Another online gambling company with US sports betting ambitions is coming to the American stock market.
Super Group, a holding company for several gambling brands, announced this week it was listing on the New York Stock Exchange via a SPAC transaction.
Super Group is being acquired by Sports Entertainment Acquisition Corp (SEAC) at a valuation of about $5.1 billion.
Who is Super Group?
Super Group owns both sports betting and online casino brands, most notably the Betway Sportsbook.
The group is licensed in 23 jurisdictions around the world, with operations in the UK, Brazil, and South Africa, among others.
The company projects $1.5 billion in 2021 revenue, with $350 million in EBITDA.
Super Group said it took in more than $42 billion in wagers in the 12 months to March 2021 and has more than 2.5 million monthly unique active customers.
Grand plans for Betway in US sports betting
As part of the transaction, Super Group is planning to enter the US sports betting market. To do so, it will acquire Digital Gaming Corporation (DGC).
DGC has the exclusive right to use the Betway brand in the US, and has market access for online sports betting and gaming in up to an initial 10 US states.
That includes:
- Pennsylvania
- New Jersey
- Colorado
- Indiana
- Iowa
DGC also has marketing agreements with NBA teams like the Chicago Bulls, Golden State Warriors, Brooklyn Nets and Los Angeles Clippers.
Super Group has league connections
As part of those US plans, former NFL exec Eric Grubman will become chairman of Super Group. Grubman was previously part of the SPAC, which debuted back in October.
Grubman served as the NFL’s point man on franchise relocation for a number of years.
“Super Group is an online gaming and betting powerhouse with a track record of global growth and a strong balance sheet,” Grubman said. “Super Group’s core DNA is rooted in digital technology, which drives its unparalleled expertise in data and analytics.”
And how to leverage them
Super Group CEO Neal Menashe said the listing would help the operator capitalize on its global growth opportunities.
The combined company will listen under the ticker “SGHC.” SEAC saw its share price climb from $9.81 before the announcement to $10.39 after.
There are still several SPACs looking for targets in the US sports betting space, although investor demand seems to have diminished.
