Lamar Jackson of the Baltimore Ravens (left) arms stiff arms at Juan Thornhill of the Kansas City Chiefs at M&T Bank Stadium in Baltimore on September 28, 2020.
Todd Olszewski | Getty Images
Genius Sports, the technology company that now owns the official data rights of the National Football League, has completed the merger with a special purpose company dMY Technology Group.
The SPAC shareholders agreed $ 1.5 billion deal with Genius Sports on Friday. Genius will trade on the New York Stock Exchange under the symbol GENI starting Wednesday.
Genius said it is entering the public market “with over $ 145 million in cash and with no financial debt” to capitalize on global sports betting, including a growing US market. Goldman Sachs guessed last month The US sports betting market will be valued at nearly $ 40 billion by 2033.
“As Genius Sports is opening an exciting new chapter in its history, we are uniquely positioned at the heart of the global sports, betting and media ecosystem,” said Mark Locke, CEO of Genius Sports, in a statement. “Our merger with dMY II and listing on the NYSE are testament to the tremendous opportunity we have as we leverage our unique size, innovate and deliver products that help our partners create new and immersive experiences for sports fans the whole world to create. “
Genius Sports joins NYSE after closing one of the most sought-after data rights agreements in sport.
NFL and Genius Sports agreed on a Four year contract on April 1st, making Genius the official data provider for NFL games. As part of the pact, Genius will distribute real-time play-by-play statistics, the league’s “Next Gen Stats”, and provide sports betting data feeds to media and sports betting companies in Germany and abroad.
This is a file photo dated May 16, 2018 of then-Turner Broadcasting President David Levy attending the Turner Networks 2018 Upfront in New York.
Evan Agostini | Invision | AP
The company also has partnerships with other leagues, including the National Basketball Association, Major League Baseball, PGA Tour, and the NCAA. Top betting company Fluttering entertainment – owned by FanDuel – DraftKings, Caesars‘William Hill, MGM ‘s BetMGM and PointsBet use Genius data.
The company named former Turner Sports chief David Levy as its new chairman on March 25th. Levy will serve on the company’s board of directors alongside dMY chairman Harry You and CEO Niccolo de Masi.
“With its proprietary technology, unprecedented access to data and growing network of partnerships, (Genius) powers the global sports, betting and media ecosystem,” said de Masi. “In addition, the company benefits from strong competitive pressure and clear, promising growth opportunities that should create compelling long-term value for shareholders.”
DMY Technology Group’s shares fell around 16% on Tuesday.
Disclosure: CNBC’s parent company Comcast and NBC Sports are investors in FanDuel.