Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced that it has entered into definitive agreements to assume full control of its sportsbook software technology licensed by Apricot, Super Group’s long-standing software partner.

The transaction brings Super Group closer to its goal of fully owning and controlling its sportsbook technology across its worldwide markets, giving the company the capability to apply this technology stack to any properties it may buy or build in the future.

Super Group has agreed to acquire this technology for a total consideration of c.€140 million from Apricot’s licensor, plus additional amounts payable if certain earn-out conditions are achieved. The upfront consideration consists of c.€100 million, which will be paid in the form of cancellation of an outstanding loan. Super Group will pay an additional €40 million in two equal payments over the next two years, of which up to €20 million may be paid in ordinary shares of Super Group at its sole discretion. Additional payments of up to €210 million could be made through a contingent earn-out mechanism if Super Group’s sportsbook revenue more than doubles during the earn-out period which runs through December 31, 2035. The earn-out is calculated as a percentage of monthly sportsbook net gaming revenue, ranging from a low single-digit to high single-digit percentage.

Neal Menashe, Chief Executive Officer of Super Group, said: “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.”

Advertisement

Sparket has selected AmTote as its wagering platform solution that will see Sparket’s parimutuel technology integrate into the AmTote totalisator and hubs.

The integration will give Sparket access to the largest online betting platform processor in North America with over $15bn in annual processed global handle. This news follows Sparket’s recent announcement of an expanded partnership with the World Jai Alai League, which will be an initial partner in bringing the integrated technology to market.

“Sparket is on a mission to enhance the parimutuel wagering experience and partnering with the biggest name in the industry is a massive step for us,” Evan Fisher, COO of Sparket, said.

“AmTote loves to see innovation and fresh approaches come to market, and we are excited at the potential of technologies like Sparket to help expand the ecosystem,” Keith Johnson, President of AmTote International, said.

Advertisement