The bookmaker, Betway, intends to enter the New York Stock Exchange with billionaire capital with the Super Group.
This Monday, it was announced that the bookmaker Betway revealed that it intends to enter the New York Stock Exchange, in the United States, as the next brand listed in the country with the Super Group. The plan is being developed by the Super Group, Betway's manager. The entity's goal is to merge with the New York Stock Exchange. In other approaches, the group has also entered into a partnership to combine some deals with Sport Entertainment Acquisition Corp (SEAC).
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Sport Entertainment Acquisition Corp was founded by Eric Grubman and his partner John P. Collins. The founder, Grubman, had been known to be a former NFL player. SEAC made the offer to the New York Stock Exchange in October 2020, totaling $ 450 million for new ventures in the betting industry within the United States.
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Thus, the entity intends to be on the New York Stock Exchange's Super Group list, projecting a valuation of US $ 4.7 billion, with its capital excluded. Thus, the entity's new venture will be a priority for the shareholders of the Super Group.
According to information, the Super Group is characterized as a betting market with global reach, having already surpassed the revenue of US $ 1.1 billion in games only in 2020. The founder of SEAC affirms that the Super Group is a powerful brand of games and online betting. Grubman further assures that the Super Group can further assist in the global growth of the sector, by establishing a strong balance sheet: "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".
According to information, the group still intends to acquire Digital Gaming Corporation (DGC), which is currently a licensing partnership for Betway in the USA. During March of that year, Betway established its first associations in the North American betting sector through DGC licensing, partnering with six NBA teams and two NHL clubs.
The group is currently targeting Betway as one of its assets, where it operates in "23 jurisdictions throughout Europe, the Americas and Africa, took in more than $42 billion in wagers in the 12 months to March 2021, maintaining 2.5 million monthly unique active customers".
ABOUT BETWAY
Betway was founded in 2006, aiming to enter the Win Technologies betting business. However, the bookmaker grew surprisingly and had to hire more than three thousand employees. Since then, Betway has become Win's main brand in 2018.Meanwhile, Neal Menashe, CEO of the Super Group, said he plans to support the company's wishes by joining the New York Stock Exchange, saying he will collaborate for Betway to become a betting operator with a global reach. Within this, the group still intends to expand the offerings of products and technologies, leading the betting sector: "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."
Finally, the company's new face will be presented as "SGHC" on the New York Stock Exchange. The group will also disclose more details about the goals and the next steps to be taken.
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