NYSE:RSI
Rush Street Interactive Announces Second Quarter 2023 Results
– Second Quarter Revenue of $165.1 Million, up 15% Year-over-Year –
– Achieved Adjusted EBITDA Profitability for the Quarter –
– Raising Full Year 2023 Revenue Guidance Midpoint with a Revised Range of between $650 and $690 Million –
CHICAGO, Aug. 02, 2023 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Revenue was $165.1 million during the second quarter of 2023, an increase of 15%, compared to $143.7 million during the second quarter of 2022.
- Net loss was $16.7 million during the second quarter of 2023, compared to a net loss of $28.3 million during the second quarter of 2022.
- Adjusted EBITDA1 was a positive $1.2 million during the second quarter of 2023, compared to an Adjusted EBITDA loss of $18.6 million during the second quarter of 2022.
- Adjusted advertising and promotions expense1 was $40.4 million during the second quarter of 2023, compared to $44.2 million during the second quarter of 2022.
- Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $359 during the second quarter of 2023, up 11% year-over-year.
- As of June 30, 2023, RSI had $128 million of unrestricted cash and cash equivalents.
Richard Schwartz, Chief Executive Officer of RSI, said, “Through the first half of the year the organization performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule. This performance capped our strong first half with an adjusted EBITDA improvement of over $54 million compared to the first half of the prior year. This increase in profitability was mainly driven by operational improvements, as well as 15% revenue growth, led by strong growth in Colombia and markets that we launched after 2020.”
“We have built a fundamentally strong business with a firm foundation. Looking ahead, we are optimistic about our ability to innovate and continue to improve the quality of the user experience. With a solid financial position, a proprietary and scalable technology platform, and effective operational discipline, we are confident in our ability to continue executing successfully, positioning ourselves for further revenue and profitability growth in the future.”
______________________________
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for a reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Guidance
RSI expects revenue for the full year ending December 31, 2023 to be between $650 and $690 million, increasing the midpoint by $5 million compared to the previous guidance. At the midpoint of the range, revenue of $670 million represents 13% year-over-year growth when compared to $592 million of revenues for 2022.
This range is based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, (ii) all professional and college sports calendars that have been announced come to fruition, including the completion of their 2023 seasons, and (iii) RSI continues to operate in markets in which it is live today, except for Connecticut.
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast today at 5:00 p.m. Eastern Time (4:00 p.m. Central Time), during which management will discuss second quarter results and provide commentary on business performance and its current outlook for 2023. A question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing 1-844-200-6205 (Toll Free) or 1-646-904 5544 (Local) or, for international callers, 1-929-526-1599. The conference call access code is 027620.
A live audio webcast of the earnings conference call may be accessed on RSI’s website at ir.rushstreetinteractive.com, along with a copy of this press release and an investor slide presentation. The audio webcast and investor slide presentation will be available on RSI’s investor relations website until at least September 2, 2023.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: Pennsylvania, Illinois, New Jersey, New York, Ohio, Connecticut, Michigan, Indiana, Virginia, Colorado, Maryland, Iowa, West Virginia, Arizona and Louisiana, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2023 EGR North America Awards Customer Services Operator of the Year, the 2022 EGR North America Awards Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Non-GAAP Financial Measures
In addition to providing financial measurements based on accounting principles generally accepted in the United States (“GAAP”), this press release includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Net Loss Per Share, Adjusted Net Loss and Adjusted Weighted Average Common Shares Outstanding, each of which is a non-GAAP performance measure that RSI uses to supplement its results presented in accordance with GAAP. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP financial measure can be found below. RSI believes that presentation of these non-GAAP financial measures provides useful information to investors regarding RSI’s results of operations and operating performance, as they are similar to measures reported by its public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
RSI defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash (i.e., depreciation and amortization, and share-based compensation) or are not related to our underlying business performance (i.e., interest income or expense).
RSI defines Adjusted Operating Costs and Expenses as RSI’s GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash (i.e., share-based compensation) or are not related to our underlying business performance.
