Genius Sports, the technology company that now owns the official data rights of the National Football League, has completed its merger with dMY Technology Group, a special purpose company.
The shareholders of the SPAC approved the $1.5 billion deal billion with Genius Sports on Friday. Genius will trade on the New York Stock Exchange starting Wednesday under the ticker symbol GENI.
Genius said it is entering the public market “with more than $145 million in cash and no financial debt on its balance sheet” as it seeks to capitalize on global sports betting, including a growing US market. Goldman Sachs last month estimated that the US 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, gambling and media ecosystem,” Genius Sports CEO Mark Locke said in a statement. “Our merger with dMY II and listing on the NYSE are a testament to the tremendous opportunity ahead as we leverage our unique scale, drive innovation and deliver products that help our partners create new and immersive experiences for sports fans across the globe. worldwide.”
Genius Sports enters the NYSE after finalizing one of the most sought-after data rights deals in sports.
NFL and Genius Sports signed a four-year deal on April 1, making Genius the official data provider for NFL games. Under the pact, Genius will provide real-time play-by-play stats, the league’s “Next Gen Stats,” and sports betting data feeds to media companies and sports betting companies at home and abroad.
The company also has partnerships with other leagues, including the National Basketball Association, Major League Baseball, PGA Tour, and the NCAA. Top bets 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 of directors alongside dMY chairman Harry You and CEO Niccolo de Masi.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, (Genius) powers the global sports, gambling and media ecosystem,” said de Masi. “In addition, the company benefits from strong competition and clear, promising growth opportunities that should deliver attractive long-term shareholder value.”
Shares of dMY Technology Group fell about 16% on Tuesday.
Disclosure: CNBC parent company Comcast and NBC Sports are investors in FanDuel.