{"id":159865,"date":"2020-12-30T09:35:02","date_gmt":"2020-12-30T17:35:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=159865"},"modified":"2020-12-30T09:58:57","modified_gmt":"2020-12-30T17:58:57","slug":"rush-street-interactive-goes-public-following-merger-with-spac","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/","title":{"rendered":"Rush Street Interactive Debuts on New York Stock Exchange Following SPAC Deal"},"content":{"rendered":"

Rush Street Interactive (NYSE:RSI) is officially a public company. It launched on the New York Stock Exchange today after its merger with special purpose acquisition company (SPAC) dMY Technology Group Inc. wrapped up Tuesday.<\/p>\n

\"Rush
Traders on the floor of the New York Stock Exchange. Rush Street Interactive went public today. (Image: ABC News)<\/figcaption><\/figure>\n

Blank-check firm dMY Technology Group raised $230 million in a February initial public offering (IPO), declaring an intent to acquire companies in the gaming, entertainment, education, e-commerce, dating, and health and wellness industries at price tags of $500 million to $1.5 billion. The Rush Street transaction values the target at around $1.8 billion<\/a>.<\/p>\n

The Business Combination creates a leading online gaming company with US market share in online casinos that is currently among the highest in the industry and a top online sports betting offering,\u201d according to a statement.<\/p><\/blockquote>\n

Rush Street Interactive (RSI) is the online gaming unit of Chicago-based Rush Street Gaming, the operator of four casinos under the Rivers brand.<\/p>\n

RSI Well-Positioned for Online Boom<\/h2>\n

This year, investors are enthralled with SPACs and the companies those entities target. There have been nearly 230 blank-check IPOs raising more than a combined $70 billion in 2020. The gaming industry is one of the hot spots for that excitement, as RSI is one of several gaming entities to go public via a SPAC merger this year.<\/p>\n

Citing research firm Eilers & Krejcik, Rush Street CEO Greg Carlin says the US iGaming market will be worth $20 billion at maturity, while sports wagering<\/a> will vault to $15 billion.<\/p>\n

\n

RSI is well-positioned to capitalize on those growth trends. It currently operates in six states — New Jersey, Colorado, Pennsylvania, Indiana, Illinois, Iowa — and has market access for three others, one of which is New York. Additionally, the newly public company is in a strong financial position. After raising $230 million from dMY and approximately $160 million from a PIPE investment led by Fidelity Management, RSI came to market with $240 million in cash on its balance sheet.<\/p>\n<\/div>\n

\u201cRSI is growing quickly and has experienced a revenue increase of nearly five times from the first nine months of 2019 to the first nine months of 2020,\u201d according to the statement.<\/strong><\/p>\n

Interesting Footnotes<\/h2>\n

dMY Technology shareholders approved the combination at a meeting held yesterday. It was the same day Landcadia Holdings II investors signed off on a merger<\/a> with Tilman Fertitta\u2019s Golden Nugget Online Gaming (GNOG), meaning both iGaming companies debuted as public entities today.<\/p>\n

Counting Golden Nugget Online, RSI, and Skillz, three gaming companies went public this month following combinations with blank-check entities<\/strong>.<\/p>\n

Niccolo de Masi and Harry You, the founders of dMY, have another SPAC — dMY Technology Group, Inc. II (NYSE:DMYD). That’s the vehicle by which sports betting data provider Genius Sports<\/a> will go public in a $1.5 billion deal.<\/p>\n

Shares of RSI are lower by 2.68 percent, trading at $22.15 at this writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rush Street Interactive (NYSE:RSI) is officially a public company. It launched on the New York Stock Exchange today after its merger with special purpose acquisition company (SPAC) dMY Technology Group Inc. wrapped up Tuesday. Blank-check firm dMY Technology Group raised $230 million in a February initial public offering (IPO), declaring an intent to acquire companies […]<\/p>\n","protected":false},"author":46,"featured_media":159866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19],"tags":[],"acf":[],"yoast_head":"\nRush Street Interactive Goes Public Following Merger with SPAC<\/title>\n<meta name=\"description\" content=\"Rush Street Interactive celebrates first day as a public company after completing merger with SPAC dMY Technology.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rush Street Interactive Goes Public Following Merger with SPAC\" \/>\n<meta property=\"og:description\" content=\"Rush Street Interactive celebrates first day as a public company after completing merger with SPAC dMY Technology.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-30T17:35:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-30T17:58:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/rsi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/\",\"url\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/\",\"name\":\"Rush Street Interactive Goes Public Following Merger with SPAC\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/rsi.jpg\",\"datePublished\":\"2020-12-30T17:35:02+00:00\",\"dateModified\":\"2020-12-30T17:58:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Rush Street Interactive celebrates first day as a public company after completing merger with SPAC dMY Technology.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/rush-street-interactive-goes-public-following-merger-with-spac\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/rsi.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/rsi.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Traders on the floor of the New York Stock Exchange. 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