Super Group has upgraded its revenue and adjusted EBITDA forecasts for the full-year 2024, buoyed by robust performances in October and November.
The company now anticipates revenue to reach €1.6 billion (£1.3 billion), surpassing its previous estimate of €1.55 billion. Adjusted EBITDA, excluding US operations, is expected to be at least €360 million.
During the announcement of its Q3 earnings on November 6th, the group had already lifted its ex-US adjusted EBITDA forecast from over €300 million in Q2 to at least €345 million. The revised projections for 2024 suggest an improvement over 2023’s figures, which saw revenue at €1.4 billion and ex-US adjusted EBITDA at €254.7 million.
As the parent company of Betway and the online casino brand Spin, Super Group reported a 13% year-over-year increase in Q3 revenue, bringing it to €402.9 million.
In addition to these financial updates, the New York-listed company announced a special cash dividend of 15 cents per share on its ordinary shares. This dividend will be distributed on January 8 to those recorded as shareholders by the end of business on December 23.
Including the earlier 10 cents per share dividend issued in July, the total shareholder dividend for 2024 is now 25 cents per share.
Super Group stated: “The company reiterated its intention to commence regular quarterly dividend payments, pending board approval, in 2025.”
This year has been significant for the company. Notable events include striking a €140 million deal to acquire its sports betting supplier partner Apricot. Despite exiting the US sports betting scene, the group will continue operating online casinos in New Jersey and Pennsylvania.
The company’s cost of exiting the US sports betting market was lower than expected, landing at about €36 million, compared to the previous estimate of €45 million.
Elsewhere, Super Group has expressed optimism about Africa, where Betway holds leading positions in five markets, indicating a total addressable market of $5 billion.
Neal Menashe, CEO of Super Group, commented: “I’m incredibly proud of our achievements this year. Raising our full-year revenue and ex-US adjusted EBITDA expectations, along with announcing an additional 2024 dividend, signals our strong performance.”
Furthermore, Menashe said: “We’ve always been open to returning excess cash to shareholders. Our exceptional 2024 performance, coupled with the solid condition of our balance sheet, allows us to follow through on this.”
“This remarkable year for Super Group sets a strong foundation as we progress into 2025,” he added.
Recently, Richard Hasson, Super Group’s chief commercial officer and president, resigned. A successor is anticipated to be appointed in the first half of 2025.
The article titled “Super Group hikes full-year 2024 guidance following strong start to Q4” was initially published on EGR Intel.