Press Releases
Genius Sports Group to go public through combination with NYSE-listed dMY Technology Group II
- Pro forma enterprise value of the merger of approximately $1.5 billion
- Transaction includes a $330 million fully committed private investment (“PIPE”) anchored by institutional and experienced industry investors
- The combined company is expected to have approximately $150 million of growth capital (assuming no redemptions) and a substantially debt-free balance sheet to accelerate its U.S. and international expansion through organic growth and strategic acquisitions
- dMY II shareholders, GSG shareholders and PIPE investors will hold shares in NYSE-listed combined company
- dMY II’s Chairman and dMY II’s CEO will serve on combined company’s Board of Directors
Genius Sports Group Limited (“GSG” or the “Company”), the leading provider of sports data and technology powering the sports, betting and media ecosystem, and dMY Technology Group, Inc. II (NYSE: DMYD) (“dMY II”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Business Combination Agreement”) pursuant to which GSG and dMY II will combine. As a result of the business combination, GSG and dMY II shareholders will exchange their shares for shares in a new combined company (“NewCo”), which will be publicly listed on the New York Stock Exchange (the “NYSE”). The transaction implies a pro forma enterprise value of approximately $1.5 billion. Upon closing, NewCo expects its ordinary shares and warrants to trade on the NYSE under the symbols “GENI” and “GENI WS”, respectively.
In addition to the approximately $276 million held in dMY II’s trust account (assuming no redemptions by dMY’s public stockholders), a group of institutional and experienced industry investors has committed to participate in the transaction through a common stock PIPE of approximately $330 million at $10.00 per share.
Genius Sports Group Highlights
GSG acquires data from sports events around the world and supplies it to sports betting operators, providing them with secure, high-quality, mission critical data and content that helps them better engage with and protect their customers. The Company has a leading portfolio of rights to official data – the feed of live sports statistics that is sanctioned, and otherwise owned, by the relevant governing league. GSG provides data on over 240,000 events each year – effectively every hour of every day. It is the official provider for over 170,000 of these events.
GSG’s scale, access to official data, and innovative technology platform differentiate it within the industry. The Company maintains long-term partnerships with over 500 sports organizations globally, including the NBA, NCAA, FIBA, FIFA, English Premier League and NASCAR. Its proprietary technology and data feeds are mission critical to the success of its sportsbook partners.
Management & Governance
Following the closing of the proposed business combination, Mark Locke will continue to lead the business as Chief Executive Officer of NewCo. Mr. Locke will be supported by a deep bench of talent with substantial experience across finance, technology and the sports betting industry.
NewCo’s Board of Directors will include dMY II’s Chairman Harry You and dMY II’s CEO Niccolo de Masi. Mr. You is the former EVP of EMC and previously served as the CFO of Accenture and Oracle. Mr. de Masi is the current Chairman and former CEO of Glu Mobile (NASDAQ: GLUU), a leading developer and publisher of mobile games for smartphone and tablet devices.
“Genius Sports Group created the market for official data across all tiers of sports, helping fuel our sportsbook partners’ ever-increasing range of products,” said Mr. Locke. “This transaction will help us continue to expand and strengthen our position as a nexus of the global sports, betting and media ecosystem.”
“Elemental data provider Genius Sports Group benefits from the growth of all participants in the global sports betting market. Mark Locke has pioneered the provision of official rights and live data which have been instrumental in building the modern sports betting market,” said Mr. de Masi. “The company has a strong track record of growth and we are very excited by the opportunities for further expansion in this rapidly growing segment.”
Key Transaction Terms
The transaction values NewCo at an anticipated initial enterprise value of approximately $1.5 billion, or 8.0x GSG’s currently projected 2021 revenue of $190 million.
The consideration payable to GSG’s existing shareholders will consist of a combination of cash and rollover equity in NewCo. The proceeds of the $330 million PIPE transaction will be used to repay shareholder loans and to redeem and make certain preference share payments on preferred shares held by corporate shareholders.
Assuming no redemptions by dMY II’s public stockholders, it is anticipated that NewCo will have approximately $150 million of unrestricted cash and a substantially debt-free balance sheet at closing.
The Boards of Directors of both dMY II and GSG have unanimously approved the transaction. The transaction will require the approval of dMY II’s stockholders, and is subject to other customary closing conditions, including a minimum cash condition. The transaction is expected to close in Q1 2021.
