Bloomberg
December 30, 2020
Niccolo de Masi of dMY Technology
Group
Interview with Anchors Taylor Riggs and Romaine Bostick
TR: Talk to us about how you think about standing out in a year that was just, headline after headline after headline regarding SPACs.
NDM: Well, we are, I think its fair to say unique in our size and central focus. So weve done two SPAC transactions and three
SPAC IPOs all in 2020. dMY Technology I, which just closed today with Rush Street Interactive, was actually early in the current wave of I think sort of a SPAC, you know, enthusiasm in the public market. So we IPOd back in February, we
announced the transaction with Rush Street in July, we just had the shareholder vote, and the ticker changed today. So today you can no longer trade DMYT, instead you buy RSI, which stands for Rush Street Interactive. The second SPAC deal we did,
you know we IPOd in August, we found a deal quite quickly, with another gaming-related business but in the data services space called Genius Sports Group. And that just now has a while to go before it closes, well probably close,
you know, in the early spring. Our third SPAC IPOd in November and were, were still in search mode. But I think its fair to say that Goldman Sachs has underwritten all of our SPACs and thats been a critical
ingredient of our success. Harry You, my partner, and I have both been public company CFOs and CEOs for hundreds of quarters in aggregate. And we have found that this is really a winning combination, of really knowing what its like to sit in
the CEO, CFO chair when you go public.
RB: So with that third SPAC out there, is the idea here that youre going to look for something,
thats going to be complementary to the other two, or is it something completely different?
NDM: Well we take our non-competes
quite seriously, you know, Harry and I are both on the board of Rush Street Interactive, you know as of today, and were, well be on the board of our second SPAC, Genius Sports Group, as well. So the third one were actually,
searching, we said in the, in the deeper tech, bit of the mobile ecosystem. So the first one was consumer, you know gaming, online casino, the second one is sports book data. The third one will be, you know something probably in cloud computing, AI
computing, potentially even, you know something like quantum computing or cloud networking. You know, the kinds of technologies that really underpin the future of mobile.
TR: Its also been a year when weve had the CEOs of companies like DraftKings and FanDuel on this program. Is there enough for all of you to
play and gain market share?
NDM: Well I think its gonna be an industry where, you know, as always, theres, theres
a few bigger companies with network effects that, that benefit and, and ultimately win the lions share. You know, Rush Street Interactive is the number one online casino business. So if DraftKings is number one in Sports, Rush Street is number
one in online casino, at least according to Eilers & Krejcik, you know third-party sources. Weve been, you know Id argue, you know, best operationally, if you look at our numbers, were not losing, we didnt lose money this
year, we actually made money this year, which I think will start to matter in the coming years as you look at bigger players battling it out in the sports book and casino space. Were a top three or four sports book business and a number one
casino play in pretty much every state that matters, and you know, Rush Street is very adept at being first to new markets that are opening up and things like, places like Iowa, Michigan, etcetera, already has a license