Online Casino’s Parent Company Goes Public Via $5Bn SPAC Deal
Super Group, the father or mother firm of Online Casino, has announced it is getting ready to go public by way of a SPAC transaction worth roughly $5.1 billion. Under a definitive agreement with Sports Entertainment Acquisition Corp, announced April 25, Super Group might be listed on the New York Stock Exchange in order to deliver its international online sports activities betting and gaming group to the US public markets.
Sports Entertainment Acquisition Corp (SEAH) is a Florida-based special function acquisition company.
What Do We Know About Super Group?
Super Group owns sports activities betting and on line casino brands, together with Online Casino online sportsbook. The group is licensed in 23 international locations all over the world, including UK, South Africa, and Brazil.
The company projects an anticipated annual income of $1.5 billion in 2021, with $350 million in EBITDA.
As per the group, it has drawn more than $42 billion in bets within the 12 months up to March 2021. Super Group additionally boasts of more than 2.5 million monthly active customers.
Why Does Super Group Choose SPAC Merger?
Super Group’s combination with Sports Entertainment Acquisition Corp will allow it entry to the fast-growing and gaming market. As part of the transaction, the British firm may also purchase Digital Gaming Corporation (DGC).
DGC holds the exclusive right to make use of the Online Casino brand in the US, with preliminary market entry for digital sports activities betting and gaming in as much as ten US states. In addition, DGC has advertising agreements with a quantity of NBA groups.
“We have established our firm as a very international and profitable on-line gaming business, delivering on our vision to convey top-class leisure to the worldwide betting and gaming group,” Neal Menashe, CEO of Super Group, mentioned. “Becoming a public firm will permit us to proceed to develop our leading product and technology, in addition to delivering a strengthened brand-driven advertising technique.”
He mentioned the itemizing on an American stock market will place Super Group to capitalize on the numerous world growth alternatives ahead, enabling the UK agency to additional expand its buyer base beyond Europe. “In Eric and John, we now have found the perfect partners with experience throughout sports, entertainment, and public markets to assist us in our next part of development.
Former NFL Exec to Head Super Group
As a half of the transaction, Sports Entertainment Executive Chairman Eric Grubman, a former NFL exec, will head the Super Group’s US operation as chairman. He was additionally part of Sports Entertainment’s SPAC transaction which debuted final October.
Grubman served because the NFL’s main figure on franchise relocation for a quantity of years. Chairman of the Board of Directors of SEAH mentioned, “Super Group is a digital gaming and betting powerhouse with a background of global progress and a strong stability sheet.”
He mentioned the group’s core DNA is rooted in on-line know-how, driving its distinctive expertise in data and analytics. While praising Neal’s staff, he mentioned Super Group is conscious of tips on how to successfully launch and earn profitable progress in new markets. “We look forward to partnering intently with Super Group’s staff on this thrilling new chapter as a public firm.”
About Sports Entertainment Acquisition Corp
Sports Entertainment Acquisition went public in October 2020 at a valuation of four hundred million. It is a particular function acquisition company (SPAC) also called a blank check company. These are publicly traded firms whose objective is to only help take merger companions public.
The combined company will listing on the New York Stock Exchange under the ticker “SGHC”. SEAC witnessed its share hovering to $10.39 following the announcement from $9.eighty one.
250% up to $1,500
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