Genius Sports Group, a UK-based sports betting data company, announced today its ongoing merger with dMY Technology Group II was completed following the approval of the combination at a special meeting of the shareholders of the SPAC.
New Chapter Begins
Genius Sports Group and the special purpose acquisition company entered into a definitive agreement for the $1.5 billion merger in October 2020 to ensure a path for the sports data distributor to go public on the New York Stock Exchange (NYSE).
“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.”
As previously announced, Genius Sports Group changed its name to Genius Sports following the completion of the business combination to help the company consolidate its brand efforts. Starting from April 21, 2021, ordinary shares and warrants of Genius Sports will trade on the NYSE under the ticker symbols “GENI” and GENI WS”, respectively.
“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.”
Critical Role in the Ecosystem
Genius Sports’ plays a central role in the sports betting ecosystem by acquiring data from sports events globally and distributing it to sports betting operators, allowing them to engage with sports fans via secure, mission-critical data and content.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem.”Niccolo de Masi, CEO, dMY Technology Group II
Genius Sports long-term partnerships with over 400 sports organizations across the globe, among which the National Football League (NFL), National Basketball Association (NBA), National Collegiate Athletic Association (NCAA), FIBA, FIFA, English Premier League (EPL) and NASCAR, allows the data company access to official data from more than 240,000 sports events annually, being the official data provider for 150,000 of them.
“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.”Niccolo de Masi, CEO, dMY Technology Group II
With no financial debt on its balance sheet and more than $145 million of cash following the combination, the new business entity, driven by its innovative technology platform, can continue to capitalize on growth expectations regarding US sports betting.
Besides supplying critical for sports betting data, Genius Sports provides digital marketing and engagement, allowing brands to reach their fans via personalized, multi-channel content.