Superbet Secures €1.3 Billion Refinancing to Fuel Global Expansion

Romanian gaming operator Superbet has finalized a €1.3 billion ($1.34 billion) refinancing agreement with existing investors Blackstone and funds managed by HPS Investment Partners. Announced on February 7, 2025, this substantial capital infusion is set to bolster Superbet’s global growth initiatives.

The company plans to leverage this funding to strengthen its presence in existing markets and explore new opportunities. A significant focus is on expanding into Brazil, a market that recently granted Superbet a full online betting license on January 1, 2025, making it one of the first 14 operators to receive such approval.

About Superbet

Superbet, established in 2008 by Sacha Dragic, has evolved into a prominent sports betting and gaming company headquartered in Romania. Initially focusing on retail betting, the company expanded its operations to over 1,000 betting shops across multiple countries, including Austria, Belgium, Croatia, Cyprus, Malta, Poland, Romania, Serbia, and Slovakia. This extensive network contributed to a yearly turnover of approximately €15 billion.

In 2019, Superbet secured a €175 million strategic minority equity investment from Blackstone‘s Tactical Opportunities business, aiming to bolster its market position in Romania and support expansion into Central and Eastern Europe.

This investment facilitated technological advancements and market diversification, leading to the acquisition of Belgium’s Napoleon Sports & Casino in 2021, marking a significant move into the Western European market.

Financially, Superbet has demonstrated robust growth. In 2018, the company estimated revenues exceeding €180 million.

By 2023, Superbet’s revenue reached 986 million Romanian lei, positioning it as the second-largest company in Romania’s gambling industry, following Loteria Română, which reported revenues of over 1.22 billion Romanian lei.

In terms of industry recognition, Superbet was ranked 11th in the EGR Power 50 list of the most powerful betting and gaming companies globally in 2022, an improvement from 16th place in 2021 and 28th in 2020. This ascent underscores the company’s expanding influence in the global market.

Investing in New Technologies

In addition to market expansion, Superbet is keen on pursuing mergers and acquisitions to enhance its portfolio. The company also intends to invest heavily in innovative technologies and its proprietary technology platform to offer an enhanced gaming experience to its customers.

Blackstone’s relationship with Superbet began in 2019 with an initial investment of €175 million ($180.5 million) as a strategic minority shareholder. Since then, Superbet has expanded its operations into 12 markets, leading in Romania, establishing a strong presence in Poland, and entering Belgium through the acquisition of Napoleon Sports & Casino in 2021. The company also operates a tech hub in Croatia and a product innovation center in Spain.

In July 2023, Superbet announced plans to enter the insurance and brokerage market after obtaining the necessary licenses from Romania’s Financial Supervision Authority.

The refinancing deal coincides with founder Sacha Dragic resuming a more active leadership role. After stepping back in 2019 and appointing former Paddy Power Betfair executive Johnny Hartnett as CEO, Dragic returned as co-chief executive officer last year to guide the company toward strategic growth.

Commenting on the refinancing, Dragic stated that it reflects Superbet’s commitment to becoming a global leader in the industry. He highlighted the company’s unique business model, which integrates strategic investments in cutting-edge technology with a diversified product portfolio, aligning with modern consumer trends.

Hans-Holger Albrecht, Chairman of Superbet Group, expressed delight over the successful agreement, emphasizing that having investors like Blackstone and HPS is a milestone for the company. He noted that the strong balance sheet enables Superbet to continue its expansion, driven by its unique technology and product offerings.

Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, praised Dragic as a visionary founder supported by an exceptional management team. He expressed pride in continuing to support Superbet’s journey of growth and innovation and looked forward to the ongoing partnership and future opportunities.

Superbet received advisory support from Morgan Stanley and Stifel during the refinancing negotiations. Legal aspects of the transaction were handled by Herzog Fox & Neeman, Sidley Austin, and Loyens & Loeff Luxembourg. On Blackstone’s side, Citi acted as the financial adviser, while Simpson Thacher & Bartlett provided legal counsel.

Recently, Superbet became the official betting site for Rio Carnival 2025, supporting the parades and the Allegria and Rio Carnaval boxes in collaboration with the Independent League of Samba Schools of Rio de Janeiro. The event is scheduled to take place between February 28 and March 8.

Sports Betting in Eastern Europe

The sports betting industry in Eastern Europe has experienced significant growth in recent years, contributing notably to the region’s economy. In 2022, Europe’s gambling market revenue reached €108.5 billion, marking an 8% increase compared to pre-pandemic levels in 2019. This growth was driven mainly by the reopening of land-based gambling venues following pandemic-related closures.

Online sports betting has become increasingly popular in Eastern Europe. The market is projected to grow by 4.45% between 2025 and 2029, resulting in a market volume of $349.50 million by 2029.

This upward trend is indicative of the region’s expanding digital infrastructure and the growing acceptance of online gambling platforms.

Several key players dominate the Eastern European sports betting landscape. For instance, Betsson AB, a leading global operator in online gambling, has a strong presence in sports betting and casino games across the region. The company focuses on expansion in regulated European markets, contributing to its significant market share.

In Poland, STS is the leading sports betting operator, making it one of the largest regulated sports betting markets in Central Eastern Europe.

The company’s dominance underscores the robust demand for sports betting services in the Polish market.

The overall European sports betting market was valued at $36.4 billion in 2024 and is expected to reach $83.2 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.6% from 2025 to 2033.

This substantial growth reflects the increasing popularity of sports betting across Europe, including Eastern European countries, driven by factors such as technological advancements, regulatory changes, and a growing base of sports enthusiasts engaging in betting activities.