Super Group launches on NYSE

Image source: Shutterstock

Super Group, the operating company of Betway and Spin, will this morning begin trading on the New York Stock Exchange (NYSE) under the ticker of ‘SGHC’.

The launch follows Super Group’s completed merger yesterday with SPAC partner Sports Entertainment Acquisition Corporation (SEAH) to become US gambling’s latest Plc.

Super Group’s listing journey began last spring, as its board agreed to merge with SEAH, the SPAC vehicle of former NFL VP Eric Grubman and investment partner John P Collins, the NHL’s former President of Operations.

A SPAC approach was favored by Super Group, having deemed that Grubman’s vehicle offered “the best pathway to an NYSE listing” which dealmakers are estimating will be worth a +$4.75bn valuation.

Under plans revealed to investors last year, Super Group detailed that the new combination would be 88% owned by its own existing shareholders. 

Executing its US expansion strategy, Super Group’s flagship Betway sportsbook brand partnered with the NHL in May of last year in a multi-year agreement, securing brand exposure via all US arenas.

In preparation for its NYSE listing, this January the firm published an H2 performance update reporting a year-end revenue net gaming revenue of £1.53bn, representing a year-on-year increase of 36%.

Of significance to the IPO, Super Group highlighted expansion for its Spin and Betway brands, which were able to launch in nine new regulated markets in 2021 in comparison to two in 2020, with the latter securing access in five US states.

Super Group will continue to be led by long-term CEO and company co-founder Neal Menashe, who previously outlined that the company would “not compromise its single brand identity led by Betway”.

Headline figures presented to NYSE investors saw Betway and Spin handle over $42bn in wagers during 2020, servicing an average of 2.5 million active monthly customers worldwide, as Super Group seeks to become US wagering’s dominant ‘single brand and proprietary-built sportsbook’.