An investor webcast and presentation detailing the transaction will be available at www.geniussports.com and www.dmytechnology.com. The transcript of the investor webcast and the presentation will be filed by dMY II with the U.S. Securities and Exchange Commission (“SEC”) as exhibits to a Current Report on Form 8-K, and available on the SEC’s website at www.sec.gov. In addition, NewCo intends to file a registration statement on Form F-4 with the SEC, which will include a proxy statement/prospectus of dMY II, and will file other documents regarding the proposed transaction with the SEC.
Advisors
Godman Sachs & Co. LLC is acting as exclusive financial advisor to dMY II. Oakvale Capital LLP is acting as exclusive financial advisor to GSG. Goldman Sachs & Co. LLC acted as lead placement agent for the PIPE transaction. Credit Suisse Securities (USA) LLC and Oakvale Capital LLP also acted as capital markets advisors and placement agents for the PIPE transaction. Kirkland & Ellis LLP is serving as legal advisor to GSG. White & Case LLP served as legal advisor to dMY II. Goldman Sachs & Co. LLC acted as the sole bookrunner of dMY II’s IPO; Needham & Co. also acted as underwriter.
New product allows American bettors to log-in directly to their bank accounts at online sportsbooks’ cashiers to fund real-time wagers
Paysafe, a leading payments platform, today launched Pay by Bank for iGaming, a new solution allowing U.S. online bettors to instantly and securely fund deposits at operators’ cashiers directly from their online bank account as well as cash-out winnings seamlessly. This product expands the capabilities of Paysafe’s Gateway, the iGaming payments solution that connects U.S. operators to the market’s most comprehensive range of traditional and alternative payment methods via a single integration.
Building on Paysafe’s 25+ years’ history streamlining iGaming payments, the company added Pay by Bank to respond to the growing demand from U.S. players for payment choice. The Gateway already connects operators’ cashiers to Paysafe-processed card payments, the Skrill digital wallet, the Paysafecash online cash solution, and third-party payment products. Strengthening operators’ player acquisition, Pay by Bank provides their customers with yet another payment option that is particularly appealing to the 27% of bettors who prefer transacting via direct bank transfer, according to Paysafe research.
Leveraging Paysafe’s single-integration Gateway, U.S. online gaming operators can now offer Pay by Bank to their customers, giving first-time users the ability to sync their checking or savings account in just seconds, then fund their player account securely in real-time. For returning bettors, the process is even easier, with Pay by Bank supporting one-click payments from linked accounts.
Winnings can be withdrawn from players’ sportsbook accounts just as seamlessly, with Pay by Bank enabling rapid payouts directly to linked bank accounts, again initiated through a single click.
For operators, all Pay by Bank transactions are indemnified, reducing liability if a player’s deposit from their bank account defaults. Along with helping to drive player acquisition by providing more payment choice, Pay by Bank’s other benefits for operators include strengthening customer retention by improving the overall payment experience. According to Paysafe research, transactional speed and financial security are players’ top-two priorities when it comes to the payment experience.
Zak Cutler, President of Global Gaming at Paysafe, said: “We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for U.S. operators, with the product’s impressive transactional speed and robust security. Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”
Paysafe will be showcasing Pay by Bank and the Paysafe Gateway while exhibiting (Booth A270) at the SBC Summit North America in New Jersey from May 7th to 9th, 2024.
Latest News
Fanatics Betting and Gaming Partners with Continent 8 Technologies for Digital Infrastructure
Sports betting and online casino operator leverages company’s hosting and connectivity solutions across regulated United States states
Fanatics Betting and Gaming utilizes Continent 8 Technologies to deploy a trusted digital infrastructure as it continues its rapid growth across the regulated United States online sports betting and online casino market.
Fanatics Betting and Gaming uses Continent 8 Technologies’ innovative and reliable digital infrastructure solutions to deliver a seamless player experience in the United States. This includes hosting all of its in-state data centers through AWS Outposts. Continent 8 Technologies is supporting Fanatics Betting and Gaming by managing on-premises infrastructure and services in 20 states across the United States including Michigan, New York, Vermont and West Virginia, to name a few.
