Super Group, the holding company of online sports betting and gambling operator Betway, said it remains on track to hit its full-year targets after revealing that net gaming revenue for the first half is expected to reach $762.6m.
The business, which also operates a multi-brand online casino offering Spin, did not publish its full results for the first half at this stage, but did confirm that estimated earnings before interest, tax, depreciation and amortisation (EBITDA) for the period will be “well within” management expectations.
Super Group added that its performance in the first half and expected showing for the rest of 2021 means it is on track to meet its financial outlook for the full year.
In April, Super Group entered into a definitive agreement to merge with special purpose acquisition business Sports Entertainment Acquisition Corp. (SEAC) and expand its offering into the US market.
Under the arrangement, Super Group is set to combine with SEAC and apply to list shares on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new business to operate under the name Super Group.
Super Group chief executive Neal Menashe said the business continues to make progress on the merger, with the aim of completing its public listing on the in the fourth quarter of this year.
“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 said.
In line with its US expansion strategy, Super Group also entered an agreement to acquire Digital Gaming Corporation (DGC), subject to obtaining customary regulatory approvals.
DGC holds the exclusive rights to use the Betway brand in the US and has already secured market access for online sports betting and gaming in up to an initial 10 states including Pennsylvania, New Jersey, Iowa, Colorado and Indiana.