Released today (25 February), the earnings cover the 12-months to 31 December. Group adjusted EBITDA was reported as €330.3 million in 2024, up from €198.2 million the previous year. Its adjusted EBITDA excluding the US was €391.1 million.
In terms of where revenue came from, 20% related to sports betting, while 80% was attributed to online casino.
The Betway owner recorded monthly average customers of 4.8 million in 2024, up 20% year-on-year.
Super Group CEO Neal Menash said the company was now deeply focused on its key growth markets.
The online gaming operator made the move to withdraw from the US sports betting market last July following an extensive review. This exit cost the group a one-off payment of €32.7 million in 2024. It had been offering a sports book product in nine states.
Its igaming offering in Pennsylvania and New Jersey have been retained and Super Group aims to grow its Spin portfolio within those markets.
Total US investment for the year came in at €61 million. CFO Alinda van Wyk said this would reduce considerably in 2025, given its exclusive focus on igaming.
Shifting its focus
Speaking to analysts today Manashe said the company would focus on its core markets of Africa , Europe, Canada and New Zealand.
“We are honing in on those,” Menash said. “And of course, we are opening up some new markets along the way. But in the new markets that we are opening it’s all about how we can get the same profitability in those markets.
“You know we had a big effort in the latter part of last year of closing the markets that we do not see a path to possibility in and I think all of that is showing in our numbers moving forward,”he added.
In terms of 2025 guidance, Super Group expects to reach €1.83 billion in revenue for the year, excluding its US business. It has forecast an adjusted EBITDA of approximately €435 million.
However when considering additional costs to exit the market, 2025 group revenue (including the US) is forecast to reach €1.92 billion with an adjusted EBITDA of approximately €400 million.
Original article: https://igamingbusiness.com/finance/full-year-results/super-group-revenue-up-18-in-2024-following-us-betting-withdrawal/
