Genius Sports closes $1.5 billion merger; will begin trading on NYSE Wednesday

Genius Sports closes $1.5 billion merger; will begin trading on NYSE Wednesday

Article brief provided by CNBC
  • Jabari Young, CNBC
April 21, 2021 3:00 AM
  • Jabari Young, CNBC

Genius Sports, the tech firm that now owns the National Football League’s official data rights, completed its merger with special purpose acquisition company [SPAC] dMY Technology Group.

Story continues below

The SPAC’s shareholders approved the the $1.5 billion deal with Genius Sports on Friday. Genius will trade on the New York Stock Exchange under the ticker symbol GENI starting Wednesday.

Genius said it enters the public market “with over $145 million in cash and no financial debt on the balance sheet” as it looks to capitalize on global sports betting, including a growing U.S. market. Goldman Sachs estimated last month the U.S. sports betting market will be worth nearly $40 billion by 2033.