Betway owner Super Group expects $762M gaming revenue 1H21

Super Group shared new comments on the expected financials results for the first half of the year on August 19, reiterating its full-year 2021 outlook.

The parent company of the online sports betting and gaming business operating sportsbook Betway, and multi-brand online casino offering Spin, expects $762.6 million net gaming revenue for the 1H21 period.

Neal Menashe, CEO of Super Group, added: “Our estimated EBITDA for the period is well within management’s expectations, putting us on track to meet our full-year 2021 financial outlook.”

Moreover, the company also commented on the expected timing of filing their preliminary proxy on Form F-4. On the topic, Menashe said: “We continue to make progress as we pursue completing our public listing on the NYSE in the fourth quarter of this year.”

The company plans to submit its registration statement on Form F-4 filing “by the end of August” and then update investors with additional financial details once a comprehensive financial review of the first half of the year is completed.

Super Group entered into a definitive agreement with Sports Entertainment Acquisition Corp., a publicly traded special purpose acquisition company, on April 25, 2021. The intention behind the deal was to bring global online sports betting and gaming operations to the U.S. public markets.

At the time of the announcement, Super Group provided a full-year 2021 financial outlook of $1.5 billion in net gaming revenue and over $350 million in EBITDA, figures that now the company remains comfortable in reporting by the end of the year.

With the American market in mind, Super Group entered into an agreement to acquire Digital Gaming Corporation (DGC), which has the exclusive right to use the Betway brand in the U.S. and has secured market access for online sports betting and gaming in up to an initial 10 states, including Pennsylvania, New Jersey, Colorado, Indiana and Iowa.

Upon closing of the business combination, the company will operate under the Super Group name, expected to be listed on the New York Stock Exchange, trading under the new symbol “SGHC.”

The agreement to go public through a merger with the blank-check acquisition firm Sports Entertainment Acquisition Corp. was valued around $5 billion and the combination is expected to give Super Group access to capital markets and a strong platform to accelerate its growth strategy.

Back in April, Eric Grubman, Chairman of the Board of Directors of SEAH, said: “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.”