RSI defines Adjusted Net Loss Per Share as Adjusted Net Loss divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Loss is defined as net loss attributable to Rush Street Interactive, Inc. as used in the diluted net loss per share calculation, adjusted for the reallocation of net loss attributable to non-controlling interests, share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Weighted Average Common Shares Outstanding is defined as the weighted average number of common shares outstanding as used in the diluted net loss per share calculation, adjusted for the assumed conversion of the non-controlling interest’s Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis.
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI’s past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI’s management in operating our business. Management also believes these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Key Metrics
RSI provides certain key metrics, including Monthly Active Users (“MAUs”) and ARPMAU, in this press release. RSI defines MAUs as the number of unique users per month who have placed at least one real-money bet across one or more of our online casino or online sports betting offerings, and it defines ARPMAU as average revenue for the applicable period divided by the average MAUs for the same period.
The numbers RSI uses to calculate MAUs and ARPMAU are based on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base for the applicable period of measurement, there are inherent challenges in measuring usage and engagement with respect to RSI’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s key metrics and related estimates, including the definitions and calculations of the same, may differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RSI’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding guidance, RSI’s future results of operations, financial condition or profitability, currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI’s control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws or regulations; RSI’s ability to manage and sustain growth; RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; general economic and market conditions impacting the demand for RSI’s products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation rates and unemployment on RSI’s liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI’s filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contacts:
Lisa Johnson
(609) 788-8548
[email protected]
Investor Contact:
[email protected]
| Rush Street Interactive, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (Unaudited and in thousands, except per share data) | |||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Revenue | $ | 165,062 | $ | 143,736 | $ | 327,423 | $ | 278,674 | |||||||
| Operating costs and expenses | |||||||||||||||
| Costs of revenue | 109,853 | 104,882 | 217,007 | 204,740 | |||||||||||
| Advertising and promotions | 40,965 | 44,742 | 90,905 | 111,591 | |||||||||||
| General administration and other | 20,558 | 16,610 | 42,150 | 32,150 | |||||||||||
| Depreciation and amortization | 7,988 | 3,290 | 13,743 | 6,027 | |||||||||||
| Total operating costs and expenses | 179,364 | 169,524 | 363,805 | 354,508 | |||||||||||
| Loss from operations | (14,302 | ) | (25,788 | ) | (36,382 | ) | (75,834 | ) | |||||||
| Other income (expenses) | |||||||||||||||
| Interest income (expense), net | 288 | (223 | ) | 668 | (445 | ) | |||||||||
| Total other income (expenses) | 288 | (223 | ) | 668 | (445 | ) | |||||||||
| Loss before income taxes | (14,014 | ) | (26,011 | ) | (35,714 | ) | (76,279 | ) | |||||||
| Income tax expense | 2,720 | 2,335 | 5,520 | 4,337 | |||||||||||
| Net Loss | $ | (16,734 | ) | $ | (28,346 | ) | $ | (41,234 | ) | $ | (80,616 | ) | |||
