BetRivers, the iCasino app released by Rush Street Interactive (RSI) in November of last year, has been making waves in the online gaming world. With a focus on mobile betting, the app has seen impressive growth since its release. RSI’s CEO Richard Schwartz is optimistic about the future of BetRivers and the company as a whole.
Betrivers Doubling Down On Its Markets
In the race for market share, RSI is focusing on maximizing revenues from loyal customers in specific markets with what they believe to be better marketing efficiency. Schwartz said that BetRivers was profitable within five US online casino market areas – all of which have proven more lucrative than iCasino states except only Illinois’ home turf where it holds approximately 12%. Here are the five most profitable markets:
An Increase In Revenue
Schwartz said the company’s sports betting-only markets can be profitable, with “many-headed in that direction.” He believes this is because RSI has year-over-year revenue growth of 20% for the quarter, up to $148 million. This results in an EBITDA loss of $12.5 million, which is a considerable improvement from an $18.6 million loss in the second quarter. In BetRivers’ nine sportsbook-only markets, the company posted an aggregate loss of less than $5 million.
Last quarter, RSI’s marketing approach remained data-driven as they invested in customers at what we believe to be viable levels. This included New Jersey where the company rebranded PlaySugarHouse (an online casino market) with BetRivers. In talking about new markets like Ohio and Maryland, Schwartz said that his team continues refining its overall strategy.
Patent Pending Squares Game
Bettors will have more opportunities to win prizes this football season with the introduction of a new squares game. The game, which is patent-pending, will allow players to bet on the Super Bowl. They will be given squares based on their activity on the site and will win prizes when their numbers hit. With this new game, bettors of all levels can enjoy the excitement of the Super Bowl without having to worry about picking a winning team.
More Investment Opportunities For RSI
Rush Street executives are confident about their future opportunities, as they continue to refine their plans. According to CFO Kyle Sauers, the company has a strong financial position, with significant cash reserves and no debt. This gives them the flexibility to make investments where they believe they will get the best return.
In addition, they are focused on profitability and see a clear path to achieving this goal. The company’s confidence is based on its strong track record and its ability to adapt to changing market conditions. These factors give Rush Street executives good reason to be optimistic about the future.