Rush Street momentum holds up in strong first quarter
Rush Street Interactive has raised its revenue guidance for the full year after a strong first quarter performance.
Revenue was $111.8 million during the first quarter of 2021, an increase of 218%, compared to $35.2 million during the first quarter of 2020. Net loss was $76 thousand during the first quarter of 2021, compared to a net loss of $12.9 million during the first quarter of 2020.
RSI expects revenues for the full year ending December 31, 2021 to be between $440 and $480 million, up from its previous guidance of between $420 and $460 million. At the midpoint of the range, revenue of $460 million represents 65% year-over-year growth when compared to $278.5 million of revenues for 2020
Greg Carlin, Chief Executive Officer of RSI, said, “We are excited about our strong first quarter results, during which we launched online casino and sportsbook in Michigan and online sportsbook in Virginia, and delivered revenue growth of 218% over last year’s first quarter. We are also pleased by our quarter-on-quarter growth, underpinned by our strong and stable casino results.
We continue to have solid momentum as we launched online casino in West Virginia in April and are now live in the four largest US online casino markets which we expect to drive significant profitability over the long term.
Additionally, due to our strong cash position, we were able to increase our marketing spend in 2021. Short average payback periods of only 6 months provide confidence in our ability to effectively increase marketing spend while driving continued strong growth in revenue and MAUs. As a result, we are increasing our 2021 revenue guidance.”