Report: Rush Street Interactive Looking At US Public Listing

Posted on July 23, 2020

Rush Street Interactive could become the next US-facing sportsbook operator to list publicly, according to a published report.

An article Thursday evening from Bloomberg indicates Rush Street could utilize the same reverse-merger avenue employed earlier this year by DraftKings to go public. The special purpose acquisition company identified by Bloomberg is dMY Technology Group Inc.

Chicago-based RSI launched in 2012 and started its first online gaming platform in New Jersey in 2016. The company runs the only active mobile platform in Illinois, although that could change soon.

Rush Street aggressive in early days

Rush Street is among the most active online gaming and sports betting operators in the nascent US market. Operating under the BetRivers and PlaySugarhouse brands, the company runs platforms in five states:

  • Colorado
  • Illinois
  • Indiana
  • New Jersey
  • Pennsylvania

RSi launched the first online sportsbook platforms in Pennsylvania as well. The operator would appear to fit the target for acquisition of dMY, according to Bloomberg:

In February, dMY raised $230 million in an initial public offering. It had said it would aim to buy mobile companies valued at $500 million to $1.5 billion.

Public listing talk buzzing in US

Following a successful public listing in April, DraftKings stock continues to perform well. It reached a high of nearly $45 after opening at $17 and bounced back this week from a recent dip to over $37.

DraftKings saw its market cap eclipse $12 billion at one point while raising $600 million for US expansion plans. Rush Street might not reach those heights but US sports betting operators appear to be capturing public imagination.

That capital raise sparked talk within the industry of which company might next consider going public.

William Hill‘s US arm could be spun off from its UK-based parent as the operator strengthens its hybrid retail/online push. Flutter consolidated FanDuel and Fox Bet under its sprawling umbrella, and could eventually move one out. That likely would not be imminent, though, after raising $1 billion for US growth.

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Adam Candee

Adam Candee is the managing editor of Legal Sports Report. He covers sports business and news from Las Vegas, where he works as a sports radio host for ESPN and VSiN. Adam is a former editor and reporter at the Las Vegas Sun, Arizona Daily Sun, and KLAS-TV. He can be reached at [email protected]

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