| Net loss attributable to non-controlling interests | (11,595 | ) | (20,014 | ) | (28,835 | ) | (57,587 | ) | |||||||
| Net loss attributable to Rush Street Interactive, Inc. | $ | (5,139 | ) | $ | (8,332 | ) | $ | (12,399 | ) | $ | (23,029 | ) | |||
| Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.37 | ) | |||
| Weighted average common shares outstanding – basic and diluted | 67,389,454 | 63,976,146 | 66,330,641 | 62,889,746 | |||||||||||
| Rush Street Interactive, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Comprehensive Loss | |||||||||||||||
| (Unaudited and in thousands) | |||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Net loss | $ | (16,734 | ) | $ | (28,346 | ) | $ | (41,234 | ) | $ | (80,616 | ) | |||
| Other comprehensive loss | |||||||||||||||
| Foreign currency translation adjustment | 1,626 | (1,923 | ) | 1,970 | (409 | ) | |||||||||
| Comprehensive loss | $ | (15,108 | ) | $ | (30,269 | ) | $ | (39,264 | ) | $ | (81,025 | ) | |||
| Comprehensive loss attributable to non-controlling interests | (10,463 | ) | (21,378 | ) | (27,460 | ) | (57,863 | ) | |||||||
| Comprehensive loss attributable to Rush Street Interactive, Inc. | $ | (4,645 | ) | $ | (8,891 | ) | $ | (11,804 | ) | $ | (23,162 | ) | |||
| Rush Street Interactive, Inc. | |||||||||||||||||||||
| Reconciliations of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||
| (Unaudited and in thousands) | |||||||||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||||||||
| ($ in thousands) | 2023 | 2022 | 2023 |
2022 | |||||||||||||||||
| Net loss | $ | (16,734 | ) | $ | (28,346 | ) | $ | (41,234 | ) | $ | (80,616 | ) | |||||||||
| Interest (income) expense, net | (288 | ) | 223 | (668 | ) | 445 | |||||||||||||||
| Income tax expense | 2,720 | 2,335 | 5,520 | 4,337 | |||||||||||||||||
| Depreciation and amortization | 7,988 | 3,290 | 13,743 | 6,027 | |||||||||||||||||
| Share-based compensation expense | 7,518 | 3,880 | 15,193 | 7,817 | |||||||||||||||||
| Adjusted EBITDA | $ | 1,204 | $ | (18,618 | ) | $ | (7,446 | ) | $ | (61,990 | ) | ||||||||||
Adjusted Operating Costs and Expenses:
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| GAAP operating costs and expenses: | ||||||||||||||||
| Costs of revenue | $ | 109,853 | $ | 104,882 | $ | 217,007 | $ | 204,740 | ||||||||
| Advertising and promotions | 40,965 | 44,742 | 90,905 | 111,591 | ||||||||||||
| General administration and other | 20,558 | 16,610 | 42,150 | 32,150 | ||||||||||||
| Depreciation and amortization | 7,988 | 3,290 | 13,743 | 6,027 | ||||||||||||
| Total operating costs and expenses | $ | 179,364 | $ | 169,524 | $ | 363,805 | $ | 354,508 | ||||||||
| Non-GAAP operating cost and expense adjustments: | ||||||||||||||||
| Costs of revenue1 | $ | (269 | ) | $ | (246 | ) | $ | (526 | ) | $ | (490 | ) | ||||
| Advertising and promotions1 | (559 | ) | (511 | ) | (1,095 | ) | (1,016 | ) | ||||||||
| General administration and other1 | (6,690 | ) | (3,123 | ) | (13,572 | ) | (6,311 | ) | ||||||||
| Depreciation and amortization | — | — | — | — | ||||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (7,518 | ) | $ | (3,880 | ) | $ | (15,193 | ) | $ | (7,817 | ) | ||||
| Adjusted operating costs and expenses: | ||||||||||||||||
| Costs of revenue | $ | 109,584 | $ | 104,636 | $ | 216,481 | $ | 204,250 | ||||||||
| Advertising and promotions | 40,406 | 44,231 | 89,810 | 110,575 | ||||||||||||
| General administration and other | 13,868 | 13,487 | 28,578 | 25,839 | ||||||||||||
| Depreciation and amortization | 7,988 | 3,290 | 13,743 | 6,027 | ||||||||||||
| Total adjusted operating costs and expenses | $ | 171,846 | $ | 165,644 | $ | 348,612 | $ | 346,691 | ||||||||
- Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.
