Rush Street Interactive (RSI) has raised its full-year revenue guidance by 20 per cent after the firm praised its ‘solid execution and financial discipline’ during Q3 trading.
Publishing its financial results for the three-month period ended 30 September, RSI noted that Q3 revenues amounted to $78.2m, up a significant 368.2 per cent from 2019’s $16.7m.
Greg Carlin, Chief Executive Officer of RSI, said: “Solid execution and financial discipline helped drive our third-quarter success. During our third quarter, we grew revenues 370 per cent year-over-year with an 81 per cent increase in marketing spend during the same period.
“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,” said Carlin.
“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.”
Adjusted earnings for the quarter totalled $9.9m, up from a loss of $1.3m reported in 2019. Meanwhile the number of real-money active users increased greatly, rising by 135 per cent year-on-year and 87 per cent quarter-on-quarter.
The firm, which entered into a business combination agreement with dMY Technology Group that will result in a public listing on the NYSE, also saw its loss widen from $1.6m to $28.1m.
Richard Schwartz, President of RSI, added: “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 number-one online casino share in the US 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.”
Among its Q3 highlights, RSI lauded its new partnerships with five-time Stanley Cup champions Pittsburgh Penguins, Jerome Bettis and TopGolf, having also partnered with IMG Arena to debut the first-ever UFC Event Centre.
Moving forward, RSI predicted that full-year revenues will be in the range of $265m – $275m, an increase of 20 per cent from its prior guidance of $225m.