Online Casino Rush Street Interactive Is Going Public in SPAC Deal
A special purpose acquisition company (SPAC) is a publicly-traded shell company used to take another company public. SPACs raise money in initial public offerings (IPOs) and use the cash to acquire another business. It has been a record-breaking year for companies using SPACs as vehicles to go public, and it is full steam ahead for the asset class.
Rush Street Interactive (RSI) is riding the gravy train of SPACs with dMY Technology Group (NYSE: DMYT) as the engine.
You no longer need to go to Las Vegas to gamble now that sports betting is legal in several U.S. states. Rush Street Interactive has a rich history as a pioneer in opening online casinos in Pennsylvania, Indiana, Colorado, and Illinois. It is also the first U.S.-based gaming company to operate a legal online sportsbook in Latin America. As a result of its early entrance into the industry, the company is now one of the largest online casinos by revenue.
Source Fool.com
