Super Group has raised its full-year guidance in a move that CEO Neal Menashe said is down to “outstanding performance” in 2024.

The parent company of Betway, Spin and other brands has raised its full-year total revenue guidance to $1.68 billion USD ($2.40 billion CAD), up from its previous forecast of $1.63 billion USD ($2.31 billion CAD). It’s also raised its EBITDA significantly, up from $364.3 million USD ($515.9 million CAD) to at least $380.1 million USD ($538.2 million CAD).

The re-evaluated outlook comes six months after Super Group told investors it was pulling Betway out of the U.S. sports betting market following an internal review.

Company leadership had already boosted FY2024 guidance earlier in Q3.

Building on its strong performance, the board has also declared a special cash dividend to be paid in January 2025 to shareholders.

“I’m very proud of our performance this year and delighted we are in a position to raise our full-year revenue and ex-U.S. Adjusted EBITDA guidance again while announcing another dividend for 2024,” said Menashe in a statement. “We have consistently said that we will consider returning excess cash to shareholders, and the outstanding performance of the business throughout 2024 alongside the continued strength of our balance sheet, has given us the platform to be able to do this. It has been a super year for Super Group and we look forward to building on this success as we move into 2025.”

President Richard Hasson leaving in 2025

The update also comes the day after the company announced that longtime executive and current President and Chief Commercial Officer Richard Hasson is resigning from his roles effective next year.

Hasson has been with the firm for 13 years. He is expected to officially leave in the first half of 2025 to enable a smooth transition.

The company clarified that Hasson’s exit “is not the result of any disagreement between the parties whether on any matter relating to Super Group’s operations, policies, practices or otherwise.”

Super Group pleased with Canadian inroads

Menashe said on an earnings call last month that after pulling out of U.S. sports betting, an increased focus on Canada is paying off.

While the U.S. shutdown partially caused a drop in profits, success in Canada and growth in Europe and Africa drove the company to a 13% year-on-year increase in Q3 revenue. Canada is the business’ second-largest region in terms of revenue, after Africa.

The company operates five brands in Ontario’s commercial regulated online market, with the Jackpot City, Royal Vegas and Ruby Fortune online casinos joining Spin and the sportsbook-first Betway. It also has significant brand recognition in other provinces, where the government-run lottery corporations’ platforms are the only regulated online gaming offerings.

October 2024 data shown to Canadian Gaming Business by H2 Gambling Capital suggests that Super Group has captured around 7% of the total regulated market in Ontario, up from 4% last year. H2 data also found the company is by some distance the leading operator in Canada’s unregulated market with a 35% share.