The firm behind the Betway online sportsbetting brand, Super Group Holding Company Limited, has announced that it is to combine with a special purpose acquisition company (SPAC) before going public via a listing on the New York Stock Exchange.
The Guernsey-based enterprise used an official Sunday press release to detail that the $4.75 billion arrangement with Sports Entertainment Acquisition Corporation will create a new debt-free company having approximately $200 million on its balance sheet. It declared that this newly-combined entity is to subsequently have ‘access to the capital markets’ so as to be able ‘to accelerate its global growth strategy’ including into the burgeoning online gaming and sportsbetting market of the United States.
Super Group Holding Company Limited explained that it is currently in the process of acquiring online sportsbetting firm Digital Gaming Corporation via a separate deal in order to give it access to ten American iGaming jurisdictions including New Jersey, Indiana, Pennsylvania and Iowa. It stated that this arrangement is currently in the process of ‘obtaining the customary regulatory approvals’ and will allow its Betway sportsbetting brand to grow its footprint across the United States.
Neal Menashe serves as the Chief Executive Officer for Super Group Holding Company Limited and he used the press release to pronounce that his firm recorded $1.1 billion in net gaming revenues last year alongside approximately $259 million in earnings before interest, tax, depreciation and amortization. He moreover divulged that these figures could hit $1.5 billion and $350 million respectively next year before improving again in 2022 to top $1.7 billion and $420 million.
Read a statement from Menashe…
“Becoming a public company will give us the tools to continue to grow our leading product and technology offering and deliver a strengthened brand-driven marketing strategy. This listing will position us strongly to capitalize on the significant global growth opportunities ahead including in the United States market and enable us to further expand our robust, loyal and engaged customer base.”
Super Group Holding Company Limited disclosed that its Betway online sportsbetting brand has partnerships with a multitude of professional sports teams including the Brooklyn Nets, Chicago Bulls, Los Angeles Clippers and Golden State Warriors franchises of the National Basketball Association (NBA). It proclaimed that these alliances additionally run to West Ham United from the English Premier League and allow it to better capitalize on a global iGaming market that is expected to be worth over $100 billion by 2025.
Eric Grubman, Chairman for Sports Entertainment Acquisition Corporation, used the press release to describe Super Group Holding Company Limited as possessing ‘a track record of global growth and a strong balance sheet’. He furthermore asserted that the firm’s ‘core DNA is rooted in digital technology’ and that this permits it to profitably enter ‘key markets across the globe.’
Grubman’s statement read…
“Neal and Super Group Holding Company Limited’s diverse and multi-talented global team have a great playbook for how to successfully launch and achieve profitable growth in new markets and we look forward to partnering closely with them on this exciting next chapter as a public company.”