Genius Sports Set For $1.5bn SPAC Deal

Genius Sports Group has said it will go public via a special purpose acquisition company (SPAC) with an anticipated $1.5bn enterprise value, as the U.S. gambling stock boom continues.

The London-based sports data supplier will list on the New York Stock Exchange under the ticker "GENI" in a reverse merger process with dMY Technology Group II, with a deal expected to close before the end of March.

The transaction will become the latest in a boom in U.S. sports-betting valuations, with the projected value equal to almost eight times Genius's projected 2021 revenue of $190m and 18 times its earnings before interest, tax, depreciation and amortization next year.