Super Group (SGHC) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Business overview and recent developments

• Operates exclusively in online gaming, with Betway (sportsbook/iGaming) and Spin (casinos) as core brands.

• Listed on NYSE in January 2022; expects over €1.5 billion in revenue this year.

• Ex-U.S. operations drive profitability, with guidance raised to over €300 million profit; U.S. expected to lose €20–30 million.

• 80% of revenue comes from casino products, serving distinct customer segments for casino and sportsbook.

• Focuses on specialization and product customization for each country.

Market strategy and regional focus

• Business split into thirds: North America (Canada/Ontario), Africa, and Europe/New Zealand.

• Customizes product and marketing for each market; exited unprofitable markets like Belgium.

• Spends 25–26% of net gaming revenue on marketing, higher than many competitors, aiming for long-term revenue growth.

• Exited U.S. sports betting due to market dominance by two players and lack of path to profitability; focusing on U.S. casino in PA and NJ.

• Wrote off €45 million in U.S. sportsbook costs; expects U.S. losses to decrease after six months.

Regulatory and competitive landscape

• Regulation is a key challenge; over-regulation leads to black market activity, as seen in the U.K. and Germany.

• Global trend is toward regulated markets, with crypto casinos as an emerging unregulated segment.

• Compliance and tax regimes require large, business-focused teams; automation and safer gambling features are embedded in software.

• Listed status increases regulator comfort due to transparency.