Genius Sports, the tech firm that now owns the National Football League’s official data rights, has completed its merger with DMY Technology Group and will start trading as a public company on the New York Stock Exchange.
Stockholders of special purpose acquisition company dMY Technology Group approved the $1.5 billion merger with Genius Sports last Friday. It will trade on the NYSE under the ticker symbol “GENI”.
The company said it enters the public market “with over $145 million in cash and no financial debt on the balance sheet” as it looks to capitalize on global sports betting, including a growing U.S. market. In a CNBC PRO article, Goldman Sachs estimated the U.S. sports betting market will be worth nearly $40 billion by 2033.
“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,” said Mark Locke, Genius Sports’ CEO, in a statement. “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.”
Genius Sports enters the NYSE after finalizing one of the most sought-after data rights agreements in sports with the NFL.
NFL and Genius Sports agreed to a four-year deal on April 1, making Genius the official data provider for NFL games. Under the pact, Genius will distribute real-time play-by-play stats, the league’s “Next Gen Stats,” and will provide sports betting data feeds to media companies and sports betting firms domestically and internationally.
The company also has partnerships with other leagues, including the National Basketball Association, Major League Baseball, PGA Tour, and the National Collegiate Athletic Association. Top betting companies Flutter Entertainment, which owns FanDuel, DraftKings, Caesars’ William Hill, MGM’s BetMGM, and PointsBet, use Genius’ data.
The company named former Turner Sports boss David Levy as its new chairman on March 25. Levy will serve on the company’s board alongside; dMY II chairman Harry You and CEO Niccolo de Masi.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, (Genius) is powering the global sports, betting and media ecosystem,” said de Masi. “What’s more, the company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
On Monday, shares of dMY Technology Group II closed at $18.26 per share.
Source: Business - cnbc.com
