One of the leading online sportsbooks in the Garden State of New Jersey has established a presence on the New York Stock Exchange. Rush Street Interactive, the parent company of leading NJ sportsbook and online casino, PlaySugarHouse has become the latest in a growing list of U.S. online sportsbook operators that have gone public and got themselves listed on the New York Stock Exchange (NYSE).
The listing comes on the back of Rush Street Interactive entering into a definitive merger agreement with blank check operator and special purpose acquisition company dMY Technology Group Inc to become the latest prominent sports betting operator to forego a traditional path for going public by joining forces with a significant blank check company.
The deal sees Rush Street, the Chicago-based sports-and-casino betting company valued at approximately $1.78 billion. According to company figures, that’s 5.6 times Rush Street’s projected 2021 revenue of $320 million. The combined company will have more than $235 million on its balance sheet when the deal is finalized. Market capitalization of the new combined company is expected to be more than $2 billion.
Founded in 2012, Rush Street Interactive (RSI) is one of New Jersey leading sportsbooks and also owns the distinction of becoming the first company to launch legal online sportsbooks in Indiana, Illinois and in the Keystone State of Pennsylvania all under Bet Rivers branding.
Rush Street Interactive follows the move of two other leading NJ online sportsbooks, the Golden Nugget and DraftKings, as online sports betting gaming companies that have aligned themselves with blank check companies to avoid some of the obstacles that can sometimes be associated when entering life as a publicly listed company. Joint U.K./U.S. sportsbook operator William Hill is also rumored to be considering selling its US arm to partner with a U.S. based company. Rush Street Interactive has announced that it will be using a NYSE ticker symbol of ‘RSI’.
RSI Chief Executive Greg Carlin wants company to continue to innovate
“We started RSI in 2012 to create a fun and engaging online experience for the US gaming customer and we now have a great opportunity to accelerate our growth in this dynamic market,” Mr. Carlin said. “We are looking forward to investing further in market expansion, product innovation, and growing our talented team.” he continued.
Backing up Carlin’s comments, new combined company Chief Executive Officer, Richard Schwartz said;
““RSI has achieved leading online casino and sportsbook market positions by focusing on what players want – a high-quality product, helpful customer service, and transparency and honesty. This transaction will help enhance and broaden our product offerings and attract more players”.
The combined company’s Board of Directors will also include dMY’s Chairman Harry You and Chief Executive Officer Niccolo de Masi, with de Masi speaking for both upon the announcement;
“With their dozens of years of online casino and sports wagering experience, RSI has developed a leading customer-focused online gambling platform,” said Mr. de Masi. “Harry and I are tremendously excited about RSI’s positioning and the long-term growth opportunity they have in the expanding U.S. market.”
What it means for New Jersey Sports Bettors
With PlaySugarHouse becoming more of a national brand rather than just a NJ/PA specialty online sportsbook brand, New Jersey’s sports bettors should see a range of nationally-orientated promotions coming up soon. With the increased exposure to more markets across the United States, look for increased numbers of bet types and betting markets too as PlaySugarHouse spreads it wings nationally.
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