As legalized sports betting continues to grow in the U.S., a European market leader is set to cash in.
Super Group, the parent company of global online gambling operator Betway, has agreed to go public with Sports Entertainment Acquisition Corp. The move gives Super Group a valuation of $4.75 billion.
Super Group is licensed in 23 jurisdictions throughout Europe, the Americas, and Africa, with more than 2.5 million monthly unique active customers.
The company also agreed to acquire Digital Gaming Corp and will help the online casino software supplier expand its footprint into 10 states.
Sports Entertainment and Super Group have a bigger plan to build a sports-related business that resembles ESPN. In October, the SPAC — led by former NFL executive vice president Eric Grubman and former NHL COO John Collins — completed its $400 million IPO in New York.
Super Group saw $1.1 billion in net gaming revenue in 2020. The company will have $200 million in cash and no debt when the SPAC merger is finalized.