Online Bookmaker Betway Parent Super Group Bets On $5.1 Billion SPAC Deal

Super Group, the parent of online betting company Betway, is preparing to go public in a deal that would value Super Group at roughly $5.1 billion, Reuters reported.

Super Group intends to execute the public offering by merging with a special purpose acquisition company (SPAC) called Sports Entertainment Acquisition Corp., Reuters reported, citing unnamed sources. SPACs, also known as blank-check companies, are publicly traded entities that exist only to help take merger partners public.

According to Reuters, Betway is expanding from Europe, where it has operated for the most part, to the United States. When Betway’s previously agreed-to acquisition of Digital Gaming Corp. is complete, Betway will operate online sports gambling in 10 states.

Milwaukee Bucks forward Giannis Antetokounmpo’s hand is seen as he plays with the ball during the training ahead of the NBA Paris Game 2020 in Paris, France January 23, 2020. REUTERS/Gonzalo Fuentes