Betway
Betway pay out early on three MLB outright markets
Betway has announced an early pay out on three outright markets in Major League Baseball.
Despite not even being halfway through the season, Betway are convinced that there is no stopping the New York Yankees (American League East Division), the Los Angeles Dodgers (National League West Division) and Houston Astros (American League West) in their respective divisons and are settling all win single bets immediately. This is not the first time that Betway, owned by NYSE listed Super Group, has paid out early. The betting brand have a reputation for settling bets prior to competitions finishing, including on the English Premier League, when most notably, they paid out on Liverpool to win the 2019/2020 Premier League title after just 13 games had been played, the earliest early pay out on English football in betting history.
Chad Yeomans, Global Head of PR and Communications for Betway, said:
“We know there are risks attached to paying out early, but it looks as though it’s going to take a minor miracle for the Yankees, Dodgers and Astros to slip up and not win their divisons, so we’re happy to be settling these markets now.”
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Alinda van Wyk
Super Group Reports Financial Results for Third Quarter of 2024
Super Group (SGHC) Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced third quarter 2024 unaudited consolidated financial results.
Neal Menashe, Chief Executive Officer of Super Group, said: “We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business. There is still tremendous potential as we experience super growth across our global casino brands, and particularly in Africa which we have scaled to be our largest region for the second quarter running. Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders, and intend to discuss with the board a possible further special dividend before the end of the year.”
Alinda van Wyk, Chief Financial Officer of Super Group, said: “This quarter was our best ex-US third quarter ever, achieving total revenue of €395 million and Adjusted EBITDA of €95 million. We are focusing on consistent growth in our key markets, while striving to maximize operational and marketing cost efficiencies across the group, which resulted in a margin of 24% for the second quarter in a row – well ahead of our long-term target of 20%. Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345 million.”
Financial Highlights:
Revenue increased by 13% to €402.9 million for the third quarter of 2024 (constant currency: 15% to €410.9 million) from €356.9 million in the same period of the prior year, driven by growth from the Africa, Europe and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets.
Profit for the period was €8.5 million for the third quarter of 2024. Profit for the period of €10.6 million for the third quarter of 2023 included a non-cash charge of €14.2 million related to the change in fair value of option liability.
Adjusted EBITDA, a non-GAAP measure, increased by 60% to €83.9 million for the third quarter of 2024 compared to €52.5 million in the third quarter of 2023.
Monthly Active Customers increased by 17% to 4.7 million during the third quarter of 2024 from 4.0 million in the third quarter of 2023.
Cash and cash equivalents was €296.6 million at September 30, 2024, up from €241.9 million at December 31, 2023. This net increase during the nine months ended September 30, 2024 was the result of:
Inflows from operating activities amounting to €159.1 million;
Outflows from investing activities of €59.2 million. This was mainly as a result of further investment in tangible and intangible assets of €63.6 million, predominantly due to the capitalization of expenditure on software, issuance of a loan to Apricot Investments Limited of €10.0 million, deferred consideration paid of €2.5 million relating to the 15 Marketing Limited acquisition and cash paid of €2.0 million for an investment in associate. These outflows were offset in part by €9.2 million of consideration received from the sale of the B2B division of DGC, as well as €9.2 million resulting from receipts of interest and repayment of loans receivable;
Outflows from financing activities of €51.9 million, mainly due to dividends paid of €46.1 million and lease payments of €5.7 million; and
A gain of €6.7 million as a result of foreign currency fluctuations on foreign cash balances held over this period.
Betway
Super Group Announces Exit from U.S. Sportsbook Markets
Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced that, following the completion of an extensive internal review, the company intends to undertake an exit plan for its sportsbook product in the US.
The company, along with relevant regulators and partners, will shortly begin the process to fully close its U.S. sportsbook operations in the nine states in which it is currently live. Super Group will, however, maintain its iGaming presence in the US and plans to operate two iGaming brands from its Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania.
Chief Executive Officer Neal Menashe said: “As a global business, we constantly evaluate the optimal use of our resources across all markets in which we operate. We have recently concluded an extensive review of our U.S. operations and, at present, we do not see a long-term path to profitability for the sportsbook product.
“The vast majority of Super Group’s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”
Betway
Super Group Announces First Dividend
Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced that its Board of Directors has initiated a dividend program and declared the first cash dividend on its ordinary shares of $0.10 per share.
The dividend is payable on July 17, 2024, to shareholders of record as of the close of business on July 8, 2024. The company intends to pay regular dividends amounting to at least $0.10 per share annually, subject to approval of Super Group’s Board of Directors in its discretion and subject to other potentially advantageous uses of funds. The company will consider paying a higher dividend if business conditions allow. Beginning in the first quarter of 2025, the company’s intention, subject to Board approval, is to pay regular dividends on a quarterly basis.
Chief Executive Officer Neal Menashe said: “Super Group is delighted to be in a position to announce our first dividend, which delivers on our previously stated goal of returning cash to shareholders. Declaring a dividend shows our confidence in the company and our ongoing strength. We are especially pleased to be able to return capital to our shareholders, while looking to maintain our opportunities for growth.”
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