Super Group (SGHC) Ltd

The Betway segment’s Adjusted EBITDA increased by $152.4 million or 221% to$221.5 million for the year ended December 31, 2024 from $69.1 million for the year ended December 31, 2023. Thisis mainly due to strong revenue growth performances in the Africa and Middle East and Europe markets while at the same time ensuring increases in cost were minimal through continued efficiencies in both marketing and operational expenditure achieved in 2024.

The Spin segment’s Adjusted EBITDA declined slightly by $0.3 million or 0.38% to $185.0 million for the year ended December 31, 2024 from $184.7 million for the year ended December 31, 2023. While revenue expansion was observed across the geographical markets for the year ending December 31, 2024, it was partially offset by elevated direct and marketing expenses growing at a higher rate due to increased cost of competition in key markets.

Depreciation and amortization expenditure decreased by $5.0 million or 5.6% to $84.0 million for the year ended December 31, 2024, compared to $89.0 million for the year ended December 31, 2023. This decrease is mainly due to the intangible assets relating to historic acquisitions being depreciated on a diminishing balance method, and other intangible assets reaching the end of their useful lives.