Super Group (SGHC), the gambling company behind the online gambling and sports betting operator Betway, and Spin, a multi-brand online casino, announced that it has been added to the Russell 2000 Index. This is an important milestone for the company that will improve its profile, its leadership believes.
The Russell 2000 Index is a stock market index that comprises the smallest 2,000 stocks in the Russell 3000 Index, a capitalization-weighted stock market index that seeks to define the US stock market.
The addition of Super Group to the index comes as part of the annual reconstitution of the entire family of Russell indexes, the company announced. The reconstitution took place after trading closed on Friday, June 23 and became effective starting Monday, June 26.
As part of the Russell 2000 Index, Super Group was automatically included in the Russell 3000 Index as well, the company added.
Super Group Praised the Milestone
Neal Menashe, Super Group’s chief executive officer, shared his company’s excitement to join the Russell 2000 Index. He lauded this development as a milestone for the public company, saying that it will enhance its profile with investors.
We believe that this milestone as a public company will enhance our profile with investors as we work towards optimizing our global footprint in the online sports betting and gaming industries while maintaining our profitability.
Neal Menashe, CEO, Super Group
As noted by Super Group, FTSE Russell performs a reconstitution process for its indexes each year. As a result, it ranks the market capitalization of the 4,000 largest US stocks.
The Russell indexes are used by investment managers and institutional investors for index funds. In addition, they serve as benchmarks for active investment strategies.
Super Group concluded that readers can find more information about the Russell indexes in the Russell Reconstitution section on the FTSE Russell official website.
A month ago, Super Group posted its financial results for the first quarter of the year, demonstrating a stable performance. The company’s losses plummeted as it enjoyed steady revenues thanks to its prior investments. At the time, CEO Menashe said that his company will continue to build on another strong quarter.
At the beginning of the year, Super Group finalized the acquisition of the iGaming and online sports betting company DGC. Meanwhile, a Super Group shareholder sued Sports Entertainment Acquisition Corp, which allegedly withheld information about its merger with Super Group.