Rush Street Interactive raises guidance after nearly doubling revenue

Finance News

Rush Street interactive has reported revenue of $122.8 million during the second quarter of 2021, an increase of 89%, compared to $65.0 million during the second quarter of 2020. Net loss was $14.0 million during the second quarter of 2021, compared to a net loss of $50.6 million during the second quarter of 2020.

Adjusted EBITDA loss was $6.6 million during the second quarter of 2021, compared to an Adjusted EBITDA of $3.7 million during the second quarter of 2020.

Richard Schwartz, Chief Executive Officer of RSI, said, “We are very pleased with the continued execution of our business strategy and remain focused on providing a premiere user experience for our customers. In addition to successfully growing revenues in existing markets, we have made significant progress in securing access opportunities to new markets. Earlier today, we announced an extremely exciting partnership with the State of Connecticut, where we will be the exclusive partner of the Connecticut Lottery offering both mobile and retail sports wagering, and be one of only three operators operating in the state. This week, we also announced an agreement for market access opportunities in Louisiana, Mississippi, and New Mexico, with the latter two subject to those states passing mobile gaming legislation. Earlier this week, we also submitted mobile sports betting applications in New York and Arizona.

While new market access is a key pillar to our growth story, we also continue to work diligently to expand our exclusive content offering for both sport betting and casino games as exemplified by new partnerships with GTG Network for co-exclusive sports betting information and Boom Entertainment for exclusive casino content. Stay tuned for the launch of new and exclusive offerings in coming quarters.

On the sports betting side, and as we head into the ever-important football season, BetRivers recently entered into a partnership with the Chicago Bears and is excited to be working with several highly recognized and well-respected former athletes as brand ambassadors. This includes our recent announcement of Chicago football legend Mike Ditka who we are thrilled to have on our team. We look forward to creating and streaming exclusive content from these hometown heroes, directly to the BetRivers and PlaySugarHouse apps.

Our ongoing commitment to improving the player experience by enhancing the quality of our mobile apps and sites, coupled with solid execution on our marketing programs, has led to continued impressive paybacks, along with strong conversion and retention rates. The strength of these metrics and efficiency of our marketing efforts supports our confidence in the long-term success of the business.”