is in an excellent position to build on last year’s success, and we look forward to another year of solid growth.”