SportsMap Tech Acquisition Raises $115M in IPO, Could Pursue Betting Deals

SportsMap Tech Acquisition Corp. (NASDAQ:SMAPU), a special aim acquisition troupe (SPAC), raised $115 one thousand thousand inwards its initial public offering (IPO) as it prepares to hunt down for merger partners.

Blank-check companies encountered some headwinds earlier this year. But the vehicle remains popular in the gaming arena. Operators are embracing SPACs as an avenue for speedily bringing to securities industry iGaming and sports wagering businesses, unlocking time value for investors in the process.

SportsMap is led by CEO Saint David Gow, the father and CEO of Gow Media, a multi-platform media troupe with a portfolio of platforms, including ESPN Radio Sam Houston and the SportsMap Radio Network and digital mental object sites, among others. The companionship plans to leveraging management’s receive and point opportunities inwards sports tech, with a focalise on devotee engagement, health and wellness, esports, and fantasise sports and gambling,” according to Renascence Capital, an IPO explore firm.

Gow Media is the largest privately held media society inward Texas.

Betting Deals Make Sense for SportsMap

While SportsMap declared an purport to direction on possible merger partners inwards specific segments, including fantasize sports and wagering, blank-check companies aren’t border past any obligation to encounter a merger partner inward a specific sector or industry.

That said, a SportsMap/betting wedding makes sense, as the media keep company already features multiple sports wagering programs on its wireless network. For example, “Pushing the Odds” is a dedicated wagering show, spell the pop “Ferrall Coast to Coast” oft delves into betting chatter, particularly during football season. “College Football Full Circle” — a podcast hosted by Mike George Washington Carver and Joe Lisi — focuses on NCAA football wagering.

Houston-based SportsMap also operates the SportsMapBets entanglement site, which includes betting instruction content, simulations, analysis, and phantasy sports insight.

Enthusiasm for Sports Betting/Media Deals

SportsMap Tech Acquisition, like any other SPAC, has 2 years to execute a dealing or peril liquidation. Should the blank-check firm opt for a media deal, it could be met with enthusiasm past investors.

Earlier this year, Macquarie Research calculate more than $30 billion worth of iGaming and sports wagering revenue by 2030 attributable to accords with media companies. The research stiff estimates a chemical compound yearly growth value (CAGR) of 33 percent o'er the coming years for online casino and sportsbook operators by path of agreements with media companies.

Gaming companies are responding accordingly. For example, DraftKings acquired Vegas Sports Information Network (VSiN) and signed a $50 zillion sell with Meadowlark Media, the owner of Dan Le Batard’s network of shows. Earlier this week, Penn National Gaming completed its $2 billion hard cash and equity purchase of Score Media and Gaming.