Rush Street Interactive, a market leader in online casino and sports betting, has defied Wall Street expectations by posting stronger financial results in the second quarter than expected.

The company achieved a revenue of $165.1 million, which was a 15% gain in Q2 2022, and managed to pare down its loss to $16.7 million, from $28.3 million a year earlier. The Rush Street Interactive results are consistent with the Q1 2023 performance which also showed resilience and growth on the part of the company.  

Rush Street Interactive Defies Wall Street Expectations

Wall Street took notice and said that the company promised a solid return on investment for those who had invested in the company. Overall, Rush Street Interactive emerged with $1.2 million in ROI in the second quarter of the year.

The company’s chief executive, Richard Schwartz, was similarly excited with these developments and he said that it was all owing to the company’s strong execution of internal planning and strategies. Schwartz said that the company was pleased with its performance, and also noted that it had beaten Wall Street forecasts.

Meanwhile, Rush Street Interactive has been able to further establish itself as one of the top five operators in the country. To help understand the numbers, the company gave the word to CFO Kyle Sauers who walked investors and the public through the finances. Sports betting markets still weren’t the most profitable, but the company emerged victorious in all but one – New York.

According to Sauers, the hold percentages were meaningful – the word he used to describe the metric, at least when it concerned sports betting. Sports betting saw an increase in baseball wagers, which has prompted the company to work harder on introducing parlay and props bets for events such as Major League Baseball. Schwartz added:

We put a lot of effort into surfacing the right type of bets for the right type of players. We’re going to be highlighting a beautiful new feature for NFL season.

RSI CEO Richard Schwartz

Meanwhile, iGaming hold percentages were in line with what the company had predicted, Sauers explained. Sauers also expects the company’s revenue at the end of the year to be anything between $650 million and $690 million, a significant achievement over the long term.

No Reason for Overexcitement as RSI Builds Methodically

However, Sauer is not too quick to draw rash conclusions either.  Although he sees a reason why the third quarter of the year may end up profitable for the company, he has cautioned that the fourth one will most likely be slowing down. Meanwhile, Rush Street Interactive is not slowing down when it comes to expansion.

The company is actively looking into the “legislative front” of at least several states, including Indiana, Illinois, and New York, where it wants to deploy iGaming solutions when and if possible. However, these states may not legalize their iGaming industries as quickly as hoped for, and RSI may need to turn its gaze elsewhere – to Maryland, which seems to be far more likely to be first.

All in all, Schwartz assured that the company will continue to execute its strategy and strive towards profitability.

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Hacksaw Gaming, the provider of award-winning slots, scratchcards, and instant win games for the most popular brands in the industry, has agreed to offer its top content to BetRivers players in Ontario. This will be possible thanks to the new agreement signed with Rush Street Interactive’s (RSI) brand dedicated to the Canadian province. In May, Hacksaw announced it would power BetMGM Ontario with its portfolio of games. 

By partnering with BetRivers, one of the leading gaming brands in Canada’s only province that currently offers fully regulated online gaming services, Hacksaw will significantly strengthen its position in the region. 

The company’s chief commercial officer, Gabrielle Star, expressed delight about being able to add the “top-tier operator” to their ranks while also describing Rush Street Interactive as a highly reputable and trustworthy operator with a wide global reach.

Further commenting on the new deal, Star spoke about the “great strides” that the provider has been making in the Canadian province in the last months. The CCO also acknowledged that the market will continue to be a strategic one for them as they carry on with their plans to expand in more regulated and highly competitive iGaming markets worldwide.

At the moment, Hacksaw Gaming has inked agreements with over 300 partners in more than 20 regulated global markets. 

Ontarians to Access Top-Shelf Hacksaw Titles 

The integration with RSI will now allow Hacksaw to reach an even richer audience of casino fans online and allow them to experiment with its top-tier content that currently counts over 120 games with stunning graphics and the best background music in the industry. 

BetRivers players in Ontario will get access to a versatile selection of titles including veteran or iconic games like Stick’Em, Wanted Dead or a Wild, Chaos Crew, Hand of Anubis, Dork Unit, fresh releases like Mayan Stackways, and Dare2Win titles such as Coins, Boxes, and Mines.

Hacksaw is getting ready to launch even more exciting titles in the following months, so Ontarians have even more reasons to rejoice at the news of the fresh content distribution agreement.

