NYSE:RSI

Rush Street Interactive Announces Third Quarter 2023 Results

Published

1 month ago

November 1, 2023

– Third Quarter Revenue of $170 Million, up 15% Year-over-Year –
– Increased Adjusted EBITDA Profitability for the Second Consecutive Quarter –
– Strong Performance Leads to Expectations to be Adjusted EBITDA Positive for Full Year 2023 –
– Raising Full Year 2023 Revenue Guidance Midpoint with a Revised Range of Between $665 and $685 Million –

CHICAGO, Nov. 01, 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 third quarter ended September 30, 2023.

Third Quarter 2023 Highlights

Revenue was $169.9 million during the third quarter of 2023, an increase of 15%, compared to $148.0 million during the third quarter of 2022.
Net loss was $13.4 million during the third quarter of 2023, compared to a net loss of $22.7 million during the third quarter of 2022.
Adjusted EBITDA¹ was a positive $4.1 million during the third quarter of 2023, compared to an Adjusted EBITDA loss of $12.5 million during the third quarter of 2022.
Adjusted advertising and promotions expense¹ was $34.1 million during the third quarter of 2023, compared to $44.7 million during the third quarter of 2022.
Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $374 during the third quarter of 2023, up 8% year-over-year.
As of September 30, 2023, RSI had $171 million of unrestricted cash and cash equivalents.
Selected by the Delaware Lottery as its exclusive online gaming provider with expected launch in early winter.
Launched unique Prop Central functionality with initial sportsbook results leading to material increases in higher-margin player prop bets.

Richard Schwartz, Chief Executive Officer of RSI, said, “Thanks to our decade-long investment in cutting-edge technology and a customer-centric approach, we’ve positioned ourselves as a top 5 online operator in the U.S., with a leading position in iGaming and a growing online sports book. As discerning consumers seek out the best products and user experiences, our third quarter results affirm our ability to deliver on both counts as we continue to acquire, engage and retain customers.”

“With strong revenue growth and more efficient marketing spend, we are proud to report another quarter of increasing quarterly profitability on an adjusted EBITDA basis as well as our expectation to have positive Adjusted EBITDA for the full year, underscoring our commitment to sustainable growth and profitability. Our focus on innovation and efficiency has elevated our market-leading ROI enabling us to navigate competitive markets with remarkable success and resilience. As we look ahead to new opportunities in North America and Latin America, we remain optimistic and excited about the path that lies ahead.”
______________________________
_{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 $665 and $685 million, increasing the midpoint compared to the previous guidance. At the midpoint of the range, revenue of $675 million represents 14% 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, and (ii) 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 third 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 982260.

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 December 1, 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, cash flows or profitability (whether on a GAAP or non-GAAP basis), 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, outcomes of current or future regulatory developments 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 and interest 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 September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue	$	169,887		$	148,004		$	497,310		$	426,678

Operating costs and expenses
Costs of revenue		116,159			103,321			333,166			308,061
Advertising and promotions		34,620			45,203			125,525			156,794
General administration and other		22,409			16,040			64,559			48,190
Depreciation and amortization		8,401			4,039			22,144			10,066
Total operating costs and expenses		181,589			168,603			545,394			523,111
Loss from operations		(11,702	)		(20,599	)		(48,084	)		(96,433	)

Other income (expenses)
Interest income (expense), net		762			(219	)		1,430			(664	)
Loss before income taxes		(10,940	)		(20,818	)		(46,654	)		(97,097	)

Income tax expense		2,426			1,839			7,946			6,176
Net Loss	$	(13,366	)	$	(22,657	)	$	(54,600	)	$	(103,273	)

Net loss attributable to non-controlling interests		(9,187	)		(16,044	)		(38,022	)		(73,631	)
Net loss attributable to Rush Street Interactive, Inc.	$	(4,179	)	$	(6,613	)	$	(16,578	)	$	(29,642	)

Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted	$	(0.06	)	$	(0.10	)	$	(0.25	)	$	(0.47	)
Weighted average common shares outstanding – basic and diluted		69,698,787			64,058,437			67,465,694			63,283,591

Rush Street Interactive, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited and in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net loss	$	(13,366	)	$	(22,657	)	$	(54,600	)	$	(103,273	)

Other comprehensive loss
Foreign currency translation adjustment		1,495			(1,368	)		3,465			(1,777	)
Comprehensive loss	$	(11,871	)	$	(24,025	)	$	(51,135	)	$	(105,050	)

Comprehensive loss attributable to non-controlling interests		(8,161	)		(17,014	)		(35,621	)		(74,877	)
Comprehensive loss attributable to Rush Street Interactive, Inc.	$	(3,710	)	$	(7,011	)	$	(15,514	)	$	(30,173	)

Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands)

Adjusted EBITDA:

	Three Months Ended September 30,						Nine Months Ended September 30,
*($ in thousands)*		2023			2022			2023			2022
Net loss	$	(13,366	)	$	(22,657	)	$	(54,600	)	$	(103,273	)

Interest (income) expense, net		(762	)		219			(1,430	)		664
Income tax expense		2,426			1,839			7,946			6,176
Depreciation and amortization		8,401			4,039			22,144			10,066
Share-based compensation expense		7,402			4,084			22,595			11,901
Adjusted EBITDA	$	4,101		$	(12,476	)	$	(3,345	)	$	(74,466	)

Adjusted Operating Costs and Expenses:

	Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
GAAP operating costs and expenses:
Costs of revenue	$	116,159		$	103,321		$	333,166		$	308,061
Advertising and promotions		34,620			45,203			125,525			156,794
General administration and other		22,409			16,040			64,559			48,190
Depreciation and amortization		8,401			4,039			22,144			10,066
Total operating costs and expenses	$	181,589		$	168,603		$	545,394		$	523,111

Non-GAAP operating cost and expense adjustments:
Costs of revenue¹	$	(269	)	$	(249	)	$	(795	)	$	(739	)
Advertising and promotions¹		(565	)		(516	)		(1,660	)		(1,532	)
General administration and other¹		(6,568	)		(3,319	)		(20,140	)		(9,630	)
Depreciation and amortization		—			—			—			—
Total non-GAAP operating cost and expense adjustments	$	(7,402	)	$	(4,084	)	$	(22,595	)	$	(11,901	)

Adjusted operating costs and expenses:
Costs of revenue	$	115,890		$	103,072		$	332,371		$	307,322
Advertising and promotions		34,055			44,687			123,865			155,262
General administration and other		15,841			12,721			44,419			38,560
Depreciation and amortization		8,401			4,039			22,144			10,066
Total adjusted operating costs and expenses	$	174,187		$	164,519		$	522,799		$	511,210

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 September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Adjusted Net Loss
Net loss attributable to Rush Street Interactive, Inc. – basic and diluted	$	(4,179	)	$	(6,613	)	$	(16,578	)	$	(29,642	)
Adjustments:
Net loss attributable to non-controlling interests		(9,187	)		(16,044	)		(38,022	)		(73,631	)
Share-based compensation expense		7,402			4,084			22,595			11,901
Adjusted Net Loss	$	(5,964	)	$	(18,573	)	$	(32,005	)	$	(91,372	)

Adjusted Weighted Average Common Shares Outstanding
Weighted average common shares outstanding – basic and diluted		69,698,787			64,058,437			67,465,694			63,283,591
Adjustments:
Conversion of weighted average RSILP Units to Class A Common Shares		152,319,724			156,373,584			154,196,531			156,796,400
Adjusted Weighted Average Common Shares Outstanding		222,018,511			220,432,021			221,662,225			220,079,991

Net loss per common share attributable to Rush Street Interactive, Inc. – basic and diluted:	$	(0.06	)	$	(0.10	)	$	(0.25	)	$	(0.47	)
Adjusted Net Loss per Share	$	(0.03	)	$	(0.08	)	$	(0.14	)	$	(0.42	)

NYSE:RSI

Rush Street Interactive Ranked Number 170 Fastest-Growing Company in North America on the 2023 Deloitte Technology Fast 500™

Published

3 weeks ago

November 9, 2023

GlobeNewswire

Attributes 830% revenue growth to developing and operationalizing a proprietary online platform that delivers innovative and frictionless experiences to its casino and sportsbook customers

CHICAGO, Nov. 09, 2023 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), which operates the BetRivers and PlaySugarHouse online casinos and sportsbooks, today announced it ranked #170 on the Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29^th year. RSI grew 830% from 2019 to 2022.

Richard Schwartz, Chief Executive Officer of RSI, said, “We are honored by Deloitte to be recognized alongside the world’s most innovative and fastest growing technology companies. Since inception, RSI’s focus on quality and customer-centricity has set us apart in the online gaming space. Our 830% revenue growth and recent adjusted EBITDA profitability in highly competitive markets showcases the success of our strategy. We are proud to be recognized for driving our vision forward, and excited for our future, as we continue to position our company for long-term growth for our shareholders.”

“Each year we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy,” said Paul Silverglate, Vice Chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”

Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame from 2019 to 2022, with an average growth rate of 1,934% and a median growth rate of 497%.

