Super Group Highlights Expectations for Growth in 2024

The holding company for leading global online sports betting and gaming brands Betway and Spin, Super Group, has offered some interesting insights into the company’s last year performance while making optimistic predictions for 2024. 

Strong End of the Year in 2023

The group expressed its optimism regarding the upcoming months of 2024 after a strong 2023 ending while reiterating its former US financial guidance of revenue of €1.35 billion ($1.47 billion) and operational earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least €240 million ($262 million). 

While preparing for the Needham Growth Conference that will start on January 16, the group’s chief executive officer responsible for leading the development and execution of their strategy and growth, Neal Menashe, took the opportunity to share their optimism regarding 2024, which, in their opinion, will be yet “another year of growth.” 

Meashe, who co-founded the leading provider of online marketing support, tech, and customer relationship management solutions, Win Technologies in 2001, also expressed the group’s intention to communicate its yearly outlook once they publish their Q4 2023 financial results, this spring. 

Further commenting on the strength of the business in 2023, CEO Menashe explained that the group set “annual records for both deposits and net gaming revenue” while achieving a fresh record in terms of the number of unique active customers per month during the fourth quarter. 

The results were firm indicators of their crucial position as a leader in numerous markets as well as their ongoing efforts to engage with customers. Last November, the group announced its revenue growth of 16% for the third quarter. 

Ongoing Growth in Africa, Resuming in Canada

Menashe also discussed the ongoing growth on the African continent while explaining the group’s plans for expansion on Canadian soil have also been resumed, something that has seriously impacted the regulations in India. 

In October, Super Group announced it would exit India as a result of the introduction of the new Indian Goods and Services Tax regulations that would have stopped its business from being sustainable. 

As for the United States, the group that is responsible for the global workforce of over 3,500 colleagues located in 17 countries, announced the net EBITDA investment for the year would be less than the €70 million ($76.5 million) that has been communicated previously.

Menashe will be joined by the group’s president & chief operating officer, Richard Hasson, alongside chief financial officer Alinda van Wyk in the fireside chat that will take place on Tuesday at 8:45 AM ET at the 26th Annual Needham Virtual Growth Conference.