Rush Street Interactive revenue soars 370% in Q3

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ush Street Interactive (RSI), the operator of BetRivers.com, announced Tuesday financial results for the third quarter. Revenue amounted to $78.2 million, an increase of 370% compared to $16.7 million reported during the third quarter of 2019.

Adjusted EBITDA was $9.9 million, compared to a loss of $1.3 million in the same period of the prior year. Advertising and promotions expense was $17.5, 81% up from $9.7 million. Real money active users in the United States were up 135% year-over-year and 87% quarter-over-quarter.

The company said it is raising full-year 2020 revenue guidance to a range of $265 to $275 million, which represents a 20% increase from its previous guidance of $225 million. During fiscal 2019, the company had revenue of $64 million.

“Solid execution and financial discipline helped drive our third quarter success,” said Greg Carlin, Chief Executive Officer of RSI. “As we move toward completing a transformational year for RSI, we have built a strong technological and operational foundation that we expect will continue to serve us well as we expand into new markets. We are excited to be on the path to becoming a publicly listed company and expect that our customer acquisition strategy and growing market share will create sustainable long-term value for our shareholders.”

Richard Schwartz, President of RSI, commented: “Our third quarter results demonstrate RSI’s commitment to excellence and validates our focus on player engagement and building a best-in-class technology stack, which have enabled us to attract and retain a loyal and diverse user base. We have maintained the #1 online casino share in the United States for the second straight quarter according to Eilers & Krejcik. The discipline in how we bring new players onto the BetRivers.com and PlaySugarHouse.com platforms, and retain existing players, is the hallmark of our approach and will remain core to the Company as we continue to expand and enhance our product offerings.”