Super Group, the parent company of renowned sportsbook operator Betway, stood firm on its 2023 financial projections during the 26th Annual Needham Growth Conference held on Friday. Despite the variable tides of the sports betting industry, the company’s confidence resonated through its reiterated expectations for revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) figures.
Drawing strength from its robust performance last year, Super Group anticipates having hit $1.48 billion in sales, coupled with an impressive EBITDA of $263.27 million from operations outside the United States. “For the year, we set annual records for both deposits and net gaming revenue, and during the fourth quarter, we achieved a new record for unique monthly active customers, reflecting consistent customer engagement and our leading position in key markets,” CEO Neal Menashe shared proudly in a statement.
Yet, amid these affirmations of success, the company’s shares traded slightly lower on a Friday that saw the broader gaming equity sector under some strain. Stakeholders now eagerly anticipate the detailed disclosure of the fourth quarter results set to be unveiled in March.
In further strategic developments, Super Group has signaled its intention to scale back its expected US spending for 2024. This decision arrives as part of a tactical shift in an increasingly crowded and competitive American sportsbook market, with planned EBITDA investments falling below the previously estimated $76.78 million.
With over two years as a publicly traded entity, resulting from a merger with a special-purpose acquisition company, Super Group’s journey hasn’t been insulated against the faltering fate of some de-SPAC-ed firms, especially those in the gaming sphere. The stock has experienced a nearly 28% reduction over the past three months and a decline of 13.56% since the commencement of 2024.
Despite these challenges, prospects of growth in regions like Canada, where performance had previously lagged, have sparked optimism. CEO Menashe underscored that “The growth in Africa continues and has resumed in Canada — this growth has more than offset the impact of regulatory changes in India.”
Given the company’s decision to moderately curtail its US expenditure, Super Group’s strategic shift could be beneficial. Focusing resources on geographical locations where the company holds a more commanding presence, Super Group could see a marked rebound. The Betway brand, along with its Spin unit—an acclaimed online casino provider—remains favorably positioned in markets outside the US, capitalizing on its robust licensing in 25 jurisdictions across Europe, the Americas, and Africa. Super Group’s comprehensive sports betting and online gaming offerings stand on the pillars of expansive scale and advanced technology.
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