Rush Street Interactive, LP, one of the fastest-growing online casino and sports betting gaming companies in the United States, today announced financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Financial Highlights
Revenue was $78.2 million during the third quarter of 2020, compared to $16.7 million during the third quarter of 2019.
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.
Advertising and promotions expense was $17.5 during the third quarter of 2020, compared to $9.7 million during the third quarter of 2019.
Adjusted EBITDA 1 was $9.9 million during the third quarter of 2020, compared to an Adjusted EBITDA of $(1.3) million during the third quarter of 2019.
Real Money Active Users in the United States were up 135% year-over-year and 87% quarter-over-quarter.
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 BetRivers.com and PlaySugarHouse.com 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%.”
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