RSI’s chief executive officer, Richard Schwartz, expressed their pleasure to announce the fresh deal with Hacksaw Gaming, which he believes would attract an “exciting mix of new and popular casino games to our valued BetRivers customers in Ontario” via both the BetRivers.ca platform and the dedicated BetRivers app.

Last month, Hacksaw Gaming scooped up a fresh award, released more games, and announced its expansion in Romania with MaxBet. During the same month, RSI and Design Works Gaming expanded their existing partnership, agreeing to supply the operator’s Pennsylvania-based business with its games.

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The company is now bringing its robust portfolio of games in the region through a partnership with Rush Street Interactive, and the company’s Rushbet brand that operates in Mexico.

Mexico Becomes Gateway for Thunderkick LatAm Expansion

Players in Mexico will access a wide variety of games provided by Thunderkick to the operator, bringing titles such as Midas Golden Touch, Carnival Queen, and the player-favorite Esqueleto Explosivo 2 into focus and at the library.

The partnership with Rushbet is important to both the operator and the supplier. Rushbet, for its part, is one of the most prominent online casino and sportsbook brands in the Mexican market. The company won silverware from 2021’s SBC Latinoamérica Awards and offers the largest library of casino games in the region.

Thunderkick is similarly happy to continue with what is part of its global expansion, as the company has been doubling down on growth in key regulated markets. Recently, the supplier teamed up with Jumpman Gaming in the United Kingdom and Interwetten in Germany, demonstrating its unfaltering commitment to expanding its reach and pull in regulated markets.

Commenting on this opportunity, Thunderkick head of sales Fredrik Ekholm welcomed the opportunity to see the company expand in Latin America with a prominent brand such as Rushbet, which he called the exciting and renowned operator, adding:

Not only is the LatAm market a key focus for us, but this partnership will also see more players than ever enjoying our fantastic collection of games. We’re excited to see what Rushbet’s player base thinks.

Thunderkick head of sales Fredrik Ekholm

Rushbet Welcomes Arrival of Trusted and Player-Favorite Supplier

Rushbet RSI CEO Richard Schwartz was similarly excited to welcome this fresh opportunity. He spoke highly of Thunderkick’s offer, which featured a selection of high-performing slots and was delighted to see them brought to Rushbet’s shopping windows.

“Their approach to slot-making is refreshing and we fully expect our players to enjoy the entertaining games,” Schwartz said and added that Rushbet remains committed to expanding in the Latin American region, something that is now going to be easier with Thunderkick’s help.

Thunderkick recently expanded its reach in Sweden with Bethard and Fastbet, continuing to grow its presence.

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One of the world’s leading real-money gaming suppliers and developers of casino content, Design Works Gaming (DWG), has announced it expanded its partnership with the gaming and entertainment industry giant, Rush Street Interactive (RSI). Under the terms of the freshly minted deal, DWG agreed to supply its portfolio of content for RSI’s BetRivers brand in Michigan.

The strategic announcement helps further expand the reach of DWG content. In fact, the recent launch marks the second US state where RSI offers games from the leading iGaming developer. Initially, the duo signed a similar deal for the regulated gambling market in New Jersey.

Now, thanks to the freshly minted partnership extension, BetRivers customers in Michigan will be able to tap into Break the Bounty LuckyTap, 10X Fortune and Double Fancy 7s slot games, which have been integrated with the OpenGaming platform from Light & Wonder. Moreover, the duo confirmed plans to introduce additional titles for players in the state soon.

In addition to the expanded deal with DWG, RSI confirmed a recent senior-level hire. The company revealed it hired the services of Eric Althaus, a casino industry veteran with significant experience, for the role of general manager at Rivers Casino Philadelphia.

The Two Companies Are Delighted to Expand Their Collaboration

DWG’s CEO, Troy Zurawski, shared his excitement about the latest collaboration. He acknowledged that the company’s expectations were surpassed after the initial launch with RSI earlier this year. Zurawski added: “RSI knows their player base inside and out and together we’ve been able to provide casino games we know are going to resonate with their customers keeping them engaged and entertained.” Finally, he said that DWG is excited to see its content reach new customers in Michigan.

“Since we first launched with RSI earlier this year, performance has far exceeded our expectations.“

Troy Zurawski, CEO of DWG

Richard Schwartz, RSI’s CEO, was also excited about the expanded partnership with DWG. He explained that the content from the leading iGaming developer resonates well with the quality offering the customers of the BetRivers brand are used to. Finally, Schwartz said that the company is thrilled to expand its offering for BetRivers customers in Michigan.

