Betway parent Super Group announces first-ever cash dividend

Super Group, the parent company of gaming brands Betway and Spin, has announced the initiation of a dividend program, with the Board of Directors declaring an inaugural cash dividend of $0.10 per ordinary share.

The dividend will be payable on July 17, 2024, to shareholders of record as of the close of business on July 8, 2024. The company plans to pay regular dividends of at least $0.10 per share annually, subject to the approval of Super Group’s Board of Directors and other potential uses of funds.

The company said it may consider higher dividends if business conditions permit. Starting in the first quarter of 2025, the company intends to pay regular dividends on a quarterly basis, subject to Board approval.

“Super Group is delighted to be in a position to announce our first dividend, which delivers on our previously stated goal of returning cash to shareholders,” Chief Executive Officer Neal Menashe said. 

"Declaring a dividend shows our confidence in the company and our ongoing strength. We are especially pleased to be able to return capital to our shareholders while looking to maintain our opportunities for growth."

Recently, the company reported its highest-ever Q1 revenue of €379.3 million ($407.6 million). The quarterly revenue marked a 5.4% increase from the previous quarter's €359.9 million and a 12.1% rise from €338.5 million in the same period in 2023. Super Group credited this growth to expanding operations in Africa and North America, with revenue surging 58.9% and 8.2%, respectively. However, decreases were noted in the Middle East and Asia-Pacific markets.

Super Group announced a Q1 profit of €41 million ($44.3 million), inclusive of a pre-tax gain of €40.1 million from the sale of Digital Gaming Corporation's B2B division. Adjusted EBITDA for Q1 reached €46.5 million, marking a 28.8% increase from the same period last year and a 38.4% surge from Q4 2023.

The company also recently announced the acquisition of sportsbook tech from its current partner, Apricot, in a transaction valued at €140 million ($175 million), plus additional amounts payable if certain earn-out conditions are achieved.