Global expansion backed by Blackstone Inc.
Blackstone-Backed E-Bookie Eyes Global Expansion From Romania
Superbet sees growth in Europe and Canada, later in U.S., Asia
Romania’s betting and gaming company Superbet Holding SA has ambitious plans to build a global presence. Being backed by Blackstone Inc. since 2019, Superbet plans to expand within Europe and Canada in the near-term, Chief Executive Officer Johnny Hartnett said in an interview. Longer horizon plans include launching operations in the U.S. as well as in Asian markets.
Superbet is present in 10 European markets, last year making 1 billion euro ($1.1 billion) in revenues and a profit of more than 200 million euros.
“We want a situation where, ultimately, the sun never sets on the Superbet empire,” Hartnett said in an interview from Bucharest. “Anywhere in the world where there’s a regulated gaming market, we want to be there.”
Growth seen largely self-funded, IPO is possible down the road
Created in 2008 by Romanian entrepreneur Sasha Dragic, Superbet’s biggest draws include European soccer matches, both at the club and national level. Three years ago, Blackstone bought an unspecified, “strategic” minority stake for 175 million euros.
Hartnett doesn’t expect the company to take on “much more financing to deliver our growth ambitions.” If new funds will be required, Blackstone may help. Eventually, the company could sell shares in an initial public offering, he said.
“We’ve got a kind of an open remit about what the next stage of our capital structure looks like, and really what we’re trying to do is focus on the top line growth and focus on making sure that the business stays healthy and profitable,” Hartnett said.
Excerpts taken from article published on Bloomberg Online - Europe Edition.