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Bragg Gaming Group has announced that its gaming content and solutions are now live in Pennsylvania thanks to an agreement with Rush Street Interactive (RSI). The former company, which already offers Spin Games content in the state, has now introduced titles from its in-house Bragg Studios as well.

Bragg Studios content such as Fairy Dust by Atomic Slot Lab and exclusive content from the Powered by Bragg program will now be available at RSI’s local brands, BetRivers and PlaySugarHouse.

The deal furthers Bragg Gaming’s NA expansion strategy, allowing it to supply content to yet another major operator. For reference, RSI is one of the biggest iGaming companies in the United States, Canada and LATAM. All of the newly-integrated content will be delivered via Bragg’s new Remote Game Server Tech.

The current agreement represents an extension of the existing agreement between Bragg Gaming and RSI, with Bragg having previously supplied the operator with RGS tech and content in New Jersey, Ontario and Michigan.

The launch of more content is a major development for Bragg, considering the size of the local gaming market. Experts believe that the local market will generate almost two billion dollars in gross win this year, which will cement it as the largest regulated iGaming market in the United States.

Bragg Gaming Group’s chief executive officer, Yaniv Sherman, commented on the launch of content in Pennsylvania. He noted that by providing RSI’s BetRivers and PlaySugarHouse brands with third-party content, Bragg will expand its presence in the NA region as a whole.

Sherman added that his team is delighted to roll out its new RGS tech and content with a leading operator such as RSI, in a major market such as Pennsylvania.

We are delighted to roll out our new RGS technology and content with a leading operator in a large and growing U.S. market and look to continue our ongoing work with RSI as we provide their Pennsylvania players with engaging content and a great gaming entertainment experience.

Yaniv Sherman, CEO, Bragg Gaming Group

Meanwhile, Richard Schwartz, Rush Street Interactive’s chief executive officer, said that the experience his team has had with Bragg Gaming so far has been positive. Because of that, RSI is thrilled to incorporate content from the supplier into its Pennsylvanian offering as well.

Bragg’s content clearly resonates with our players and we are confident that our continually growing base of customers in Pennsylvania will enjoy the best-in-class entertainment experience provided by their content library.

Richard Schwartz, CEO, RSI

RSI continues to diversify its content library. The operator recently onboarded games from Greentube in Ontario and Michigan.

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As a result, Greentube games will be available to Rush Street Interactive in Michigan in the United States and Ontario in Canada. This marks a major partnership extension for Greentube and Rush Street Interactive, which covers the BetRivers gaming and betting brand.

Action on Both Sides of the Border

Players in both markets will now gain access to many of Greentube’s most iconic titles, including but not limited to Thunder Cash, Clover Link, Diamond Cash, and others. The games are part of Greentube’s established jackpot series that adds tons of value to players and operators who are looking to better engage with their audiences.

Diamond Cash: Mighty Elephant, Thunder Cash: Dolphin Pearl and Lone Str Jackpots will now all be featured as part of BetRivers Michigan and BetRivers Ontario’s portfolios. The two companies have already collaborated on a similar content alliance earlier in the year, with Greentube and RSI launching in the market in New Jersey in 2022.

Meanwhile, RSI has been rapidly expanding its reach in various jurisdictions in the United States and Canada, with the company now present in 15 US states, and Ontario in Canada, Colombia, and Mexico in Latin America. Extending the partnership clearly indicates that the ongoing collaboration has been largely successful and marked by important milestones and achievements for both companies.

Greentube sales and key account manager Jorge Bartra Quispe remarked that the new collaboration was inspired by the success of the New Jersey launch. He hailed the opportunity to expand further into the market.

“Our content is proven to resonate with players in the region and we look forward to rolling it out to a fresh wave of players in conjunction with our long-term partnership with RSI”, Quispe said.

Welcoming a Meaningful and Purposeful Opportunity

RSI CEO Richard Schwartz said that the BetRivers brand was one that has established itself in the North American market and was known to provide players with outstanding and exciting products. Schwartz explained:

We are thrilled to build on our partnership with Greentube to further strengthen our offering as we bring an exciting line-up of popular casino games to our customers in Ontario and Michigan.

RSI CEO Richard Schwartz

He argued that the partnership extension with Greentube in Ontario and Michigan was a natural continuation of the two companies’ efforts to strengthen their presence in the highly-coveted iGaming market across the region.

