Sports betting returns to the grapevine of Wall Street as Bloomberg and The Wall Street Journal announce that a special purpose acquisition company (SPAC) is the focus of a potential IPO for Genius Sports.
Tech executives Harry You, former VP of EMC Corp (now Dell EMC) and Niccolo De Masi, former Chief Executive of San Francisco mobile games publisher GLU, have formed a ‘blank cheque firm’ to lead Genius’ float, according to US news reports.
According to people with knowledge of the matter, through their SPAC’ dMY Technology Company’ De Masi and You are claimed to have received $300 million guarantees that will tempt Genius to go public targeting a $1.5 billion valuation.
DMY Technology is no stranger to an IPO rodeo, having persuaded the Chicago-based casino company Rush Street Interactive to merge and seek a listing (yet to be sanctioned) on the New York Stock Exchange this summer.
It is reported that De Masi and You want to create dMY Technology as the lead SPAC for US wagering properties, creating new ‘tech unicorns’ that will dominate the market valuations of Wall Street.
Genius carries US investors who were acquired directly by US private equity fund Apax Partners in 2018 to turn the company into the leading distributor of sports software, data and media rights for a post-PASPA disrupted US sports landscape.
Genius and Apax have made no noise about any potential merger or IPO goals, despite maintaining ambitious US development plans. Bloomberg notes that a source predicts that as soon as this week a ‘transaction’ may be revealed ‘… Watch this space.