Super Group posts all-time high revenue of $1.5 billion in 2023

Super Group, the parent company of Betway and Spin, has announced record revenue of €1.4 billion ($1.5 billion) for the full year 2023, surpassing guidance and including the highest-ever total revenue for a fourth quarter, reaching €359.9 million ($394.3 million).

However, the company reported a profit before tax of €16.8 million ($18.4 million) for the year (down from the €216.5m generated the year prior), and a loss before tax of €44.9 million for Q4, mainly due to non-cash charges arising from changes in the fair value of option liability and an impairment of goodwill.

Operational EBITDA ex-US exceeded guidance, reaching €254.7 million ($279.1 million) for the year and €54 million ($59.2 million) for the fourth quarter. Unrestricted cash stood at €241.9 million ($265.1 million) as of December 31, 2023, the company said in a statement releasing its unaudited consolidated financial results.

Neal Menashe, Chief Executive Officer of Super Group, said: "We have made tremendous strides in 2023 and are delighted to have achieved an all-time revenue record of €1.4 billion, enabling us to comfortably surpass our guidance for the year. Q4 2023 was particularly strong. 

"iGaming continues to be the largest part of our business, allowing us to manage moments of volatility in the sportsbook to deliver record-breaking results. We are confident that we will achieve the double-digit top-line growth that we are projecting for 2024."

In addition to posting a new all-time high for revenue, the company broke its records for customer numbers and deposits. This cements the company's position as "a growing, cash generative and geographically diverse online sports betting and iGaming operator," according to Menashe.

Alinda van Wyk, Chief Financial Officer of Super Group, said: "For the fourth quarter, we delivered ex-US Revenue of €352 million and ex-US Operational EBITDA of €54 million, which resulted in our December margin hitting 24%, the strongest ever. To have surpassed our guidance, in the face of multiple headwinds, is indicative of our laser focus on realizing cost efficiencies and investing in growth where we can see a clear return."