{"id":306499,"date":"2024-01-12T15:58:28","date_gmt":"2024-01-12T21:58:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=306499"},"modified":"2024-01-16T12:34:17","modified_gmt":"2024-01-16T18:34:17","slug":"super-group-forecasts-2023-sales-of-1-48-billion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/","title":{"rendered":"Super Group Forecasts 2023 Sales of $1.48B, 2024 US Spending to Decline"},"content":{"rendered":"

Betway parent Super Group (NYSE: SGHC) reiterated 2023 revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasts Friday at the 26th<\/sup> Annual Needham Growth Conference.<\/p>\n

\"Lucas
Lucas Paquet\u00e1 of West Ham United wearing a jersey showing Betway as a sponsor. Betway owner Super GroupCompany reiterated 2023 EBITDA and revenue guidance on Friday. (Image: Getty Images)<\/figcaption><\/figure>\n

The sportsbook operator said it expects to have posted sales of $1.48 billion on EBITDA of $263.27 million in its non-U.S. operations last year.<\/p>\n

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,\u201d<\/strong> said CEO Neal Menashe in a statement.<\/p><\/blockquote>\n

Shares of Super Group traded slightly lower Friday on what was broadly a weak day for gaming equities. The company will deliver fourth quarter results in March.<\/p>\n

Super Group to Pare US Spending<\/h2>\n

Amid an increasingly competitive environment for sportsbook operators in the U.S., Super Group added that its net EBITDA investment in this country for 2024 will be less than the previously forecast $76.78 million. The operator didn’t provide a reason for the lower capital outlay view.<\/p>\n

\n

Super Group is more than two years removed from its debut as a public firm following a merger<\/a> with a special purpose acquisition company (SPAC). With shares of so many de-SPAC-ed companies faltering, including several in the gaming industry<\/a>, Super Group hasn\u2019t been immune to that trend. The stock has shed almost 28% over the past 90 days and is off 13.56% since the start of 2024.<\/p>\n<\/div>\n

Integral to the operator\u2019s 2024 outlook is the point that it sees growth in Canada, a market that was previously a drag on results, returning.<\/p>\n

\u201cThe growth in Africa continues and has resumed in Canada — this growth has more than offset the impact of regulatory changes in India,\u201d added Menashe in the statement.<\/p>\n

Super Group Has Potential for Rebound<\/h2>\n

Super Group\u2019s decision to cut U.S. spending could prove fruitful because it hasn\u2019t amassed significant market share here, and the savings could be redirected to markets where the operator and its brands are more widely recognized.<\/p>\n

The Betway brand is well-known in markets outside the U.S., and its Spin unit is a popular online casino provider in several regions outside this country.<\/strong><\/p>\n

\u201cThe group is licensed in 25 jurisdictions, with leading positions in key markets throughout Europe, the Americas, and Africa. The group\u2019s successful sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets,\u201d according to a previously issued statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Betway parent Super Group (NYSE: SGHC) reiterated 2023 revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasts Friday at the 26th Annual Needham Growth Conference. The sportsbook operator said it expects to have posted sales of $1.48 billion on EBITDA of $263.27 million in its non-U.S. operations last year. For the year, we […]<\/p>\n","protected":false},"author":46,"featured_media":292365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[81903,80968],"acf":[],"yoast_head":"\nSuper Group Forecasts 2023 Sales of $1.48 Billion<\/title>\n<meta name=\"description\" content=\"Super Group Forecasts 2023 Sales of $1.48 Billion, Expects to Cut US Spending.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Super Group Forecasts 2023 Sales of $1.48 Billion\" \/>\n<meta property=\"og:description\" content=\"Super Group Forecasts 2023 Sales of $1.48 Billion, Expects to Cut US Spending.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-12T21:58:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-16T18:34:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Lucas-Paqueta-of-West-Ham-United-wearing-a-jersey-showing-Betway-as-a-sponsor.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1021\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/\",\"url\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/\",\"name\":\"Super Group Forecasts 2023 Sales of $1.48 Billion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Lucas-Paqueta-of-West-Ham-United-wearing-a-jersey-showing-Betway-as-a-sponsor.jpg\",\"datePublished\":\"2024-01-12T21:58:28+00:00\",\"dateModified\":\"2024-01-16T18:34:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Super Group Forecasts 2023 Sales of $1.48 Billion, Expects to Cut US Spending.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/super-group-forecasts-2023-sales-of-1-48-billion\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Lucas-Paqueta-of-West-Ham-United-wearing-a-jersey-showing-Betway-as-a-sponsor.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Lucas-Paqueta-of-West-Ham-United-wearing-a-jersey-showing-Betway-as-a-sponsor.jpg\",\"width\":1021,\"height\":574,\"caption\":\"Lucas Paquet\u00e1 of West Ham United wearing a jersey showing Betway as a sponsor. 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