Superbet has achieved a refinancing arrangement with Blackstone for €1.3 billion ($1.34 billion), with backing from HPS Investment Partners, improving its financial position for worldwide development.
Superbet, a Romanian company that aims to “bring exciting, technology-powered entertainment in Sports & Gaming to millions of customers around the world,” has closed a €1.3 billion ($1.34 billion) refinancing deal with Blackstone.
The arrangement, which was also supported by funds managed by HPS Investment Partners, was officially revealed on February 7.
On track with expansion plans
Superbet intends to leverage the fresh financial injection to improve its global presence and continue its expansion.
The operator reaffirmed its unwavering commitment to expanding in Brazil while considering mergers and acquisitions and investing in cutting-edge technology to continually improve its products.
Blackstone has played an important role in Superbet’s expansion, investing €175 million ($180.5 million) as a strategic minority shareholder in 2019.
Since then, Superbet has dramatically increased its presence in 12 markets. It leads the Romanian market, has a strong presence in Poland, and has expanded into Belgium with the 2021 acquisition of Napoleon Sports & Casino.
The firm also works in Croatia, where it has built a substantial digital base, and has a product innovation center in Spain.
Superbet has established a presence in Brazil, becoming one of the first operators permitted under the country’s regulated market, which has had a series of now-fixed operator certification delays.
The firm stated ambitions to enter the insurance and brokerage markets in July 2023, following obtaining the appropriate licenses from Romania’s Financial Supervision Authority.
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Refinancing comes as the group founder reclaims leadership position.
The current refinancing comes as Superbet’s founder, Sacha Dragic, resumes a more hands-on leadership position.
Dragic stepped down from day-to-day operations in 2019, giving over the reins to Johnny Hartnett, a former executive of Paddy Power Betfair.
Dragic returned as co-chief executive officer last year, hoping to push the firm toward more strategic growth.
Dragic described the refinancing transaction as a “testament” to their “commitment to becoming global leaders” in the business.
The co-CEO went on to discuss their “unique business model” that “seamlessly integrates strategic investments in cutting-edge technology with a diversified product portfolio,” closely monitoring modern-day consumer trends.
Morgan Stanley and Stifel provided advising help to Superbet throughout the refinancing proceedings.
Herzog Fox & Neeman, Sidley Austin, and Loyens & Loeff Luxembourg handled the transaction’s legal elements.
Citi served as Blackstone’s financial adviser, and Simpson, Thache & Bartlett supplied legal guidance.
Similarly, Blackstone Tactical Opportunities’ senior managing director, Raphael de Botton, shared the confidence, describing Dragic as “a visionary founder and entrepreneur, backed by an exceptional management team.”
De Botton also mentioned that they were looking forward to their “ongoing partnership” and future chances.
Superbet has become the official betting site for Rio Carnival 2025, sponsoring the parades as well as the Allegria and Rio Carnaval boxes, in collaboration with the Independent League of Samba Schools of Rio de Janeiro. The event will be place from February 28 to March 8.
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