Home Stock Market Online bookmaker Betway parents are about to reach a $ 5.1 billion...

Online bookmaker Betway parents are about to reach a $ 5.1 billion deal to be publicly-sourced


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© Reuters. Milwaukee Bucks training before the 2020 NBA Paris match

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By Joshua Franklin and Anirban Sen

(Reuters) – Super Group, the parent company of online bookmaker Betway, is about to reach a public agreement through a merger with white check acquisition company Sports Entertainment Acquisition Corp with a valuation of around 5.1 billion dollars, people familiar with the matter said on Saturday.

This agreement comes when Betway, with roots in Europe, expands to the United States. Betway has agreed to acquire Digital Gaming Corp, tapping into the online sports betting and gaming market in 10 US states, according to sources.

Shareholders who account for more than two-thirds of Super Group’s equity will maintain their stakes under the agreement, the sources said. Sports Entertainment’s executive chairman Eric Grubman, former CEO of the National Football League (NFL), will become president of Super Group, and Sports Entertainment CEO John Collins, former CEO of National Hockey League, will join Super Group’s board, the source added.

Sources requested anonymity because the agreement negotiations were confidential.

SPACs, such as Sports Entertainment, are shell companies that raise funds during the initial public offering with the aim of merging with a private company, thus becoming public, offering a alternative to traditional IPOs.

SPAC trading has come to an end in recent weeks after hitting a record until 2021 after US regulators changed their accounting requirements.

Betway’s platform allows betting on popular sporting events around the world, including the English Premier League and the Indian Premier League cricket. It has partnerships with American basketball teams such as Chicago Bulls, Golden State Warriors, Brooklyn Nets and Los Angeles Clippers, and English football teams like West Ham United.

Earlier this year, Betway entered the US betting market, which is growing rapidly since the sports betting ban was lifted in 2018.

Super Group also owns Spin, a company that offers multi-brand online casinos. It includes people like former cricketer Kevin Pietersen and former horse racer Katie Walsh among its ambassadors.

Sports Entertainment Acquisition completed its IPO in New York in October, raising $ 400 million. It is backed by Timothy Goodell, the US oil manufacturer’s general advisor Hess Corp (NYSE 🙂 and brother of NFL commissioner Roger Goodell, and an affiliate of investment bank PJT Partners (NYSE 🙂 Inc.)

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