| Rush Street Interactive, Inc. | |||||||||||||||
| Reconciliations of GAAP to Non-GAAP Financial Measures | |||||||||||||||
| (Unaudited and in thousands, except share and per share data) | |||||||||||||||
| Adjusted Net Loss, Adjusted Weighted Average Common Shares Outstanding and Adjusted Net Loss Per Share: | |||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Adjusted Net Loss | |||||||||||||||
| Net loss attributable to Rush Street Interactive, Inc. – diluted | $ | (5,139 | ) | $ | (8,332 | ) | $ | (12,399 | ) | $ | (23,029 | ) | |||
| Adjustments: | |||||||||||||||
| Net loss attributable to non-controlling interests | (11,595 | ) | (20,014 | ) | (28,835 | ) | (57,587 | ) | |||||||
| Share-based compensation expense | 7,518 | 3,880 | 15,193 | 7,817 | |||||||||||
| Adjusted Net Loss | $ | (9,216 | ) | $ | (24,466 | ) | $ | (26,041 | ) | $ | (72,799 | ) | |||
| Adjusted Weighted Average Common Shares Outstanding | |||||||||||||||
| Weighted average common shares outstanding – diluted | 67,389,454 | 63,976,146 | 66,330,641 | 62,889,746 | |||||||||||
| Adjustments: | |||||||||||||||
| Conversion of weighted average RSILP Units to Class A Common Shares | 154,453,141 | 156,004,353 | 155,150,489 | 157,011,313 | |||||||||||
| Adjusted Weighted Average Common Shares Outstanding | 221,842,595 | 219,980,499 | 221,481,130 | 219,901,059 | |||||||||||
| Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted: | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.37 | ) | |||
| Adjusted Net Loss per Share – basic and diluted | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.33 | ) | |||
CHICAGO, Nov. 22, 2024 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced that Richard Schwartz, Chief Executive Officer and Kyle Sauers, Chief Financial Officer, will present at the Needham 4th Annual Consumer Tech/Ecommerce Virtual Conference on Monday, November 25 at 3:45 p.m. Eastern Time. The Company will also present at Craig-Hallum’s 4th Annual Online Gaming Conference on Monday, December 2 at 10:00 a.m. Eastern Time.
A live audio webcast of both presentations will be available through the “Investors” section of the Company’s website at www.rushstreetinteractive.com. Replays of the webcasts will be archived on the Company’s website for 90 days.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, and, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the SBC Latinoamérica Awards 2024 Casino Operator of the Year and 2021 Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Contacts
Media:
[email protected]
Investors:
[email protected]
CHICAGO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online gaming and sportsbook operator, is proud to announce that it has been named Casino Operator of the Year at the prestigious SBC Latinoamérica Awards 2024. This accolade highlights RSI’s exceptional growth and commercial success in the Latin American market.
“We are honored to receive the SBC’s Latinoamérica’s Casino Operator of the Year award,” said Richard Schwartz, CEO of RSI. “This recognition is a testament to our strategic focus on expanding our presence in Latin America and delivering a superior gaming experience to our players. Our commitment to innovation, customer satisfaction, and responsible gaming continues to drive our success in this dynamic market. RSI has significantly expanded its footprint in Latin America, launching operations in new markets and strengthening its position as a top-tier operator. We have introduced a range of innovative gaming products and services tailored to the preferences of Latin American players.”
The company’s dedication to providing exceptional customer service and a seamless gaming experience has been a key driver of its success. The SBC Latinoamérica Awards are renowned for recognizing excellence and innovation in the gaming industry. This award underscores RSI’s leadership and commitment to delivering value to its shareholders and customers alike.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Media Contacts:
Lisa Johnson
[email protected]
Investor Contact:
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bd74ebc-3ec1-4490-a54c-04492f5397e4.
NYSE:RSI
Rush Street Interactive Premieres Its New Online Poker Platform in Pennsylvania, Developed in Partnership with Well-Respected Poker Pro Phil Galfond
BetRivers Collaborates with Rivers Casino Poker Rooms to Connect Online and Live Poker Experiences
CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced the official launch of its highly anticipated proprietary online poker platform, in close partnership with Phil Galfond, a widely respected figure in the poker community. This ground-breaking launch marks a significant milestone in RSI’s broader poker strategy, offering a unique player-first experience designed by poker players, for poker players.
Designed by Poker Players for Poker Players
The BetRivers Poker platform was crafted through continuous real-time feedback from those who know the game best, including the experienced senior leadership team, many of whom are former professional poker players themselves. Their hands-on involvement has ensured that every feature, from game variety to reward systems, serves the poker community authentically.
A key differentiator of the BetRivers Poker platform is the deep involvement of Phil Galfond—not just as an ambassador, but as a vital partner in its design and development. As a professional poker player and industry innovator, Galfond brings invaluable insight into the game, ensuring the platform is finely tuned to meet the needs of poker players at every level.
“As poker players, we designed this platform from the ground up to be for the players – all players. From the amateur playing their very first hand to the sophisticated pro, everyone was kept in mind as we focused on fairness, excitement, and generous rewards that truly benefit the player,” said Phil Galfond. “I’ve been heavily involved in the game design, promotions, and policy decisions, and, more importantly, in building an incredible team that sees online poker the way I do.”
