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SportsMap Tech Acquisition raises $115m for possible betting deals

SportsMap Tech Acquisition raises $115m for possible betting deals

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Special Purpose Acquisition Company (SPAC) SportsMap Tech Acquisition has raised $115m in its initial public offering (IPO) as it prepares to hunt for merger partners. Despite being unpopular in some quarters, gaming operators are embracing SPACs as an avenue for quickly bringing to market iGaming and sports wagering businesses and unlocking value for investors. SportsMap is led by CEO David Gow, founder and CEO of Gow Media, a multi-platform media company with a portfolio that includes ESPN Radio Houston and the SportsMap Radio Network and digital content sites. Gow Media is the largest privately owned media company in the State of Texas. According to IPO research experts, Renaissance Capital, the SportsMap Tech company will leverage management experience and target opportunities in sports tech, with a focus on fan engagement, health and wellness, esports and fantasy sports and gambling. Like any other SPAC, the company has two years to execute a transaction or risk liquidation. Earlier this year, Macquarie Research forecast that by 2030, over $30bn worth of iGaming and sports wagering revenue would be attributable to media partnerships. They also estimate an annual growth rate of 33% over the coming years for online casino and sportsbook operators by way of agreements with media companies. Small wonder that DraftKings has acquired Vegas Sports Information Network (VSiN) and signed a $50m deal with Meadowlark Media, and Penn National Gaming has completed a $2bn cash and equity purchase of Score Media and Gaming.