Rush Street Interactive ups full year projections as Q3 revenue soars

Rush Street Interactive has praised “solid execution and financial discipline” during the year’s third quarter, as the financial outlook for the full year is increased by the firm.

Maintaining a continued ambition of expansion and enhancements, revenue during the year’s third quarter amounted to $78.2m, a significant 368.2 per cent increase from 2019’s $16.7m.

The firm, which entered into a business combination agreement with dMY Technology Group which, upon closing, will result in a public listing on the NYSE, also saw its loss widen from $1.6m to $28.1m.

The third quarter’s adjusted earnings reached $9.9m from a loss of $1.3m reported a year earlier, as real money active users in the US surged 135 per cent year-on-year and 87 per cent quarter-on-quarter.

Greg Carlin, CEO of RSI, explained: “Solid execution and financial discipline helped drive our third quarter success. During our third quarter, we grew revenues 370 per cent year-over-year with an 81 per cent 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, lauded the firm’s ‘#1 online casino share in the United States for the second straight quarter,’ commenting that the performance ‘validates our focus on player engagement and building a best-in-class technology stack,’ which he says has enabled the firm to attract and retain ‘a loyal and diverse user base’.

As a result of its latest financial publication, RSI has increased its full-year projections, with revenue now anticipated to be in the range of $265m – $275m, an increase of 20 per cent from its prior guidance of $225m.The revision assumes professional and college sports calendars occur as currently planned.