Betway Owner Super Group Launches on NYSE

Traders work on the floor of the New York Stock Exchange (NYSE). Spencer Platt/Getty Images/AFP

Betway owner Super Group made its debut on the New York Stock Exchange this morning following a merger with a special purpose acquisition company (SPAC). 

Super Group, which also owns online casino brand Spin, is based in Guernsey, but it has been keen to secure a US listing to boost its growth. It is targeting a valuation of at least $4.75 billion

Its SPAC partner is called Sports Entertainment Acquisition Corporation. The merged entity began trading on the NYSE this morning under the ticker of SGHC.  

SPAC Trend Continues 

Super Group follows in the footsteps of DraftKings, which went public in 2020 after merging with SBTech and a SPAC called Diamond Eagle Acquisition Corp. 

That deal left DraftKings flush with cash. It has invested heavily in promotions, helping it become the number one online sportsbook in several states. DraftKings was also able to snap up online casino operator Golden Nugget Online Gaming in a $1.56 billion deal, and it launched an ambitious bid to buy Entain – MGM Resorts International’s partner in the BetMGM joint venture. 

DraftKings’ share price has decreased significantly since peaking in March 2021, but the company still has a market valuation of around $15.4 billion. 

Betway is targeting a valuation of less than a third of that. It seems realistic when you consider that DraftKings is focused on the USA, whereas Super Group has an international footprint. In the 12 months to March 2021, the company took more than $42 billion in wagers, and it then launched in the US. 

A Major Milestone for the Company 

Betway is now legal in Colorado, Indiana, Iowa, New Jersey, and Pennsylvania. It has signed up Eric Grubman, the former NFL executive, as chairman, while former Cleveland Browns president John Collins also joined the board to boost its US expansion. 

Grubman, who is the chairman and the chief financial officer of Sports Entertainment Acquisition Corporation – the name by which the company is currently known – said: “We were attracted to Super Group for its proven business model, strong leadership, and exceptional products and technology. We are pleased to complete our business combination with Super Group and look forward to continuing our collaboration with Neal and the rest of the management team, helping Super Group strengthen and grow its position in the global online betting and gaming industry.” 

Neal Menashe, chief executive of Super Group, added: “Today marks a major milestone for our company, our employees, and our shareholders. 

“Now as a public company, we plan to continue to strengthen our brand among the worldwide online betting and gaming community by growing our customer base, expanding into new markets, and developing strategic partnerships with major sports franchises.” 

Betway Inks NFL Data Deal with Genius Sports 

In other news, Betway has signed a deal with Genius Sports to gain official data pricing for the NFL, NCAA basketball, the English Premier League, and Euroleague basketball

It will also receive digital marketing and bespoke free-to-play tools as part of the official data, live streaming, and fan engagement deal. 

“As one of our long-term official data partners, Betway has always invested in a world-class product for its customers worldwide,” said Mark Locke, chief executive of Genius Sports. “The Betway brand is growing rapidly across the US and we’re thrilled to be helping accelerate this expansion with our premium official sports betting feeds, live streaming, and fan engagement solutions.”