{"id":41652,"date":"2020-09-30T22:38:45","date_gmt":"2020-09-30T22:38:45","guid":{"rendered":"https:\/\/www.pokerscout.com\/?p=41652"},"modified":"2020-10-02T15:00:20","modified_gmt":"2020-10-02T15:00:20","slug":"poker-legend-phil-hellmuth-talks-role-in-rush-street-online-gaming-merger","status":"publish","type":"post","link":"https:\/\/www.pokerscout.com\/poker-legend-phil-hellmuth-talks-role-in-rush-street-online-gaming-merger\/","title":{"rendered":"Poker Legend Phil Hellmuth Talks Role in Rush Street Online Gaming Merger"},"content":{"rendered":"
Rush Street Interactive<\/strong> (RSI), one of the fastest-growing online casino and sports wagering companies in the US, announced a reverse merger with dMY Technology Group<\/strong> in late July. As a result, RSI will become a publicly listed company on the New York Stock Exchange<\/strong>.<\/p>\n The combined company is expected to have an initial value of $1.78 billion<\/strong>. Another interesting twist is the involvement of poker legend and 15-time World Series of Poker bracelet winner Phil Hellmuth<\/strong>. The Poker Hall of Famer<\/strong> is an investor and spoke with PlayUSA<\/em> about the company, its future, and his unique role with Rush Street\/dMY.<\/p>\n Rush Street Interactive is the iGaming offshoot of Rush Street Gaming<\/strong>. The gaming arm owns four Rivers-branded casinos in:<\/p>\n • Philadelphia and Pittsburgh in Pennsylvania RSI has expanded beyond those states and runs online sportsbooks in Pennsylvania, Colorado, Indiana and Illinois. The company also operates online casino gaming in New Jersey and Pennsylvania.<\/p>\n Hellmuth bought a piece of the dMY when it launched earlier this year, considered a “sponsorship money” investment. dMY is a $230 million special purpose acquisition company<\/strong> (SPAC) founded by Niccolo de Masi<\/strong> and Harry You<\/strong>. The company was founded for asset acquisition, stock purchases, and other business combination activities.<\/p>\n “I invested $300,000 and it was a gamble because I could have lost 100% of it had we not selected a company to take public within 18 months,” Hellmuth says. “On the other hand, my $300,000 investment became worth multiples of what I invested when the SPAC traded at $10 a share, now at $15 a share.<\/p>\n “I thought, ‘I trust [company co-founder] Niccolo DeMasi and if he chooses the right company, then I could make a seven-digit return from my $300,000 investment. Even if Niccolo brought in an average company I could triple my money.”<\/p>\n The announcement that Rush Street and dMY would combine forces came with an additional Hellmuth twist. A relationship with Rush Street CEO Greg Carlin<\/strong> played a part in the merger.<\/p>\n “Who knew that I would come up with the company that we took public?” Hellmuth says. “I knew I was considered ‘influencer money,’ but near the end of a phone call with my friend Greg Carlin, CEO of Rush Street Interactive, he mentioned that they were going to go public through a SPAC.<\/p>\n “I mentioned that I was involved with a SPAC and that my best friend [venture capitalist and businessman] Chamath Palihapitiya had launched two SPACs the week before. I connected Carlin with both, but asked Chamath to hold off and give my team a chance to negotiate for a week or two.”<\/p>\n Go @NiccoloDeMasi<\/a> and RSI (Rush Street Interactive) Founder Greg Carlin, go!! Interview sheds some light on how we (DMYT-UN) are taking RSI public for $2.2Billion<\/p>\n dMY Technology CEO: We’re merging with Rush Street | Fox Business https:\/\/t.co\/SS5PRD1tuo<\/a><\/p>\nGetting in on the ground floor with dMY Tech<\/span><\/h2>\n
\n• Schenectady, New York
\n• Des Plaines, Illinois<\/p>\ndMy meet Rush Street, Rush Street meet dMY<\/span><\/h2>\n
\n