Rush Street Interactive to Go Public as Part of a $1.7 Billion Deal
Rush Street Interactive one of the fastest-growing online casino and sports wagering companies in the United States, and dMY Technology Group, Inc. a publicly traded special purpose acquisition company, have announced that they have entered into a definitive agreement pursuant to which RSI and dMY will combine.
As a result of the transaction, RSI will become a publicly listed company on the New York Stock Exchange, and the combined company is anticipated to have an initial enterprise value of approximately $1.78 billion. Upon closing, dMY intends to change its name to Rush Street Interactive, Inc. and its NYSE trading symbol to “RSI.”Rush Street Interactive.
Founded in 2012 by gaming industry veterans Neil Bluhm, Greg Carlin and Richard Schwartz, RSI is a market leader in online casino and sports betting in the United States.
RSI currently operates online gaming sites in Illinois and Pennsylvania, the two largest populated U.S. states that have legalized online gaming and where a scarcity of online gaming licenses also exists, as well as in New Jersey, Indiana, and Colorado. The total estimated size of the U.S. market for online casino and online sports betting is approximately $33 billion according to Eilers & Krejcik and RSI estimates.
The Company launched its first online gaming casino site, PlaySugarHouse.com in New Jersey, in September 2016 and subsequently became the first online gaming company to launch online sports wagering in Pennsylvania, Indiana, Colorado and, most recently, Illinois. Additionally, RSI is the first U.S.-based gaming operator to launch a legal and regulated online sportsbook on a national basis in Latin America. RSI only operates in legal and regulated markets.
The Company’s proprietary, innovative iGaming platform provides a rich and differentiated user experience, and a wide range of specialized bonusing tools. RSI offers premier in-game and live event streaming and expects to launch a new iOS sportsbook app later this year.