Preeminent online gaming company Rush Street Interactive is a market leader in the U.S. online casino segment under the BetRivers and SugarHouse brands; top sports betting offering to roll out new sportsbook app this year.
Combined company anticipated to have initial enterprise value of approximately $1.78 billion, plus an estimated over $235 million in net cash to fund growth strategy.
Transactions include a $160 million committed PIPE at $10.00 per share led by Fidelity Management and Research Company.
RSI projects approximately $320 million in revenue for 2021 fiscal year.
RSI’s majority shareholders, Neil Bluhm & Greg Carlin, will retain approximately 93% of their existing equity holdings in the combined company.
Post-Closing, RSI will continue to be led by Neil Bluhm, Chairman & Co-Founder, Greg Carlin, CEO & Co-Founder, and Richard Schwartz, President & Co-Founder