Super Group is a U.K. online sports betting and iGaming business eager to jump into the exploding U.S. market. The company owns Betway, an online sportsbook, and Spin, an online casino, according to Bloomberg.
To tap into the U.S. online gaming field, Super Group merged with Delaware-based Sports Entertainment Acquisition Corp. to get into the New York Stock Exchange. It also acquired Digital Gaming Corp., which provides entry into 10 states, among them Pennsylvania, New Jersey, Colorado, Indiana and Iowa.
The boards of both companies approved the deal with a unanimous vote. The deal expects to close in the latter half of the year, according to the Associated Press. Sports Entertainment Acquisition values Super Group at $4.75 billion. The combined company will be debt-free and have $200 million in cash at closing, Special Entertainment said.
The agreement speaks to the importance of the still young U.S. market to sports betting and gambling companies around the world, especially from Europe.
“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,” Neal Menashe, Super Group’s CEO, said in a statement. “This listing will position us strongly to capitalize on the significant global growth opportunities ahead including in the U.S. market.”
Former NFL executive, Eric Grubman, expects to chair Super Group. And John Collins, who worked for the NFL and NHL, will join the board of directors. Both serve on the management side of Sports Entertainment Acquisition.
Licensed in 23 countries in Europe, Super Group handled more than $42 billion in wagers from March 2020 to March 2021. Betway has more than 60 brand partnerships with teams, leagues and sport personalities around the world, from the NBA to the English Premier League.
In related news, as part of its plans to expand into the North American market, Betsson has purchased a 35 percent stake in TG Lab’s Strive Platform for $6.5 million. The deal marks a growing partnership with TG Lab, an iGaming technology developer, according to iGaming Business.
In the meantime, TG Lab created Strive, which concentrated on account technology, intellectual property rights and market expertise. Betsson’s sportsbook will be the initial client.
“This investment is another important milestone in our U.S. entry,” Betsson chief executive Pontus Lindwall said. “The investment will support our B2C launch with the Betsafe brand in Colorado as well as broaden Betsson’s offering to the U.S. market.”
When Betsson launches in the latter half of the year, it can exercise the option of increasing its ownership by 5 percent for $1 million.
