Betway parent company Super Group is now listed on the New York Stock exchange after completing its merger with the Sports Entertainment Acquisition Corporation SPAC. [Image: Shutterstock.com]
Now available to public investors
Super Group has completed its special purpose acquisition company (SPAC) merger and is now listed on the New York Stock Exchange (NYSE). Sports Entertainment Acquisition Corporation (SEAH) SPAC approved the deal on Wednesday and it was completed on Thursday.
became a publicly traded company on the NYSE on Friday
Super Group, which operates gambling brands such as Betway, became a publicly traded company on the NYSE on Friday, using the “SGHC” ticker. It is the latest in a raft of gambling-related companies to go public in recent years. Super Group’s share price was up almost 3% at midday before dropping back, closing up 1.35%
The road to going public
Speaking about the public listing was Super Group CEO Neal Menashe, who said that it marked many years of hard work and that the company is committed to continuing to expand its offering across the world. Menashe added: “we will remain focused on our overarching commitment to deliver quality gaming and technology services to our customers, as well as building and sustaining long-term shareholder value.”
Menashe, also a co-founder of Super Group, will stay on in his CEO role at the newly formed entity. In advance of the merger, Super Group published a performance update, showing that year-end net gaming revenue had reached $1.53bn, a 36% year-on-year rise.
Existing Super Group investors own about 88% of the new entity.
Super Group originally announced its plans to merge with SEAH last spring. It believed that a SPAC merger was the best course of action to go public. Former NFL vice president Eric Grubman and former NHL operations lead John P. Collins are involved with the SEAH SPAC. The boards of both parties in this merger unanimously approved the deal, as did SEAH shareholders. Existing Super Group investors own about 88% of the new entity.
Expanding its global presence
The Betway brand has a presence in many major gambling markets across the world. It has been looking to gain a foothold in the US, with the public listing being part of that plan. The Betway brand now has sportsbooks up and running in five US states, including New Jersey and Pennsylvania. It also has partnerships with numerous sports leagues and teams, including the NHL, NBA, New York Islanders, Chicago Bulls, and the Golden State Warriors.
Super Group has licenses to operate in 25 jurisdictions, including in key markets in Africa, the Americas, and Europe.
The other major gambling brand under Super Group’s umbrella is Spin, a multi-brand online casino operator. Betway and Spin saw significant regulated market expansion in 2021, launching in a combined nine markets last year compared to just two the previous year. The two brands reportedly handled more than $42bn worth of bets in 2020, catering to a monthly average of 2.5 million active customers across the world.