Rush Street Interactive Goes Public On New York Stock Exchange

Rush Street Interactive (RSI) has ed the growing list of US iGaming companies and operators that have gone public and got listed on the New York Stock Exchange.

This comes after the agreed reverse merger with special purpose acquisition company dMY Technology Group.

Investing Further

The said merger was approved unanimously by the boards of both businesses. It will be closed later in the year and will see Rush Street trade on Stock Exchange under the ticker symbol RSI and with enterprise value of $1.78 billion.

Greg Carlin, RSI CEO, commented:

“We started RSI in 2012 to create a fun and engaging online experience for the US gaming customer and we now have a great opportunity to accelerate our growth in this dynamic market. We are looking forward to investing further in market expansion, product innovation, and growing our talented team.”

Last month, Golden Nugget Online Gaming went public on Nasdaq exchange. DraftKings also traded on the exchange after a SBTech merger.

Excited About Positioning

The business includes dMY’s chairman Harry You and CEO Niccolo de Masi on the board of directors. De Masi is a chairman and was formerly a CEO of social gaming provider Giu Mobile.

De Masi said:

“With their dozens of years of online casino and sports wagering experience, RSI has developed a leading customer-focused online gambling platform. Harry and I are tremendously excited about RSI’s positioning and the long-term growth opportunity they have in the expanding US market.”

Rush Street operates BetRivers sports book and PlaySugarhouse online casino.

BetRiver’s, which is powered by Kambi sports betting technology , was the first retail and online sports betting operator in Illinois.

Further Expansion

RSI President, Richard Schwartz, said that his company has achieved the online casino and sports book market positions by focusing on what players really want: a high-quality product, a helpful customer service and transparency.

“This transaction will help enhance and broaden our product offerings and attract more players.”, he said.

Chairman of board of directors, Neil Bluhm, also shared his opinion that the deal will provide the business with capital that will be used for further US expansion.

He said that transaction with dMY Technology will provide RSI access to growth capital to allow for the expansion of the business in the fast-growing market. We expect it will serve customers well, he concluded.

The enterprise value of $1.78 billion in 5.6 times bigger that RSI’s projected revenue for the 2020/21 fiscal year.

The combined company will have more than $235 million on its balance sheet when the deal is confirmed. Their market capitalization will be more than $2 billion.

Source:

“Rush Street Interactive and dMY Technology Group to Combine to Create a Growing Publicly Traded Online Gaming Company”, businesswire.com, July 26th, 2020.