Total revenue for the third quarter amounted to $123M, with significant growth in monthly active users. The company saw a net loss of $18.9M and Adjusted EBITDA loss of $12M. During this past quarter, the company went live in new U.S. markets, as well as in Canada, broadening its footprint and paving the way for an increased full-year revenue between $480M and $500M.
Rush Street Interactive announced Wednesday the publication of its Q3 report for the period ended September 30. The records show a revenue of $122.9 million, which stands for an increase of 57% in a year-over-year comparison.
The company perceived a net loss of $18.9 millions, in contrast to a net loss of $26.5 million during the same period in 2020. Adjusted EBITDA loss was $12.2 million, and Adjusted Advertising and Promotions Expense was $45.4 million, or 37% of revenue during this past period.
Real-Money Monthly Active Users (MAUs) in the U.S. for the period were up 26% year-over-year with average revenue per MAU (ARPMAU) of $380 during this past quarter. As of September 30, 2021, RSI had $347 million of unrestricted cash and cash equivalents.
After the release of Q3 results, Richard Schwartz, Chief Executive Officer of RSI, reflected on the company’s numbers for the period and said: “We are very encouraged by the ongoing execution of our business strategy across the entire organization. New market access and launches have continued to be a significant driver of our overall success. We have recently launched the PlaySugarHouse online sportsbook and four of the fifteen planned retail sportsbooks in Connecticut. RSI is one of only three permitted operators in the state and is the exclusive partner of the Connecticut Lottery”.
“Additionally, we recently launched with the BetRivers brand for online sports betting in Arizona via our partnership with the Arizona Rattlers, as well as our social gaming platform, CASINO4FUN® in Ontario which will set the stage for future incremental revenues when the Ontario market goes live. Earlier this week, RSI was selected by the State of New York as one of just nine operators permitted to offer mobile sports wagering in the state. Upon launch of its online sportsbook in New York, RSI will be one of only three companies with online gaming market access in New York, New Jersey, and Connecticut. The New York City media market, the largest media market in the nation, taps into all three states in the tri-state region, giving RSI significant long-term marketing efficiencies”, he continued.
“In addition to growing our current markets, we have worked to expand our bet offerings to existing customers. Single-game-parlay markets are now live in all of our sports betting states and we have launched BetRivers.com and PlaySugarHouse.com branded, live-casino studios for players in Pennsylvania and New Jersey. Our exclusive partnership with Magic City Jai-Alai allows us to offer sports betting on the fast-action sport”, he commented.
“Our solid execution is also being recognized within our industry. We were recently awarded ‘Sportsbook of the Year’ at the SBC Latinoamérica Awards 2021 and shortlisted for ‘Casino Operator of the Year,’ ‘Social Operator of the Year’ and ‘Leader of the Year’ at the SBC Awards North America to be held in early December. Additionally, in the most recent quarterly update, our BetRivers sportsbook mobile app was rated #3 out of 35 total apps in the US Market by Eilers & Krejcik. We are thankful for the recognitions and believe that they provide further validation of our success in providing a premier experience to our customers”, he concluded.
RSI expects revenues for the full year ending December 31, 2021, to be between $480 and $500 million, up from its previous guidance of between $465 and $495 million. This would imply an estimate of 75% increase in a year-over-year comparison.
RSI has recently launched PlaySugarHouse online sportsbook in Connecticut, along with four of the fifteen planned retail sportsbooks, as the exclusive partner of the Connecticut Lottery. It has also launched in Arizona through its partnership with the Arizona Rattlers.
The company has also entered the Canadian market with the launch of its social gaming platform “CASINO4FUN” in the province of Ontario at BetRivers.net. Its BetRivers.com and PlaySugarHouse.com brands went live in Pennsylvania and New Jersey with live-casino studios; and more.