As more states look to legalizing online betting to raise revenue, one Chicago billionaire is already cashing in on the fast growing industry. Real estate magnate Neil Bluhm, who cofounded online casino and sports betting outfit Rush Street Interactive (RSI), got more than $1 billion richer when his firm closed on its merger with the blank check company dMY Technology Group on December 30.

Bluhm, 83, founded RSI in 2012 with his longtime business partner Greg Carlin as an offshoot of his Rush Street Gaming, which owns casinos in Illinois, New York and Pennsylvania. RSI offers sports betting, where customers bet on sports games online, and online gambling, where customers play various casino games such as blackjack and slot machines digitally.