Super Group (SGHC) has reported strong revenue across seven regulated African markets as it lauded 2024 as its “best year in business”.
Publishing its Q4 and full-year 2024 accounts, the group detailed finishing above target in 2024, with success fuelled by key changes to its business and a positive close to the year with €500m in Q4 revenues.
Furthermore, group revenues increased by 21% to €1.7bn, up 21% on FY2023 results of €1.4bn.
Online casino revenues grew by 29% to €373m, bolstered by strong growth in African markets and robust trading in Canada and New Zealand.
Neal Menashe, CEO of Super Group, commented: “The company made phenomenal progress in 2024, and we are proud of our strong finish to the year and the record-setting performance across the business. In December, we declared a special dividend, bringing our total 2024 shareholder returns to over $125m.
“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.”
Looking ahead to 2025 Super Group emphasised that it is eyeing continued success through double-digit growth in both total revenue and Adjusted EBITDA.
Sports Betting
The UK and Spain enabled the firm to have success in the sports betting department as its revenues from this vertical doubled to €111m (Q4 2023: €54m).
Q4 sports results were further supported by peak headline results for sports betting and casino saw SGHC triple its Q4 adjusted EBITDA to €118m, compared to €33m in 2023.
The company also updated investors that continued growth can be backed by the continuation of significant marketing spend as it looks to elevate success in 2024.
Alinda van Wyk, Group CFO of Super Group stated: “We achieved our best results to date, delivering full-year ex-US revenue of €1.663bn and ex-US Adjusted EBITDA of €391m. In the US, our total investment for the year came in at €61m, which we expect to reduce considerably in 2025, given our exclusive focus on iGaming.
“In the fourth quarter, we saw the benefits of operating leverage on our financial results, delivering our best-ever ex-US quarterly results with Total Revenue of €487mand Adjusted EBITDA of €129m, a considerable margin of 26%. We are pleased to see continued momentum into 2025 and anticipate another year of double-digit growth across both Total Revenue and Adjusted EBITDA.”
Market Focus
Menashe also revealed to investors that growth is around existing markets and the group has been laser focused on success in markets that they already have a footprint in. He added that the group is honing in on Africa and Europe as it seeks to continue growth into 2025.
As the firm enters new markets, Menashe emphasised it’s all about establishing sustained profitability in these markets, as they build off decisions to close their footprint in markets where they don’t see a path to profitability.
Specifically pinpointing Africa, Menashe underlined there are significant opportunities opening up in the region. Key to success is the software being efficient in these markets as he predicted more markets to come this year.
The only European market Menashe picked out as one that the group hasn’t achieved success is Germany, mirroring the fate of the majority of the industry, due to significant regulatory challenges.
He also provided details into what happened in Brazil as he stated that the company applied for a license before taking the last-minute decision to opt out as they don’t see their product being ready to be competitive in Brazil.