Innovative Features and Game Variety
BetRivers Poker offers a comprehensive suite of game formats, including cash games, Sit & Go tournaments, and Multi-Table Tournaments (MTTs), catering to players of all skill levels. The platform also introduces unique features like Dynamic Avatars, which provide players with real-time insights into their opponents’ play styles. These avatars dynamically adjust their expressions based on the opponent’s behavior, offering an intuitive and engaging way to read the competition. Additionally, the Cub3d Sit and Go Tournaments (SNGs) allow players to win up to 1500x their buy-in in minutes.
Expanding the Reach to Omnichannel Poker with Rivers Casinos
RSI’s collaboration with the renowned poker rooms at Rivers Casinos in Pittsburgh and Philadelphia enhances the poker experience for retail players, offering additional rewards and promotions that connect online and in-person play. Retail players can enjoy integrated rewards and seamless transitions between digital and live poker environments, making it easier to engage and play across both platforms. This omnichannel approach adds value for Rivers Casino’s poker community while offering all players the benefits of playing both online and live.
“We are incredibly excited about the launch of this platform. Our goal is to create a seamless experience for players, bridging the gap between the BetRivers digital and Rivers Casino offerings,” said Richard Schwartz, Chief Executive Officer of Rush Street Interactive. “By aligning with Rush Street Gaming’s strong retail presence, we are able to leverage our combined strengths to offer a truly unique poker experience that benefits players and drives growth across our entire portfolio.”
Tim Drehkoff, Chief Executive Officer of Rush Street Gaming, added, “This launch reinforces our commitment to offering Rivers Casino’s guests a wide variety of gaming options. By integrating online and in-person poker, we’re not only enhancing the player experience, but also providing a seamless loyalty and rewards program. We’re committed to continuing to innovate and provide value to our players.”
Low Rake & iRush Rewards Program
BetRivers Poker will offer among the lowest rake in Pennsylvania, giving players more value with every hand. Players also benefit from poker’s integration into the award-winning BetRivers iRush Rewards program, where they can earn and redeem points across both digital and retail properties. This cross-vertical integration highlights RSI’s dedication to delivering value across all gaming verticals, including online casino and sportsbook, with poker expected to drive a substantial overall revenue uplift.
Collaboration with Poker Night in America TV Series
BetRivers Poker’s reach will be expanded through its association with the well-known Poker Night in America (PNIA) series, owned by RSI. BetRivers Poker will appear across PNIA’s platforms, including social media, streaming, and its TV show, with plans to increase its presence over time. This exposure will help introduce BetRivers Poker to a broader audience of poker enthusiasts, leveraging PNIA’s established reach and influence in the poker community.
The Future of BetRivers Poker
The BetRivers online poker platform will initially launch in Pennsylvania, with plans to expand into additional jurisdictions as part of RSI’s long-term strategy. With its innovative features, strong partnerships, and a commitment to putting the player first, BetRivers is set to become the premier destination for online poker.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, and, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
About Rush Street Gaming
Rush Street Gaming and its affiliates have developed and operate Rivers Casino in Pittsburgh, Pennsylvania; Philadelphia, Pennsylvania; Des Plaines, Illinois (Chicago area); Schenectady, New York; and Portsmouth, Virginia. By placing an emphasis on superior design and outstanding customer service, Rush Street Gaming has become one of the leading casino developers in the United States. Rush Street’s casinos employ approximately 6,000 Team Members and generate more than $1.5 billion in annual gaming revenue. All Rush Street Gaming casinos have been voted a “Best Place to Work” or “Top Workplace” by their Team Members. For more information, visit RushStreetGaming.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RSI’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RSI’s expectations about its launch of online poker, the anticipated scope, benefits, results of online poker and future expansion, as well as RSI’s relative rake levels compared to competitors. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI’s control and are difficult to predict. Factors that may cause such differences include, without limitation, changes in applicable laws or regulations, unanticipated product or service delays, and other risks and uncertainties indicated from time to time in RSI’s most recent Annual Report on Form 10-K, including those under “Risk Factors” therein, and in RSI’s other filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contacts
Media:
[email protected]
Investors:
[email protected]
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