Genius Sports Completes $1.5B Merger; Trades on NYSE Wednesday
Genius Sports, a London-based company that provides data to sports betting companies and just became the official supplier of NFL data, announced Tuesday that it has completed its merger with dMY Technology Group.
The previously announced $1.5 billion deal with special purpose acquisition company dMY was approved by dMY’s stockholders during a special meeting on Friday, according to a news release. Genius Sports will begin trading on the New York Stock Exchange on Wednesday.
Genius Sports has more than $145 million in cash and no financial debt on its balance sheet, according to the release, and will look for opportunities in the growing global sports betting market.
The Genius Sports SPAC deal is believed to be the first involving a U.K. company, according to the Wall Street Journal.
More companies are aligning with each other to take advantage of the growing U.S. sports betting and iGaming markets. The $3.3 billion merger between Golden Diamond Acquisition Corp., and DraftKings has been the most noteworthy digital gaming/sports wagering SPAC. That merger led to publicly held DraftKings trading on the Nasdaq beginning April 23, 2020.
“As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting and media ecosystem,” Mark Locke, chief executive officer and co-founder of Genius Sports, said in the release. “Our merger with dMY II and listing on the NYSE are a testament to the enormous opportunity ahead of us as we leverage our unique scale, drive innovation and deliver products that help our partners create new and immersive experiences for sports fans around the world.”
Locke will continue as chief executive officer of the merged company.
Genius Sports provides data on more than 240,000 events each year and is the official provider for more than 150,000 of these events, maintaining long-term partnerships with over 400 sports organizations globally, including the NFL, NBA, NCAA, FIBA, FIFA, EPL and NASCAR, the release said.“With its proprietary technology, unparalleled access to data and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem,” Niccolo de Masi, chief executive officer of dMY Technology Group, said in the release.
Genius Sports and the NFL
On April 1, the NFL and Genius Sports announced a multiyear partnership making the company the exclusive provider of NFL stats and sports betting data.
The deal was made with sports betting in mind. The partnership is an important element to the NFL’s broader approach to legalized sports betting. The NFL and Genius say they will provide bettors with accurate and fast statistics and content.
Sportradar had been the NFL’s sole data provider. Sportradar also reportedly has reached a SPAC deal to go public with Horizon Acquisition Corp. II.
Genius Sports has deals with six betting platforms: WynnBET, Barstool Sports, BetMGM, DraftKings, FanDuel and PointsBet.
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