The deal makers pushing for Betway owner Super Group to merge and list on the New York Stock Exchange (NYSE) have outlined the firm’s objectives to dominate US sports ‘entwined media and wagering-related future’.
Alongside its SPAC partner Sports Acquisition Corp (SEAH), Super Group’s executive team presented the firm’s NYSE IPO ambitions pursuing a minimum corporate valuation of $4.75 billion.
Scouting M&A targets, SEAH CEO John P Collins stated that Super Group’s management of Betway had ‘checked all the boxes’ with regards to identifying a company that can handle “the white-hot centre of growth that will be US sports betting and igaming future”.
Collins outlined that the urgency to secure Super Group was further reiterated by the recently announced £100 billion NFL media rights agreement that sees US sports “evolve into a marketplace where media rights and betting are intertwined”.
Reacting to imminently changing dynamics, SEAH stated that its SPAC required a ‘proprietary-first business’, with Collins branding the Super Group assets of Betway and Spin Casinos “as born out of a digital DNA and unencumbered by the constraints of traditional bricks and mortar gambling businesses”.
Supporting Collins’ opening statement, Super Group CEO Neal Menashe underlined that the firm’s US charge would be radically different to others that had preceded it.
Unlike current US sportsbook competitors, he said that Super Group would maintain Betway as its flagship brand across all markets including North America.
Super Group’s CEO reflected that Betway’s success was born out of a 20-year dedication to “establish a global single sportsbook brand” which would not be compromised to align with current US market dynamics.
Menashe also underscored Super Group’s proven operational credentials as Betway and Spin handled over $42 billion in wagers during 2020, servicing an average of 2.5 million active monthly customers worldwide.
“We are a truly global business, we are licensed in 22 jurisdictions across the world, without counting the US. We have feet on the ground across all markets, with teams of people breathing, sleeping and eating in their respective markets,” Menashe told investors.
Furthermore, Menashe emphasised Super Group’s strategic prowess of guaranteeing that each market entered becomes profitable, a dynamic that the CEO stated would not be altered by individual US state demands.
The founding principles of Betway were cited as critical in establishing global gaming’s only brand maintaining more than 60 global sports partnerships, spanning soccer, tennis, MMA, horseracing and esports – and ready to expand its sponsorship portfolio for US tournaments.
Menashe explained that Betway’s strategic partnerships mirrored that of mass market sports brands over current sector incumbents, where all partnerships were designed to grow the operator’s brand exposure and commercial output.
“We are a single online only premium sports brand that is synonymous with betting,” he said. “This means that every time we do a brand partnership, be it with the Chicago Bulls, the Golden State Warriors or an English Premier League club such as West Ham… We amortise that spend across the globe.”
Betway’s US growth is ready to be turbo-charged by its agreed takeover of North American licensing partner Digital Gaming Corporation (DGC) which will secure Super Group access to 10 US regulated states.
“These institutions have chosen to partner with us, because they like our approach and how we are creating fan engagements for them on a global basis, allowing for Betway to secure brand recognition across multiple territories at a lower cost,” said Menashe.
Setting course for Super Group’s NYSE IPO, he concluded that his company would deliver investors the market’s safest bet provided by a company whose foundations are based on profitability and a single brand recognition.