SportsMap Tech Acquisition Raises $115M in IPO, Could Pursue Betting Deals
SportsMap Tech Acquisition Corp. (NASDAQ:SMAPU), a special purpose acquisition companion (SPAC), raised $115 meg in its initial public offering (IPO) as it prepares to hunting for merger partners.
Blank-check companies encountered some headwinds before this year. But the vehicle remains popular inward the gaming arena. Operators are embracing SPACs as an avenue for rapidly bringing to securities industry iGaming and sports wagering businesses, unlocking note value for investors inward the process.
SportsMap is led past CEO Saint David Gow, the father and CEO of Gow Media, a multi-platform media society with a portfolio of platforms, including ESPN Radio Sam Houston and the SportsMap Radio Network and digital cognitive content sites, among others. The keep company plans to leverage management’s see and direct opportunities in sports tech, with a focussing on lover engagement, health and wellness, esports, and fantasise sports and gambling,” according to Renascence Capital, an IPO research firm.
Gow Media is the largest privately held media companion in Texas.
Betting Deals Make Sense for SportsMap
While SportsMap declared an intent to sharpen on possible merger partners inward specific segments, including fantasize sports and wagering, blank-check companies aren’t border by any indebtedness to regain a merger partner inward a specific sector or industry.
That said, a SportsMap/betting spousal relationship makes sense, as the media companion already features multiple sports wagering programs on its radiocommunication network. For example, “Pushing the Odds” is a dedicated wagering show, piece the popular “Ferrall Coast to Coast” oft delves into betting chatter, peculiarly during football game season. “College Football Full Circle” — a podcast hosted by Mike Carver and Joe Lisi — focuses on NCAA football game wagering.
Houston-based SportsMap also operates the SportsMapBets entanglement site, which includes betting didactics content, simulations, analysis, and fantasise sports insight.
Enthusiasm for Sports Betting/Media Deals
SportsMap Tech Acquisition, ilk any other SPAC, has ii years to execute a transaction or put on the line liquidation. Should the blank-check truehearted opt for a media deal, it could follow met with enthusiasm by investors.
Earlier this year, Macquarie Research calculate more than $30 1000000000000 worth of iGaming and sports wagering revenue past 2030 attributable to accords with media companies. The explore steady estimates a compound one-year growing charge per unit (CAGR) of 33 percent over the coming years for online casino and sportsbook operators by right smart of agreements with media companies.
Gaming companies are responding accordingly. For example, DraftKings acquired Vegas Sports Information Network (VSiN) and signed a $50 jillion deal with Meadowlark Media, the possessor of Dan Le Batard’s network of shows. Earlier this week, Penn National Gaming completed its $2 1000000000000 cash in and equity purchase of Score Media and Gaming.