SunBet Eyes Ghana, Kenya and Zambia Expansion After Reported Growth
SunBet has set its eyes on expanding in more African regions. The South African online Sports betting site is owned by hotel company Sun International. The news comes after Sun recorded revenue growth. Sunbet Growth Ghana Kenya Zambia
This became apparent yesterday when Sun International, which is listed on the JSE, released its financial results for the six-month period ending on June 30. Comparing the current period to the previous one, the group’s revenue increased by 11.7% to R5.8 billion.
The company asserts that SunBet has maintained a solid growth trajectory and is outperforming its five-year projections. Overall, SunBet’s income climbed over that time by 138.4%.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), according to the hospitality company, increased by 542.9% from R14 million in the prior comparative period to R90 million in the review period. As a result of the company’s expansion, SunBet has set its sights on expanding to other African countries.
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The company reported that despite the inclusion of new games and improved user experience, active players kept increasing. Sunbet Growth Ghana Kenya Zambia
At the end of the review period, we achieved substantial growth across our key performance indicators against 2022, which included unique active players up 702.8%, first-time depositors up 469.2% and deposits up 216.2%.
According to Sun International, SunBet has a tremendous potential for growth for the organisation and has the extra benefit of being self-funding and capex-light.
With this in mind, we continue to invest in people and marketing in order to significantly increase our share of the fast-growing online gaming market.
We have made significant improvements regarding first-time registrations, customer deposits and withdrawal processes, as well as an overhaul of the customer contact centre. Our customers are now able to interact with us seamlessly, and we are well-positioned operationally for higher volumes of business.
The online betting site states that it continues to use the Sun International brand, presence, and loyalty programme to draw in new customers and keep current ones loyal, all the while establishing SunBet as the most dependable and reputable online gaming provider in Southern Africa.
In a highly-commoditised online industry, our competitive advantage lies in our ability to add value to the offering through the wider Sun International stable. We have increased our market share and are on track to achieve our target of greater than 10% by 2026.
We are on a focused journey to grow our current operating market and launch into new markets, as the online model is easily portable to new geographies. In this regard, we have made steady progress in preparing for the launch of operations in Ghana, Zambia and Kenya, which have attractive long-term growth potential. We anticipate that we should be fully-operational in these markets in the first half of 2024.
Sun Slots, meanwhile, suffered significant harm by load shedding during the review period, and revenue fell from R730 million to R717 million while adjusted EBITDA fell from R191 million to R166 million. Sunbet Growth Ghana Kenya Zambia
Load-shedding remains the major contributor which is negatively impacting this business. This has resulted in a decline in game play and footfall at Sun Slots’ sites, which was the major contributor to the lower-than-expected results during the period.
The company reports that several measures have been taken to mitigate the impact of power disruptions, which shorten playing time.
Source: SyndiGate Media Inc. (Syndigate.info). Sunbet Growth Ghana Kenya Zambia
