Genius Sports Group has received sports betting supply licenses in the states of Michigan and Virginia.
The sports betting supplier, Genius Sports Group, has been granted sports betting supply licences from the Michigan Control Board and the Virginia Lottery.
Genius enters Michigan and Virginia
Now that the supplier is licensed in both states, the group’s Betgenius and Genius Sports Media businesses will be able to power sportsbook and marketing operations of licensed betting operators in both Michigan and Virginia.
With Genius’ launch in the two states, the business is now live in a total of 11 US states where sports wagering is legal and regulated.
Jack Davison, Chief Commercial Officer at Genius Sports said: “With a population of over 8 million, Virginia’s online sports betting market has significant potential. The market’s timely launch allows local fans to legally bet in time for Super Bowl LV and we can’t wait to work with our partners to deliver the state’s best in-game betting experiences in the years to come.”
Speaking on Genius’ in Michigan, Davison said: “Across the US, states are recognizing the potential of online sports betting. The launch of online sports wagering in Michigan and Virginia is the latest evidence of the significant commercial and regulatory tailwinds propelling our industry.
“As more states build momentum toward legalisation, Genius will continue preparing to quickly obtain state licenses so that we can support our sportsbook partners in capturing market share from day one.”
Sports betting in Michigan and Virginia
Michigan’s online sports betting market went live on Friday with several operators including Penn National Gaming, Churchill downs Incorporated, Rush Street Interactive, DraftKings and FanDuel launching their online betting products in the state.
The launch of legal online gambling operations in the state of Michigan has been a long time coming. In December 2019, Michigan’s Governor Gretchen Whitmer signed three pieces of legislation into law that would legalise mobile and online casino gambling; online, mobile and land-based sports betting; and daily fantasy sports contests in the state.
Virginia’s sports betting market also launched last week, albeit with much less fanfare than Michigan.
The market went live on Thursday 21 January with the launch of FanDuel’s sports betting product. The daily fantasy provider turned sports betting giant became the first sportsbook operator to receive approval to operate in the state of Virginia after entering an agreement with the Washington Football Team.
On Sunday, DraftKings quietly launched its sportsbook in Virginia and earlier this week BetMGM also launched in the state.
Another move for Genius
Genius’ entrance into these two jurisdictions comes after the company announced plans to form Galileo NewCo, a new holding company, for its proposed business combination with dMY Technology Group II which will see the supplier go public on the New York Stock Exchange (NYSE).
Under the deal that was announced in October, Genius is set to merge with dMY Technology Group II, a special purpose acquisition company (SPAC), in order to go public on the NYSE.
The deal will be partly funded by a group of investors and by $276m held in dMY’s trust account. These investors have agreed to purchase a combined 33m shares in Galileo NewCo at $10 each which will amount to $330m. This will be done through a common stock fully committed private investment.