Betway’s parent company Super Group has entered an agreement to assume full control of its sportsbook software technology.
The firm will take control of the technology from its current licensee Apricot in a bid to get closer to its goal of fully owning and controlling its sportsbook offering. Super Group says that this will allow it to apply the technology stack to any properties it may buy or build in the future.
Super Group will fork out a total of $140 million to acquire the technology from Aprictot’s licensor.
It will pay $100 million upfront to cancel an outstanding loan and a further $40 million in two chunks, of which $20 million will be paid in ordinary group shares of Super Group.
“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,” said Super Group CEO Neal Menashe.
Super Group could potentially pay out a further $210 million through a contingent earn-out mechanism if its sportsbook revenue more than doubles up until the end of the earn-out period at the end of 2035.
Closure of the deal is dependent on supplemental licensing from relevant gambling regulators which Super Group notes it expects to take up to 12 months.
Super Group offloads Digital Gaming Corp
Earlier this year Super Group sold the non-core B2B arm of its Digital Gaming Corporation (DGC) business to Games Global.
It initially acquired the company following a long-term partnership that saw the firm act as a U.S. vehicle for its Betway and Spin brands in the U.S.
Acquiring DGC will allow Games Global to grow in the regulated U.S. iGaming industry as DGC holds licenses to operate in Pennsylvania, New Jersey, Michigan, and Connecticut.
