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Super Group reports 2023 revenue of €1.4bn, up 11%

Despite reporting a loss before tax of €44.9m ($48.9m) for Q4, Super Group enjoyed a very strong financial year overall.

record revenue in 2023
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Super Group, the parent company overseeing Betway and Spin, has released its unaudited consolidated financial results for the fourth quarter of 2023 and the full year.

The full-year report for 2023 witnessed Super Group achieving an all-time revenue record of €1.4bn, surpassing its guidance and reflecting a substantial year-on-year increase of 11%. 

The fourth quarter of 2023 alone saw a revenue milestone, with €359.9m, marking the highest-ever total revenue for a fourth quarter.

Despite reporting a loss before tax of €44.9m for the fourth quarter, influenced by non-cash charges related to changes in the fair value of option liability and an impairment of goodwill, Super Group displayed an operational EBITDA ex-US of €254.7m for the year and €54m for Q4.

Neal Menashe, Super Group CEO, commented: “We have made tremendous strides in 2023 and are delighted to have achieved an all-time revenue record of €1.4bn, 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. 

“IGaming continues to be the largest part of our business, allowing us to manage moments of volatility in the sportsbook to deliver record-breaking results. We are confident that we will achieve the double-digit top-line growth that we are projecting for 2024."

Alinda van Wyk, Super Group CFO, added: “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%, the strongest ever. 

“To have surpassed our guidance, in the face of multiple headwinds, is indicative of our laser focus on realising cost efficiencies and investing in growth where we can see a clear return."

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