Rush Street, dMY Technology Group Complete Merger
Rush Street Interactive, an online casino and sports betting gaming company, completed its announced business combination with dMY Technology Group, Inc., on Tuesday after a special meeting of dMY stockholders.
The merger is another example of a publicly-traded special purchase acquisition company (known as a SPAC or blank check company) joining in a cooperative agreement with a privately-held target company in order to take it public.
The new combined company will trade under the Rush Street Interactive banner and trade as RSI on the New York Stock Exchange starting Wednesday.
Rush Street Interactive offers real-money online casino wagering, online and retail sports wagering and social gaming in six states (New Jersey, Colorado, Pennsylvania, Indiana, Illinois and Iowa). It also operates in Colombia. The company’s growth goals include having “secured market access in three additional states, including New York, with plans to target other jurisdictions,” the company said in a news release.
“Today marks a momentous milestone for RSI as we enter the public markets with a tremendous opportunity ahead of us,” said Greg Carlin, CEO of RSI, in a statement. “With online casino and online sports betting still in the early stages in the United States, we believe there is significant growth potential for our business in both existing and new markets.“
Rush Street leadership will remain in place including Carlin as CEO, Neil Bluhm as chairman of the board of directors, and Richard Schwartz as president.
Gaming Industry SPACs Multiply
On Tuesday, another SPAC deal involving an online gaming company was completed when Golden Nugget Online Gaming, Inc. saw its merger with Landcadia Holdings II approved by Landcadia stockholders.
The new company trades as Golden Nugget Online Gaming on the Nasdaq. The first prominent SPAC involving online gaming occurred earlier this year when DraftKings merged with SPAC Diamond Eagle Acquisition Company and continues on as publicly-traded DraftKings Inc. on the Nasdaq.
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