{"id":494,"date":"2021-12-02T13:05:54","date_gmt":"2021-12-02T10:05:54","guid":{"rendered":"https:\/\/xxbet-company.com\/super-group-draws-praise-ahead-of-spac-deal-closing\/"},"modified":"2021-12-02T13:05:54","modified_gmt":"2021-12-02T10:05:54","slug":"super-group-draws-praise-ahead-of-spac-deal-closing","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/de\/super-group-draws-praise-ahead-of-spac-deal-closing\/","title":{"rendered":"Super Group Draws Praise Ahead of SPAC Deal Closing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/de\/super-group-draws-praise-ahead-of-spac-deal-closing\/#Reasons_to_Believe_Hickey_Is_Right\" title=\"Reasons to Believe Hickey Is Right\">Reasons to Believe Hickey Is Right<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/de\/super-group-draws-praise-ahead-of-spac-deal-closing\/#Inside_Super_Group_Thesis\" title=\"Inside Super Group Thesis\">Inside Super Group Thesis<\/a><\/li><\/ul><\/nav><\/div>\n<p>Sports Entertainment Acquisition Corp. (NYSE:SEAH), the special purpose acquisition company (SPAC) merging with Betway parent Super Group, is earning kudos from a sell-side. That indicates there\u2019s some enthusiasm for what\u2019s likely to be one of the fourth quarter\u2019s largest blank-check deals.<\/p>\n<figure aria-describedby=\"caption-attachment-193660\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-193660 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-142x85.jpg\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-142x85.jpg\" alt=\"Super Group\" width=\"1200\" height=\"721\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-142x85.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-1024x615.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-768x461.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-1536x923.jpg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway.jpg 1908w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-193660\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-142x85.jpg\" alt=\"Super Group\" width=\"1200\" height=\"721\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-142x85.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-1024x615.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-768x461.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway-1536x923.jpg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/betway.jpg 1908w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">Betway parent Super Group draws praise from analysts. Its SPAC deal is expected to close in December. (Image: <em>The Daily Mail<\/em>)<\/figcaption><\/figure>\n<p>In a note to clients today, Benchmark analyst Mike Hickey starts coverage of Sports Entertainment Acquisition with a \u201cbuy\u201d rating and a $16 price target, implying upside of 45.45 percent from the Nov. 29 close. That coverage will transfer to Super Group when it becomes a standalone public entity. The blank-check transaction is slated to close in the current quarter and the gaming operator will trade on the New York Stock Exchange under the ticker \u201cSGHC.\u201d<\/p>\n<div class=\"callout\">\n<p>The analyst forecasts ongoing growth for the global online gaming market, noting Super Group\u2019s \u201chighly profitable\u201d internet platform and pragmatic approach to gaining share in new markets give it \u201ca winning formula for ongoing success.\u201d<\/p>\n<\/div>\n<p>When the blank-check transaction was announced in April, the Betway parent said the deal had <a href=\"https:\/\/www.casino.org\/news\/super-group-eyes-nyse-listing-in-sports-entertainment-spac-deal\/\" rel=\"nofollow noopener\" target=\"_blank\">a pre-equity valuation of $4.75 billion.<\/a> That indicates Super Group\u2019s merger with Sports Entertainment represents one of the largest combinations to date between a SPAC and a gaming company.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Reasons_to_Believe_Hickey_Is_Right\"><\/span>Reasons to Believe Hickey Is Right<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With shares of so many deSPACed companies faltering, including <a href=\"https:\/\/www.casino.org\/news\/insider-buying-appears-at-draftkings-as-3-directors-buy-2-6m-in-shares\/\" rel=\"nofollow noopener\" target=\"_blank\">several in the gaming industry<\/a>, analysts and investors are increasing scrutiny on balance sheets and financial sturdiness.<\/p>\n<div class=\"callout\">\n<p>While Super Group is coming to market at a time of waning enthusiasm for gaming SPAC deals, there are reasons to believe Hickey\u2019s bullish assessment is warranted. As noted above, the company is profitable \u2014 a rarity among online sportsbook operators.<\/p>\n<\/div>\n<p>Super Group forecast $1.5 billion of net gaming revenue (NGR) this year, with earnings before interest, taxes, depreciation and amortization (EBITDA) of $350 million. Those figures are expected to swell to $1.7 billion and $420 million, respectively, next year.<\/p>\n<p>Following the closure of the deal with Sports Entertainment, Super Group will have $200 million in cash on its balance sheet and no debt.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Inside_Super_Group_Thesis\"><\/span>Inside Super Group Thesis<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For investors, a potential source of allure with Super Group is that the company isn\u2019t aiming to scale Betway to FanDuel or DraftKings levels in the US. That implies it doesn\u2019t want to engage in a cash-sapping spending war simply to gain market share.<\/p>\n<p>Still, the operator has US growth plans. When the blank-check transaction was announced, Super Group also said it\u2019s acquiring Digital Gaming Corp. (DGC). The purchase of DGC brings added market access of up to 10 states, including Colorado, Indiana, Iowa, New Jersey, and Pennsylvania, and that could be applicable to both iGaming and sports wagering, according to the company.<\/p>\n<p><strong>Malta-based Betway has more than 60 brand agreements with athletes, leagues, and teams around the world. In the US, such accords include the NBA\u2019s Brooklyn Nets, Chicago Bulls, Golden State Warriors, and the Los Angeles Clippers.<\/strong><\/p>\n<p>It\u2019s not immediately clear when Super Group will make its NYSE debut. But the last month of 2021 could be busy for gaming SPAC deals closing. Codere Online, a Latin American iGaming and sports wagering firm, <a href=\"https:\/\/www.casino.org\/news\/codere-online-completes-spac-merger-nasdaq-debut-on-dec-1\/\" rel=\"nofollow noopener\" target=\"_blank\">debuts on the Nasdaq tomorrow, <\/a>and Tilman Fertitta\u2019s Fertitta Entertainment is expected to complete a merger with FAST Acquisition (NYSE:FST) in the current quarter.<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/super-group-earns-buy-rating-ahead-of-spac-deal-closure\/\" target=\"_blank\">Super Group Draws Praise Ahead of SPAC Deal Closing<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Sports Entertainment Acquisition Corp. (NYSE:SEAH), the special purpose acquisition company (SPAC) merging with Betway parent Super Group, is earning kudos from a sell-side. That indicates there\u2019s some enthusiasm for what\u2019s likely to be one of the fourth quarter\u2019s largest blank-check deals. Betway parent Super Group draws praise from analysts. Its SPAC deal is expected to <a href=\"https:\/\/xxbet-company.com\/de\/super-group-draws-praise-ahead-of-spac-deal-closing\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/494"}],"collection":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/comments?post=494"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media\/495"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media?parent=494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/categories?post=494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/tags?post=494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}