Betway Plans Expansion To North American Market
The brand logo of Betway may be visible all over the soccer jerseys in Europe, but its visibility, recognition, and popularity in the US are comparatively too low.
However, the owner of the Betway brand says that its revenue scenario depicts a different story. It says that the net gaming revenue (NGR) in America is more than twice what it recently earned in Europe. This is one of the primary reasons why Betway’s owners are so eager to plan and expand their brand’s operational activities all over the US and Canada soon.
Super Group Holding Company (SGHC), the owner and shareholder of Betway and owner of the small online casino operator known as Spin, has credited 48% of its net gaming revenue of $1.1 billion in America for 2020. In contrast, Europe only accounted for 22% of its NGR.
As per the insights from the investor presentation in September 2021, Guernsey-based SGHC discusses what it will be capable of doing, followed by its pending US IPO.
US IPO From Betway Owner’s Ensure Fueling Up The Expansion Process
According to a registration statement filed by SGHC on September 9 with the US Securities and Exchange Commission, the company’s intent for its public offering became transparent. The company valued at $4.75 billion merges with the Sports Entertainment Acquisition Corp, which is a newly created special purpose acquisition company, to go public in the US.
The IPO will be funded by $450 million cash held in the trust and $300 million from the balance sheet, says the SGHC’s investor presentation.
Betway And Its Ongoing Operations In The US
The Malta-based global sportsbook and online casino brand is already offering Betway casinos in Pennsylvania and New Jersey. SGHC also announced its launch in Iowa on October 20, 2021.
In the US states like Colorado, Pennsylvania, Indiana, and New Jersey, you will already find Betway’s US online sportsbooks. Betway has clearly shown its intention to launch in Arizona by the end of February 2022, says the investor report.
Moreover, Betway has collaborated with five more states, where it needs regulatory approval despite having the market access agreement. These five states are Louisiana, Kanas, Mississippi, Missouri, and Ohio.
So, in total, Betway has a market access agreement with eleven US states, which is just the beginning, says SGHC.
SGHC’s Plan For Expansion And Its Future
According to the SGHC investor presentation, the group plans to expand its operation across all of North America, the pending states, and provincial approval.
SGHC believes that it’s their achievement of getting compared to all the large US online gambling operators, and it takes more pride in the fact of being debt-free. Moreover, in May 2021, Betway became the official sports betting partner of the NHL. So, the future is bright for this company.