Super Group Assumes Full Control of Sportsbook Technology
Super Group Limited, the parent company of Betway, an online sports betting and gaming business company, and Spin, the multi-brand online casino, has announced its definitive agreements to take full control of its sportsbook software technology, currently licensed by Apricot, Super Group’s long-standing software partner.
Strategic Acquisition Details
This strategic transaction aligns with Super Group’s goal of complete ownership and control over its sportsbook technology across global markets, enhancing the company’s ability to apply this advanced technology stack to any future acquisitions or developments.
The total consideration for this acquisition is approximately €140 million, with an initial payment of €100 million achieved through the cancellation of an existing loan. The remaining €40 million will be paid over the next two years in two equal installments, with the option for up to €20 million to be paid in Super Group’s ordinary shares.
In addition to the upfront payment, Super Group has structured an earn-out mechanism, potentially amounting to an additional €210 million if the sportsbook revenue more than doubles by December 31, 2035. The earn-out is a percentage of the monthly sportsbook net gaming revenue, varying from low to high single-digit percentages.
CEO’s Perspective on the Acquisition
Neal Menashe, Chief Executive Officer of Super Group, commented on the acquisition: “I’m delighted that we have now concluded terms for the sportsbook – we have been working closely to agree to an equitable deal with a favorable structure for both parties. This is an exceptional opportunity for Super Group to take full control of our sportsbook technology, which would enable maximum flexibility for organic growth as well as M&A opportunities. We’ll continue to deliver the best sports betting and gaming experience to our customers around the world as the benefits of this deal are realized.”
Regulatory Approvals and Future Outlook
The finalization of this deal is subject to additional licensing approvals from relevant gambling regulators, with the approval process expected to take between 6 and 12 months.
This acquisition is poised to significantly bolster Super Group’s strategic capabilities, offering enhanced flexibility and growth opportunities both organically and through mergers and acquisitions.
