Growth in Africa and Canada

Super Group reveals financial highlights of 2023, company optimistic about upcoming financial year

Neal Menashe, Chief Executive Officer of Super Group
Reading time 1:13 min

Super Group, the parent company of online sports operator Betway and online casino Spin, has provided comments by management ahead of its participation in the Needham Growth Conference on January 16th.

The company highlighted its positive financial performance, noting that it closed 2023 on a strong note, ahead of its full results release in March. Super Group also said that it is optimistic about the upcoming financial year, with growth in Africa and Canada and offsetting changes in India.

Neal Menashe, Chief Executive Officer of Super Group, stated: “We closed the year strong and reiterate our 2023 ex-US financial guidance of revenue of EUR 1.35 billion ($1.47 billion) and operational EBITDA of at least EUR 240 million ($262.6 million).”

For the year, we set annual records for both deposits and net gaming revenue, and during the fourth quarter, we achieved a new record for unique monthly active customers, reflecting consistent customer engagement and our leading position in key markets."

Menashe hinted that the growth compensated for the company’s cessation of all activities within the Indian market back in October, owing to changes to the country’s Goods and Services Tax.

The growth in Africa continues and has resumed in Canada – this growth has more than offset the impact of regulatory changes in India. In the US, our net EBITDA investment for the year will be less than the EUR 70 million ($76.6 million) previously communicated," added Menashe.

"We are optimistic about another year of growth in 2024 and we plan to communicate our annual outlook when we announce our fourth quarter 2023 financial results in March.”

Earlier this month, Gaming Innovation Group (GiG) launched Super Group's Betway in Portugal, powered by its award-winning iGaming platform and sportsbook, expanding on GiG’s growing list of tier 1 partners in complex regulated markets.

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