Super Group (SGHC) Ltd Stock Price, News & Analysis

Super Group (NYSE: SGHC), parent company of Betway, has announced a multi-year agreement with Manchester City, making Betway the Official Global Betting Partner of the English Premier League Champions. The partnership will commence from the 2024/25 season. To mark this significant deal, Super Group CEO Neal Menashe and City Football Group CEO Ferran Soriano will ring The Opening Bell at the New York Stock Exchange.

This agreement strengthens Betway's position in the top tier of Premier League partners, expanding its already impressive sports sponsorship portfolio which includes teams from the Premier League, La Liga, and NBA. The partnership aims to increase Betway's global reach, connecting with Manchester City fans worldwide.

Super Group (SGHC) , the parent company of Betway and Spin, will release its second quarter 2024 financial results on August 7, 2024, before the U.S. stock market opens. The company, which operates in online sports betting and gaming, has scheduled a conference call and webcast for the same day at 8:30 a.m. ET to discuss the results. Investors can access a live audio webcast and supplemental presentation on the company's investor relations website. A replay of the audio call will be available for one year after the live event.

Super Group (SGHC), parent company of Betway and Spin, has announced plans to exit the U.S. sportsbook market after an internal review revealed no long-term profitability. The group, operating in nine states, will collaborate with regulators and partners to close its sportsbook operations. However, it will retain its iGaming presence, managing two brands in New Jersey and Pennsylvania, including Jackpot City. According to CEO Neal Menashe, the decision aligns with the company's strategy to focus on profitable markets. The closure will incur costs, to be detailed in the next earnings call, but it won't impact the company's capital or operational plans. Non-U.S. earnings will remain unaffected.

Super Group (SGHC), the parent company of Betway and Spin, has announced its first cash dividend of $0.10 per share, payable on July 17, 2024, to shareholders of record as of July 8, 2024. The company plans to pay at least $0.10 per share annually, with potential for higher dividends based on business conditions. Super Group aims to start paying dividends quarterly from the first quarter of 2025, pending Board approval. CEO Neal Menashe highlighted the dividend as a demonstration of the company's confidence and strength, and its commitment to returning cash to shareholders while maintaining growth opportunities.

Super Group (SGHC) reported record revenue of €379.3 million for the first quarter of 2024, with a profit of €41.0 million, driven by growth in Africa and North America markets. The company achieved a 12% revenue increase, with Adjusted EBITDA reaching €46.5 million. Monthly Active Customers saw a 33% increase to 4.7 million. Cash and cash equivalents stood at €289.2 million as of March 31, 2024. The company continues to invest in high-growth areas while maintaining a lean operating model.

Super Group (SGHC) is set to assume full control of its sportsbook technology platform by acquiring it from Apricot's licensor for a total consideration of approximately €140 million, with additional payments contingent on revenue targets. This move will enhance Super Group's operational flexibility and growth prospects in the online sports betting and gaming industry.