Super Group, the parent company of Betway and multi-brand online casino Spin, announced Tuesday it has completed the acquisition of Digital Gaming Corporation Limited, an online sports betting and iGaming company with market access in up to 12 US states, eight of which are live today
This acquisition enables Super Group’s U.S. market entry, “further enhancing its global footprint,” the firm said. DGC is live in Iowa, Pennsylvania, New Jersey, Arizona, Colorado, Indiana, Virginia and Ohio, all utilizing the Betway brand, which it licenses from Super Group on an exclusive basis. During the first quarter of 2023, DGC expects to go live in Louisiana joining Arizona, Virginia and Ohio on the Betway Global technology platform.
Neal Menashe, CEO of Super Group, commented: “We are excited to officially welcome DGC into Super Group. We look forward to working more closely with the team as we apply our proven toolkit to the U.S. With a healthy balance sheet and a consistent track record of driving profitable growth, Super Group is well-positioned to enter the U.S. market, enhancing our global footprint.”
DGC launched the Betway brand in Ohio on Sunday, through a partnership with Boyd Gaming-owned Belterra Park, as the Buckeye State became the latest in the US to open a regulated sports betting market. Betway is also an official partner of the NBA’s Cleveland Cavaliers.
“We’re thrilled to be live in the great state of Ohio, and to reach sports fans across the state,” said DGC executive vice president Bruce Watermeyer. “This is an important step for us as we continue to expand our best-in-class offerings to customers across the United States.
Back in November, Super Group reported its third-quarter financial results. Revenue for the period amounted to €307.8 million ($319 million), decreasing by 2% over the same period in the prior year; while profit after tax came at €34.9 million ($36.2 million), down from a profit of €50.5 million ($52.3 million) in Q3 2021.
The Betway and Spin parent company attributed the Q3 revenue decrease to a decline in online casino net revenue and brand license fee income, which was partially offset by an increase in sports betting net revenue. As for EBITDA in the quarter, it amounted to €60.9 million ($63.2 million), down from €75.9 million in the same period for the prior year.
Original article: https://www.yogonet.com/international/news/2023/01/03/65578-super-group-strengthens-us-footprint-through-digial-gaming-corporation-acquisition
