Super Group Reports Revenue of Billion and a Half in 2023
LISTEN TO THIS ARTICLE:Parent company of Betway and Spin casino brands, Super Group, has published its unaudited consolidated financial results for both the fourth quarter and the full year of 2023.
In 2023, the group posted a revenue of €1.4bn, up by 11% year-on-year. The figure exceeded the company’s guidance of €1.35bn by €56m to €1.41bn. It also marked Super Group’s highest full-year revenue since its establishment. Aside from the US, online casino operations accounted for 78% (€1.07bn) of net revenue, while sports betting contributed 22% (€295m).
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. Despite the challenging start, we set record-breaking totals for revenue, customer numbers and deposits cementing our position as a growing, cash-generative and geographically diverse online sports betting and igaming operator.
Related: Super Group Enjoys Q2 Growth despite North American Decline
Super Group’s Fourth Quarter Figures
In the fourth quarter, the company also witnessed the highest-ever total revenue for that quarter at €359.9m. The figure rose by 9% compared to 2022’s €329m. In constant currency, revenue increased by 15% to €378.4m.
Excluding US operations, fourth-quarter revenue amounted to €352m, while net revenue achieved a new peak at €341m. In Q4, online casino operations remained the primary contributor to overall revenue, at 85%. On the other hand, sports betting accounted for only 15%.
Additionally, sports betting revenue decreased by 39% to €53m in the fourth quarter. The decline was ascribed to customer-friendly sports outcomes in October, leading to an unprecedented negative sports margin, as well as the closure of the Indian market.
During the quarter, Betway operations contributed 55% of the total revenue, with Spin operations holding a 45% share. Regarding regional distribution, the Americas accounted for the highest revenue at 42%. Africa followed with 33%, Europe at 17%, and the Rest of the World (RoW) at 8%.
For the fourth quarter, we delivered ex-US revenue of €352m and ex-US operational EBITDA of €54m, which resulted in our December margin hitting 24 percent, 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.
Loss before Tax and EBITDA Gains
The group revealed a pre-tax loss of €444.9m in Q4 2023. €35.9m of the total was attributed to the impairment of the DGC cash-generating unit. Additionally, charges amounting to €6.1m were linked to the increased fair value of a liability for a call option granted to a third party seeking to acquire the B2B division of Digital Gaming Corporation Limited ('DGC').
However, despite this, Super Group reported an operational EBITDA ex-US of €254.7m for the year and €54m for the fourth quarter. Monthly average customers reached 4.7m in Q4, a 38% increase year-on-year. Over the full year, monthly average customers surged by 43% to four million.
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