Continent 8 Technologies has one of the largest connected networks in the world, spanning over 100 locations across four continents including 30 United States states and counting.
The operator has also signed up for Continent 8 Technologies’ Gaming Exchange. This is a powerful, private Internet that allows Continent 8 Technologies’ customers to connect securely via a virtual private network (VPN) across its backbone network. This enables customers to share traffic at the lowest latency, securely and privately.
“We have worked with Fanatics Betting and Gaming – a top-tier United States operator – from day one of its launch, supporting it as it has grown state-by-state,” the founder and Chief Executive Officer for Continent 8 Technologies, Michael Tobin, said. “Fanatics Betting and Gaming is a high-caliber operator that understands the importance of infrastructure in delivering the top-quality player experience it is building its reputation on. Our leading digital infrastructure solutions provide the reliable connectivity operators need to deploy their online sportsbooks and casinos in regulated United States states quickly and compliantly.”
“Infrastructure is the foundation upon which we build our sports betting and casino experience,” the Vice-President of Technology for Fanatics Betting and Gaming, Bob Pascucci, said. “In Continent 8 Technologies, we have a partner with an unrivaled reputation for supporting its customers, enabling us to continue to drive growth at pace.”
Learn more about Continent 8 Technologies’ United States connectivity and infrastructure solutions at SBC Summit North America, May 7 to 9 at the Meadowlands Exposition Center, New Jersey, stand A290.
Gambling in the USA
Mohegan Digital Launches New Online Casino Experience in Pennsylvania: Play.MoheganPAcasino.com
Mohegan Digital, which is the iGaming division for Mohegan, fully launched a new online gaming experience in Pennsylvania. Play.MoheganPAcasino.com and associated mobile apps are now live and offering an advantageous sign-up bonus. Like all Mohegan Digital online gaming offerings, MoheganPAcasino.com has no shortage of thrilling slots, table games and more.
“This is an exciting moment for Mohegan Digital as we expand our very own online gaming brand to Pennsylvania, in close coordination with Mohegan Pennsylvania,” said Rich Roberts, president of Mohegan Digital. “Our growth with the MoheganSunCasino.com app in Connecticut and New Jersey continues to surpass expectations, as does our PlayFallsView app in Ontario, CA. To now have our fourth launch in the great state of Pennsylvania marks another great opportunity for Mohegan Digital!”
PA residents and visitors can now visit Play.MoheganPAcasino.com or download the MoheganPAcasino.com iPhone app on the App Store, or through Google Play for Androids users as well. Navigation to the new online casino experience is also available through MoheganPA.com.
Play.MoheganPAcasino.com offers players daily jackpots, along with more than 500 total games across Slots, Table Games and Live Dealer offerings. Some popular games at launch are Vegas Nights, BlackJack Diamond Series, Cash Machine, Wheel of Fortune PowerWedges, Cleopatra, Ultimate Fire Link, 88 Fortunes, Deal or No Deal Slingo, Live Dealer games, Baccarat and much more. By this summer, Mohegan Digital is expected to increase the total number of games to 700.
Additionally, Mohegan Pennsylvania’s popular Momentum program, which is a free to sign-up loyalty rewards program allowing members to earn perks, points, tournament invites and leveling up opportunities, will be synced in with online accounts later this spring as part of this exciting roll out of MoheganPAcasino.com. This means that whether guests are playing online or in person at the premier gaming destination in Pennsylvania (Mohegan PA), the benefits build in the same account.
“We’re dedicated to offering an unmatched online gaming platform in the fast-growing iGaming industry,” said Guy Greene VP of Marketing, Mohegan Digital. “Creating a fun, immersive and user-friendly experience, combined with reliability and great guest service are features that Mohegan Digital have become synonymous with, and we’re thrilled to bring it all to Pennsylvania.”
A rebrand of the on-site Sportsbook inside Mohegan Pennsylvania in Wilkes-Barre, PA, which is currently known as the Unibet Sportsbook, will also soon take place. Located near the entrance of Mohegan PA, this popular venue which offers plenty of prop bets, same game parlays, futures and much more, will soon be known as the Mohegan Pennsylvania Sportsbook. Guests can stay tuned to moheganPA.com for details, as this rebrand will also take place at Mohegan Pennsylvania’s off-track wagering locations in Lehigh Valley and Allentown.
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