Super Group, the parent company of Betway, has increased its full-year revenue guidance by 3.2% following a “strong” performance in the first two months of the fourth quarter.
Revenue at Super Group for the 12 months to 31 December 2024 is expected to reach €1.6 billion (£1.32 billion/$1.68 billion), the operator announced today (11 December). The group previously forecasted a full-year revenue of €1.55 billion.
In addition, adjusted EBITDA, excluding the US, is on track to hit €360 million in 2024, 4.3% above its earlier guidance of €345 million. Super Group is expected to publish its full-year results in March or April next year.
The group’s favourable performance in Q4 is the reason behind its increased forecast. Both October and November were “strong” months for the business, it said, although it did not provide any additional context.
CEO Neal Menashe said he is “proud” to be in the position to increase guidance and pay an extra dividend. He said Super Group will seek to build on this success in 2025 and beyond.
“I’m very proud of our performance this year and delighted we are in a position to raise our full-year revenue and ex-US adjusted EBITDA guidance again while announcing another dividend for 2024,” Menashe said.
“We have consistently said that we will consider returning excess cash to shareholders and the outstanding performance of the business throughout 2024 alongside the continued strength of our balance sheet, has given us the platform to be able to do this.”
Super Group declares special cash dividend
As a result of the higher guidance, the Super Group board has announced a special cash dividend for shareholders set at 15¢ per share.
Related to ordinary shares, the dividend is payable on 8 January to all shareholders.
Combined with the initial 2024 dividend of 10¢ per share paid in July, this takes the total shareholder dividend declared for 2024 to 25¢ per share.
Record revenue in mixed Q3
The increased guidance comes on the back of a largely positive Q3 for Super Group. In the quarter, revenue hit an all-time high of €402.9 million.
Excluding the US, adjusted EBITDA was €95.3 million. Total adjusted EBITDA came in at €83.9 million for Q3. This is 59.8% ahead of last year.
Incidentally, in mid-Q3, Super Group decided to withdraw from the US sports betting market after an extensive internal review. It closed its sportsbook operations in all nine states as it failed to see a long-term path to profitability.
In Q3 alone, North America operations accounted for 14% of all revenue. This is some way behind Africa and the Middle East on 63%, Europe 20%, Asia-Pacific 2% and LatAm 1%.
