Super Group, parent company of Betway, has raised its 2024 financial guidance and announced a special dividend, causing its shares to rally on Tuesday. The company now projects 2024 revenue of $1.68 billion, up from $1.63 billion, and EBITDA between $364.3 million and $380.1 million.

This improved outlook comes six months after Super Group's strategic withdrawal from the US sports betting market, citing limited profitability potential in a market dominated by larger competitors.

The company declared a special cash dividend of 15¢ per share, payable January 8, 2025, to shareholders of record as of December 23, 2024. This follows their first annual dividend of 10 cents per share announced in June, resulting in a 1.43% yield for the stock, which has gained 120.50% year-to-date.

CEO Neal Menashe emphasized the company's commitment to returning excess cash to shareholders, attributing the decision to outstanding business performance and a strong balance sheet throughout 2024.

Despite exiting the US market, Super Group continues to thrive in other regions, including Africa and Canada. The company maintains gaming licenses in 25 markets across Africa, the Americas, Asia, and Europe, with its Betway brand and Spin online casino unit performing well in international markets.

This success demonstrates that Super Group's decision to leave the competitive US market may have been strategically sound, allowing for focused growth in more profitable regions while maintaining strong financial performance.

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