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Online casino and sports betting operator Rush Street Interactive has unveiled what it calls “the most exciting online slot tournament in Michigan history.” The so-called BetRivers Michigan Million Online Slot Tournament will provide slot aficionados with a shot at various exciting prizes.

BeRivers Michigan Million players will get to play slots and earn points for their successes. Each successful spin will help players accumulate more points and rise above their peers. The best players will secure positions in the next round of tournament play, RSI explained.

To qualify for a chance to win $1 million in bonus money, players need to visit BetRivers.com from April 1 to 30. Then, they must make a single deposit of $50+ using the code “MILLION” into their BetRivers account. At that point, players will be awarded 100 Tournament Spins that they should use smartly before April 30. Depending on their performance, players can secure additional spins.

The top 400 players from the qualifying round will advance to the semi-final round. Then, each of these players will be awarded another 200 Tournament Spins that they can use between May 5 and 6. Only the top 10 players will advance to the finals but everyone who failed to qualify will receive $1,500 in bonus money.

The final round of the tournament will take place live on May 15. The 10 participants will have 10 minutes and unlimited spins. The luckiest player will receive the $100,000 bonus money grand prize, while the other two will each win $35,000 in bonus money.

John Mason Will Join RSI for the Event

RSI also noted that John Mason, a Detroit radio host and public address announcer for the Detroit Pistons, will once again join the BetRivers team. Mason, who placed the first-ever legal bet on BetRivers.com, will help the operator make the tournament even more exciting.

Mason said that Michigan players have never seen anything quite like this slot tournament. He added that he is excited to be a part of this thrilling event.

I’ve been connected to the brand since the launch and am thrilled to be part of the BetRivers Michigan Million Online Slot Tournament. I can’t wait to see 400 Michiganders win their share of the $1 million bonus money prize pool.

John Mason

Richard Schwartz, RSI’s chief executive officer, also commented on the matter. He said that his team is looking forward to hosting the most exciting online slots tournament Michigan has ever seen.

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Online gaming and sports betting operator Rush Street Interactive, Inc. (RSI) published its financial report for the fourth quarter of 2022 and the full year ended December 31, 2022, posting revenue increases of 27% and 21%, respectively.

Strong Revenue Growth

RSI generated in the last business quarter of 2022 revenue of $165.5 million to contribute to a full-year 2022 revenue of $592.2 million. For comparison, in Q4 2021 the Chicago-based gaming company registered revenue of $130.6 million, while for the full year, it amounted to $488.1 million.

Commenting on the results, Richard Schwartz, chief executive officer of RSI, outlined that the strong quarter and record results for the year were driven by a growth of 95% in RSI’s Latin American and new North American markets the company had launched operations after 2020.

Net Loss, Negative Adjusted EBITDA

The company’s net loss in Q4 2022 was $31.1 million, registering a decrease of 18.4% from $38.1 million in the fourth quarter of 2021. Quarterly adjusted EBITDA was a loss of $17.3 million, down 44.6% from the adjusted EBITDA loss of $31.2 million in Q4 2021.

For the full year, net loss significantly increased to reach $134.4 million, up 88.9% from $71.1 million in the year prior. Consequently, full-year adjusted EBITDA came at negative $91.8 million to register an increase of 41% from $65.1 million in 2021.

“We expect to achieve positive Adjusted EBITDA for the second half of 2023 and continue to be selective as we prioritize investments in markets with higher returns,” Schwartz said.

2023 Revenue Guidance

RSI used the report to initiate revenue guidance for the full year 2023, expecting to achieve revenue of between $630 million and $700 million, based on certain assumptions, including professional and college sports calendars remaining intact, the company maintaining operations in all jurisdictions it operates now, and that results from new jurisdiction launches are excluded.

“Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point. We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results,” Schwartz concluded in his comments.

Other Financial Highlights

RSI noted that its adjusted advertising and promotions expenses in the fourth quarter marginally dropped to $63.2 million, as compared to $64 million in the respective quarter of 2021, while for the full year, there was an increase of 16.9% to $218.4 million ($186.9 million in 2021).

The number of real-money monthly active users increased proportionally in the quarter and the year: 22% in Q4 and 29% in full-year 2022, allowing RSI to register average revenue per monthly active user of $327 in the fourth quarter and $315 during the year. The full-year result is down 9% year-over-year.  

At the end of the reported period, December 31, 2022, RSI’s cash balance stood at $180 million of unrestricted cash and cash equivalents.

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