A prominent gaming firm, Super Group, has suggested a potential technological takeover before its third-quarter financial report.
The firm affirmed its complete-year financial targets for 2022 and declared that they may purchase Apricot, a sports wagering technology firm, to improve their Betway brand.
Super Group will unveil its third-quarter financial outcomes on November 22nd. The firm stated that its full-year projection remains in line with the updated expectations released at the end of the second quarter, based on their performance over the past three months.
Earlier this year, the company revised its complete-year outlook in August due to economic uncertainties during the first half of the year.
Despite these hurdles, Super Group still anticipates revenue between €1.15 billion (£1.01 billion/$1.14 billion) and €1.28 billion, with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between €200 million and €215 million.
In other news, the firm provided an update on its pending acquisition of Digital Gaming Corporation, which is anticipated to be finalized in January. This acquisition will enable Super Group to enter the US online sports betting and gambling market.
Moreover, Super Group acquired a controlling interest in Jumpman Gaming, a UK-focused online casino business, in September.
A leading conglomerate asserts that this takeover will grant them enhanced prospects in the United Kingdom and other global marketplaces. Simultaneously, Jumpman can utilize its specialized knowledge to broaden its reach in these markets.
Jumpman contributed roughly €7 million to net income in September and attained positive EBITDA, but the conglomerate indicated that its previously disclosed financial projections for 2022 did not incorporate Jumpman’s performance.
Moreover, the conglomerate stated that its Betway and Spin brands successfully shifted their operations to the regulated market in Ontario during the latter half of 2022, aligning with anticipations.
**Sports Wagering Technology Acquisition**
Furthermore, the group declared that it had initiated conversations with Apricot, its enduring partner and sports wagering provider in numerous jurisdictions where it operates, to “substantially amplify Betway’s dedicated development resources” as its exclusive licensee for sports wagering.
This will entail escalating expenditure and investment in software development in the upcoming quarters, potentially encompassing the provision of a loan of up to €43 million to Apricot to finance the considerable resources dedicated to Betway.
Apricot was previously identified as Microgaming Software Systems and was rebranded as Apricot in 2018.
In light of this added financial burden, Super Group and Apricot have initiated talks concerning the potential for Super Group to assume complete control of sports wagering by acquiring the rights to duplicate the underlying technology.
Discussions are still in their initial phases, and Super Group has indicated that they cannot assure a definitive agreement will be finalized.
“We are taking measures to bolster Super Group, streamline its financial structure, and establish more advantageous conditions for the company’s growth,” remarked Neal Menashe, Chief Executive Officer of Super Group. “Concerning deliberations regarding our sports betting operations, we are investigating potential advantages of possessing the technology alongside our long-standing collaborators.
“I anticipate elaborating on our performance and operational updates in greater detail following the dissemination of our third-quarter financial outcomes on November 22.”
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