NEW YORK (Reuters) – Super Group, the parent company of online bookmaker Betway, said on Sunday it has agreed to go public through a merger with blank-check acquisition firm Sports Entertainment Acquisition Corp at a valuation of around $5 billion.
The deal comes as Betway, which has its roots in Europe, expands in the United States. Betway also said it has agreed to acquire Digital Gaming Corp, tapping the online sports betting and gaming market in 10 U.S. states.
“The company (Super Group) is projecting EBITDA in excess of $350 million in 2021, with continuous growth that is very healthy thereafter,” Sports Entertainment Chairman Eric Grubman said in an interview. “Those numbers are without the U.S., which is not likely to produce high profits in the next couple of years. The U.S. currently is more about the investment than profit, and is one of many opportunities the company has.”