Rush Street reveals 135% revenue jump in Q3 earnings

Business News

Rush Street Interactive delivered revenue of $78.2 million for the third quarter ending September 30, 2020, which was an increase of 135% over the second quarter.

Comprehensive loss was $(28.1) million during the third quarter of 2020, compared to a comprehensive loss of $(1.6) million during the third quarter of 2019.

Greg Carlin, Chief Executive Officer of RSI, said: “Solid execution and financial discipline helped drive our third quarter success. During our third quarter, we grew revenues 370% year-over-year with an 81% increase in marketing spend during the same period.

As we move toward completing a transformational year for RSI, we have built a strong technological and operational foundation that we expect will continue to serve us well as we expand into new markets. We are excited to be on the path to becoming a publicly listed company and expect that our customer acquisition strategy and growing market share will create sustainable long-term value for our shareholders.”

Richard Schwartz, President of RSI, added: “Our third quarter results demonstrate RSI’s commitment to excellence and validates our focus on player engagement and building a best-in-class technology stack, which have enabled us to attract and retain a loyal and diverse user base. We have maintained the #1 online casino share in the United States for the second straight quarter according to Eilers & Krejcik. The discipline in how we bring new players onto the and platforms, and retain existing players, is the hallmark of our approach and will remain core to the Company as we continue to expand and enhance our product offerings.”

Kyle Sauers, Chief Financial Officer of RSI, said: “On the back of our strong third quarter results, we are raising full year 2020 revenue guidance to a range of $265 to $275 million. At the midpoint this represents an increase from our previous guidance of 20%.”