Super Group reported an 18% increase in revenue for 2024, reaching €1.66 billion, as it shifted focus to core growth markets after exiting the US sports betting sector. The company, which owns Betway, recorded a significant rise in adjusted EBITDA, which climbed from €198.2 million in 2023 to €330.3 million in 2024. When excluding the US, EBITDA stood at €391.1 million.
Most of the revenue came from online casino operations, contributing 80%, while sports betting accounted for the remaining 20%. Monthly average customers grew to 4.8 million, a 20% increase from the previous year.
Super Group decided to withdraw from the US sports betting market last July after an internal review. The exit, which cost the company €32.7 million in 2024, ended its sportsbook operations in nine states. However, it retained its igaming business in Pennsylvania and New Jersey and plans to expand its Spin brand in those markets.
The company invested €61 million in its US operations in 2024, but CFO Alinda van Wyk stated that spending would drop significantly in 2025 as the company shifts its focus entirely to igaming.
CEO Neal Menash emphasized the company’s strategy to concentrate on key markets in Africa, Europe, Canada, and New Zealand. “We are honing in on those,” he said. “And of course, we are opening up some new markets along the way. But in the new markets that we are opening, it’s all about how we can get the same profitability in those markets.”
He also pointed out that closing unprofitable markets in late 2023 has contributed to improved financial performance.
Looking ahead, Super Group projects revenue of €1.83 billion in 2025, excluding its US business. Adjusted EBITDA is expected to reach approximately €435 million. Including remaining US operations and exit-related costs, the company forecasts total revenue of €1.92 billion with an adjusted EBITDA of around €400 million.
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