Super Group, a prominent digital gaming company overseeing brands like Betway and Spin, provided insights into its 2023 operations. CEO Neal Menashe expressed satisfaction with the year’s performance, highlighting international partnerships, record-breaking achievements, and strategic moves across continents.
Global Partnerships Fueling Growth:
In 2023, Betway forged key international alliances, showcasing a commitment to diverse markets. Collaborations with Push Gaming in the UK and Mexico, Gaming Corps and BetGames in Africa, and Gaming Innovation Group (GiG) in Portugal exemplify a strategic approach to global expansion.
Financial Success and Projections:
Menashe outlined impressive financial results and set the stage for Super Group’s future. Despite challenges in India due to regulatory changes, the company reported robust figures, with a Q3 revenue of €356.9m, a 16% YoY increase. Menashe reiterated the 2023 ex-US financial guidance, projecting revenue of €1.35bn ($1.48bn) and operational EBITDA of at least €240m.
Regional Breakdown of Q3 Performance:
Examining regional performance, Betway’s revenue surged by 48% in Africa and the Middle East, while Asia-Pacific, Europe, and North America experienced approximately 17% growth each. Menashe highlighted the resilience in Africa and the resumption of growth in Canada, compensating for challenges posed by regulatory shifts in India.
Record-breaking Metrics and Customer Engagement:
Super Group celebrated multiple milestones in 2023, setting annual records for deposits and net gaming revenue. The fourth quarter witnessed a new high for unique monthly active customers, reflecting sustained customer engagement and Super Group’s leading position in key markets.
Strategic Decision in the Indian Market:
Super Group’s exit from the Indian market, driven by adjustments to the Indian Goods and Services Tax, underscores the company’s adaptability and strategic decision-making amid regulatory changes.
Optimism in the US Market:
Menashe expressed optimism about the US market, revealing a net EBITDA investment for the year lower than initially communicated. The company’s positive outlook sets the stage for anticipated growth in 2024, with Super Group planning to unveil its annual outlook in March when announcing the fourth-quarter 2023 financial results.
Super Group’s 2023 operations reveal a resilient and strategic approach to global expansion, marked by international partnerships, financial success, and a focus on key markets. Despite challenges in India, the company’s adaptability and commitment to growth position it for a promising 2024.