SGHC Ltd., or Super Group, the holding company for online sports betting and gaming businesses, said Monday it has agreed to go public via a merger with special purpose acquisition company, or SPAC, Sports Entertainment Acquisition Corp. SEAH, -0.31%. The deal will help Super Group expand into the U.S. online sports betting and gaming market, the company said in a statement. The holding company is parent to Betway, an online sports betting brand, and Spin, an online casino offering. The group has licenses in 23 jurisdictions in Europe, the Americas and Africa and took in more than $42 billion wager in the 12 months to March 2021. It currently has more than 2.5 million monthly unique active customers and is in an agreement to acquire Digital Gaming Corp. which will give it access to an initial 10 U.S. states. Once the deal closes, it will have about $200 million in cash on its balance sheet and will be debt free. In 2020, it generated $1.1 billion in net gaming revenue. That is expected to grow to more than $1.5 billion in 2021 and more than $1.7 billion in 2022. The combined company will list on the New York Stock Exchange, under the new ticker “SGHC” and the new name Super Group. The deal is expected to close in the second half.
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