- Popular online sports betting and iGaming company Super Group will be merging with the SPAC, Sports Entertainment Acquisition.
- This is a $5.1 billion merger that will make the company become publicly traded.
- Sports Entertainment Acquisition will own 9.3% of the new company.
NEW YORK – Super Group, an online sports betting and iGaming company has begun the plans to complete a merger with SPAC, Sports Entertainment Acquisition.
The merger is valued at approximately $5.1 billion and will make the new company a publicly traded company on the New York Stock Exchange (NYSE).
This merger is another example of the fruitful business legal sports betting has become in recent years. More companies have made the move to go public all on the basis of sports betting.
Super Group Going Public
Super Group has long been a leader in the sports betting and iGaming arena. Going public is a realistic next step for the thriving company.
“We have established our group as a truly global, scaled and profitable digital gaming business, delivering on our vision to bring first-class entertainment to the worldwide betting and gaming community,” said Neal Menashe, CEO of Super Group. “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 U.S. market ‒ enabling us to further expand our robust, loyal and engaged customer base. In Eric and John, we have found the perfect partners with expertise across sports, entertainment and public markets to help us navigate our next phase of growth.”
Sports Entertainment Acquisition Corp. has a long history of bringing sports betting operations to the public sphere, making them the perfect SPAC company to merge with.
As a special purpose acquisition operation, Sports Entertainment Acquisition has done major business with several entities in the sports betting world including market leader Flutter Entertainment.
Sports Entertainment Acquisition Corp. will retain 9.3% ownership of the company once it goes public. The estimated evaluation of the company has a compounded annual growth set at 23.1% by 2022.
“Super Group is an online gaming and betting powerhouse with a track record of global growth and a strong balance sheet,” said Eric Grubman, Chairman of the Board of Directors of Sports Entertainment Acquisition Corp. “Super Group’s core DNA is rooted in digital technology, which drives its unparalleled expertise in data and analytics. Neal and Super Group’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.”
The implication for this partnership is that Betway, the sports betting branch of Super Group will see major support coming from the influx in revenue with new investors.
With more states with legal sports betting launching each year, the sports betting market is expected to continue to see steady growth. More sports betting companies will capitalize on that growth, bringing their operations to the NYSE.
Sports betting continues to trend in a positive direction as sports betting grows in the US.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.