Online casino and sports betting brand Rush Street Interactive (RSI) announced its latest financial results for its third quarter ended September 30. The company is continuing to gain in the US market and has significant plans for expansion in 2022.
RSI Gaining Ground
According to a press release from yesterday, RSI’s third-quarter 2021 revenue was $122.9 million, an increase of 57% over the $78.2million in the third quarter of 2020. The net loss for the third quarter of 2021 was $18.9 million, compared with a loss of $26.5 million a year earlier. The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $12.2 million, compared to $1.0 million in the third quarter of 2020.
Richard Schwartz, RSI’s CEO, said that he was “very encouraged” by the execution of the business strategy throughout the organization. He explained that the overall success has been driven by new market access and launches. PlaySugarHouse, its online sportsbook, and four of the 15 planned Connecticut retail sportsbooks have been launched. RSI is the only permitted operator in Connecticut and the exclusive partner to the Connecticut Lottery.
RSI also recently launched online sports betting in Arizona with BetRivers through a partnership with the Arizona Rattlers. It also launched a social gaming platform, CASINO4FUN, in Ontario, which Schwartz says will “set the stage for future incremental revenues when the Ontario market goes live.”
RSI was one of nine operators selected to offer mobile betting in New York earlier this week. It will become one of three companies that have access to the online gambling market in New York and New Jersey after its launch of an online sportsbook. The New York City media market, which is the nation’s largest, connects to all three states within the tri-state area, providing RSI with “significant long-term marketing efficiencies,” asserts the CEO.
Future Outlook Even Better
RSI anticipates that revenues for the full-year ending December 31, will be between $480 million and $500 million. This is an increase from its previous guidance of $465 million to $495 million. The midpoint of this range is $490 million, which represents 76% growth year-over-year compared with $278.5 million in 2020 revenues. This is due to RSI’s strong performance in the first three quarters of the year, and the expected growth for the fourth quarter.
The range is based upon certain assumptions. These include that operations are only in live jurisdictions as of today’s date, all announced college and professional sports calendars come to fruition, including their 2021 seasons, RSI continues operating in markets where it is currently live and RSI is still available in the markets where it is currently active.
At the SBC Awards Latinoamerica, RSI received the Sportsbook of the Year award. It was also shortlisted for three SBC North America awards, including Leader of the Year, Social Operator and Casino Operator.
In October, Eilers & Krejcik rated RSI’s mobile sportsbook app third out of 35 apps on the US market.