Betway owner Super Group dragged by costly U.S. impairments in FY2023

Betway owner Super Group dragged by costly U.S. impairments in FY2023

Article brief provided by SBC News
  • Ted Menmuir, SBC News
March 6, 2024 8:07 PM
  • Ted Menmuir, SBC News

Super Group states that it has overcome a challenging 2023, in which its corporate performance was dragged down by US-specific impairments impacting profitability.

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This afternoon, the parent company of Betway and Spin brands published its Q4 and full-year 2023 preliminary results, concluding by declaring its “highest ever total revenue for a fourth quarter of €359m [$391m],” a 9% increase on 2022 comparatives of €329m [$359m].

Period growth was driven by a 38% surge in monthly active customers to 4.7m indexed on Super Group brands, helping the NYSE group generate full-year revenues of €1.4bn, a result exceeding its full-year guidance.

Revenue growth was reflected in Super Group’s Q4 operational EBITDA, which increased by 28% to €54m and to €254m on a full-year basis, exceeding the firm’s expected guidance.