Analysis

Sportsbook Betway to go public via SPAC merger

, Gambling.com

Super Group, the parent company of sportsbook Betway and online casino offering Spin, has agreed to go public in a $4.75 billion deal with Sports Entertainment Acquisition Corp., a special purpose acquisition company (SPAC).

The combined company intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol “SGHC,” according to a news release over the weekend. Upon closing of the transaction, expected in the second half of 2021, the combined company will operate under the name Super Group.

Betway has more than 60 brand partnerships with teams and leagues, including the NBA’s Cleveland Cavarliers, Chicago Bulls, Golden State Warriors, Brooklyn Nets and Los Angeles Clippers; and English Premier League football team West Ham United, the release said. The deal with the Cavaliers was announced on March 26 and Ohio hasn’t legalized sports betting.

Super Group says it took in more than $42 billion in wagers in the 12 months to March 2021 and currently has more than 2.5 million monthly unique active customers. The company, which will be debt-free and have approximately $200 million in cash on its balance sheet at closing — delivered $1.1 billion in net gaming revenue (NGR) and $259 million EBITDA in 2020.

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