About the 2023 Deloitte Technology Fast 500
Now in its 29^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

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, Delaware, 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.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500^® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.

# # #

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

CONTACTS:

For RSI:

Media:
Lisa Johnson
(609) 788-8548
[email protected]

Investors:
[email protected]

NYSE:RSI

Rush Street Interactive Announces Third Quarter 2023 Earnings Release Date

Published

2 months ago

October 9, 2023

GlobeNewswire

CHICAGO, Oct. 09, 2023 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”) today announced that it will release its third quarter 2023 results after the market close on Wednesday, November 1, 2023, followed by a conference call at 5:00 pm Eastern Time (4:00 pm Central Time) to discuss the results.

RSI’s earnings press release and related materials will be available at ir.rushstreetinteractive.com. To listen to the audio webcast and live Q&A, please visit RSI’s investor relations website at ir.rushstreetinteractive.com. Interested parties may also dial 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 982260.

An audio replay of the webcast will be available on RSI’s investor relations website shortly after the call until at least December 1, 2023.

About RSI

Contacts

Media:
Lisa Johnson
(609) 788-8548
[email protected]

Investors:
[email protected]

NYSE:RSI

Rush Street Interactive Selected by Delaware Lottery as Its Vendor for Online Gaming Operations

Published

4 months ago

August 17, 2023

GlobeNewswire

CHICAGO, Aug. 17, 2023 (GLOBE NEWSWIRE) — Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States, today announced that it has been selected by the Delaware State Lottery as its vendor for the state’s online gaming business. RSI will provide state-of-the-art online gaming in Delaware for an initial term of 5 years, renewable for additional 1-year terms for an additional 5 years pending regulatory approvals.

“We are honored to be selected by the Delaware State Lottery selection committee to provide online gaming operations in the First State,” said Richard Schwartz, CEO of RSI. “This partnership is yet another significant milestone for RSI, as the confidence of a state-backed organization, such as the Delaware Lottery, further validates the trust that lottery officials have in our award-winning online platform and customer service. Building on our proven track record of success in the tri-state area of Delaware, Pennsylvania and New Jersey, where RSI was an early entrant in the first online market in the U.S., we are honored to collaborate with the Delaware Lottery team and the state’s three casinos to offer consumers who are geo-located in Delaware with safe, convenient, and innovative online gaming experiences.”

“Rush Street Interactive has established itself as a leading innovator in the industry, and is a respected iGaming and sports betting company,” said Helene Keeley, Director of the Delaware Lottery. “We are impressed not only with RSI’s successes in other jurisdictions, including neighboring New Jersey and Pennsylvania, but also its strong commitment to responsible gambling practices.”

RSI, a top five online gaming provider, is currently live in 15 states and the regulated international markets of the Canadian province of Ontario, Colombia and Mexico.

“We look forward to working with the well-respected RSI team,” Ms. Keeley continued. “We reviewed proposed bids from other online gaming companies and suppliers, and the combination of experience and commitment to quality products, customer service, and responsible gaming is why we selected RSI. We’re delighted to begin this partnership and have no doubt that Delawareans and the customers of Delaware’s three casinos will be thrilled with RSI’s exciting library of offerings and industry-leading customer service.”

Mr. Schwartz concluded, “RSI continues to demonstrate itself as a leader in the industry as more and more states across the country welcome online gaming. With our proven and trusted operations, in-house technology, and platform, we are proud to deliver robust value and results to forward-thinking government entities or businesses. RSI is devoted to make thoughtful strides in our expansion and in the successful execution of our approach to delivering best-in-class products and services to our customers.”

Delaware became the first U.S. state to implement comprehensive intrastate iGaming including poker, slots and bingo when the General Assembly passed the Delaware Gaming Competitiveness Act of 2012 in June 2012.

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, Delaware, 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.

About the Delaware Lottery

Since the start of operations in 1975, the Delaware Lottery has contributed $6.0 billion to the state’s General Fund to help finance needed state services that benefit everyone in Delaware. The Lottery offers a variety of games: POWERBALL®, MEGA MILLIONS®, LOTTO AMERICA®, MULTI-WIN LOTTO, LUCKY FOR LIFE®, PLAY 3, PLAY 4, Keno®, Sports Lottery and Instant Games, iGaming, Video Lottery and Table Games. Delaware Lottery game and promotional details are available at delottery.com, at licensed locations, and from the Lottery’s office in Dover, Delaware.

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 partnership with the Delaware State Lottery and the anticipated products and services made available in connection with that partnership. 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
For RSI
Media:
Lisa Johnson
(609) 788-8548
[email protected]

Investors:
[email protected]