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Super Group to Combine with Sports Entertainment Acquisition Corp. to Create NYSE-Listed Global Gaming Company
Super Group is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering
The group is licensed in 23 jurisdictions throughout Europe, the Americas and Africa, took in more than $42 billion in wagers in the 12 months to March 2021 and currently has over 2.5 million monthly unique active customers
Targeting the fast-growing U.S. online sports betting and gaming market, Super Group has also entered into an agreement to acquire Digital Gaming Corporation (“DGC”) (subject to customary regulatory closing conditions), which will give the group access to up to an initial 10 U.S. states, complementing its global growth strategy
The group ‒ 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 on a pro-forma basis and forecasts:
NGR of more than $1.5 billion and EBITDA of over $350 million in 2021
NGR of more than $1.7 billion and EBITDA of over $420 million in 2022
Super Group’s management team brings decades of experience: CEO Neal Menashe, an industry pioneer, President and COO Richard Hasson and CFO Alinda van Wyk, collectively bring over 50 years of experience. Eric Grubman, former executive at the NFL, will become Chairman of Super Group and John Collins, former executive at the NHL, the NFL’s Cleveland Browns and the NFL will serve on the Super Group Board of Directors
SGHC Limited (“SGHC”, “Super Group” or the “Company”) has entered into a definitive agreement with Sports Entertainment Acquisition Corp. (NYSE: SEAH) ("SEAH"), a publicly traded special purpose acquisition company, to bring its leading global online sports betting and gaming group to the U.S. public markets.
The group’s successful sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets, while its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and customized customer experience.
The combination with SEAH will give Super Group access to the capital markets and a strong platform to accelerate its global growth strategy, as well as expansion into the fast-growing U.S. online sports betting and gaming market.
Neal Menashe, CEO of Super Group, said: “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. 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.”
Eric Grubman, Chairman of the Board of Directors of SEAH, said: “Super Group is an online gaming and betting powerhouse with a track record of global growth and a strong balance sheet. 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.”