Super Group targets $350m EBITDA to showcase Betway’s NYSE credentials
Net gaming revenue for Super Group, the parent company of Betway and Spin, is on track to match full-year expectations of $1.5 billion, accounting for over $350 million in EBITDA.
The projections were disclosed by Super Group in an update to its investors on the progress of its F-4 registration with the Securities Exchange Commission (SEC), as corporate governance pursues an NYSE listing led by SPAC partner Sports Entertainment Acquisition Corp (SEAH).
“We continue to make progress as we pursue completing our public listing on the NYSE in the fourth quarter of this year,” said Super Group CEO Neal Menashe.
“Our first half 2021 estimated Net Gaming Revenue is $763 million, and our estimated EBITDA for the same period is well within management’s expectations, putting us on track to meet our full-year 2021 financial outlook.”
Super Group aims to submit its F-4 SEC filing by the end of August trading, as it outlined targeting a +$4.5 billion valuation – creating a new NYSE wagering venture that will be 88% majority-owned by existing Super Group shareholders.
Further objectives saw Super Group disclose that it had reached definitive terms to acquire US-licensing partner Digital Gaming Corporation (DGC) – subject to customary approvals.
Key to its future valuation, the DGC deal will see Super Group brands and partnerships secure market access for online gambling for an initial 10 US states including – Pennsylvania, New Jersey, Colorado, Indiana and Iowa.
“We plan to submit our registration statement on Form F-4 filing by the end of August, and then update investors with additional financial details once we have completed our comprehensive financial review of the first half of 2021,” Menashe concluded. “Based on management’s view of the business today, we remain comfortable with these full-year 2021 financial projections.”