- Genius Sports and dMY Technology Group have completed a major merger.
- The company will now go public on the New York Stock Exchange.
- Genius Sports will be traded under the symbol $GENI.
NEW YORK – Sports analysis data rights owner Genius Sports Group (GSG) has completed its merger with dMY Technology Group (dMY). The new company will not be traded on the New York Stock Exchange (NYSE).
The merger is valued at approximately $1.5 billion. The new company combined of the two will be publicly traded under the symbol $GENI.
GSG has partnerships on a global scale with over 400 sporting organizations, including the NFL, NBA, NCAA, FIBA, FIFA, EPL, and NASCAR. Them going public is another example of how legal sports betting has become a major business in the US market.
Genius Goes Public
Today marks another historic milestone for Genius Sports with the completion of our business combination with @dMYTech.
— Genius Sports (@GeniusSports) April 20, 2021
The merger will see the combined partnerships and data accumulated by both GSG and dMY be supplied by one entity. Now the best in league data will be supplied to sportsbooks from a single source.
GSG has long been the leading sports data and technology provider for sports betting operations. The data collected from major sporting events that sportsbooks use to create odds are likely from GSG technology.
This is what made Genius Sports the perfect entity to go public. With the continued success of the legal sports betting market, this was a realistic next phase for the company.
“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, Chief Executive Officer and Co-Founder of Genius Sports. “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.”
The company has been providing data for more than 240,000 sporting events each year. Sportsbooks that use GSG data for their odds include DraftKings, FanDuel, BetMGM, PointsBet, and William Hill.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem,” said Niccolo de Masi, Chief Executive Officer of dMY Technology Group. “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.”
The company’s shares are now available to be traded on the NYSE. Signs only point to the company’s success to continue following this deal.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.