It’s official: The online casino and sports betting company Rush Street Interactive, Inc. has gone public.
For anyone yet to receive the news, Rush Street employees will sounded it loudly and proudly Tuesday by ringing the ceremonial opening bell at the New York Stock Exchange.
It is yet another milestone moment for the Chicago-based company founded in 2012.
Merger adds ‘RSI’ symbol to New York Stock Exchange
In July 2020, Rush Street entered into a business combination agreement with dMY Technology Group, Inc., a special acquisition “blank check” company created to help facilitate business mergers.
During a meeting Dec. 29, dMY shareholders approved the agreement, creating a combined company now known as Rush Street Interactive, Inc. The following day, the “DMYT” ticker symbol disappeared from the NYSE, replaced by “RSI.”
Tuesday will see RSI employees and board members on hand to ring the bell at the NYSE on Wall Street in Lower Manhattan, thereby opening trading for the day.
“The ceremony is a tribute to our incredible team, investors and partners who all made this day possible,” said Greg Carlin, CEO of Rush Interactive.
“With online casino and online sports betting still in the early stages in the United States, we believe there is significant growth potential for our business in both existing and new markets.”
Boards from both companies will combine to form a new Board of Directors, including Carlin and dMY CEO Niccolo de Masi.
Six states and counting for Rush Street; New York in its sights
Following the merger, “the Combined Company had over $240 million of cash on its consolidated balance sheet as of the closing.”
Rush Street Interactive brings to the table a variety of real-money online casino and sports wagering platforms. It also boasts social gaming in its portfolio.
At present, RSI operates in six states:
- New Jersey
Rush Street Interactive launched its first online casino, PlaySugarHouse.com, in New Jersey in September 2016.
It was also the first company to launch sites in Indiana (Oct. 2019), Colorado (Apr. 2020) and Illinois (Jun. 2020) after each of those states legalized online gambling.
Besides jurisdictions in which Rush Street currently operates, the company has “secured market access in three additional states, including New York.” RSI plans to enter other states as well, where permissible in accord with individual states’ legislation.