Last week, online gambling company Rush Street Interactive (RSI) announced financial results for the quarter that ended Sept. 30, 2022. During the third quarter, the business delivered $148M in revenue, an increase of 20%, compared to $122.9M during Q3 2021. The company attributes this growth to strong performance in its online casino and sports betting businesses.
Despite that, RSI’s adjusted EBITDA fell by 2.5% year-over-year to $12.5 million in the most recent quarter, though this still represented an improvement from the company’s $18 million earnings before interest, taxes, depreciation, and amortization in the previous quarter.
RSI also announced a net loss of $22.7 million during the third quarter of 2022. That was greater than a loss of $18.9 million during the same period last year. Despite the lower overall results, RSI’s CEO expressed confidence in the company’s progress and prospects for the future. He noted that RSI is seeing increased demand for its products and services, and he believes that the company is well-positioned to capitalize on this trend.
RSI Has Achieved Several Impressive Milestones
RSI’s online casino brand, BetRivers, became the first in West Virginia to offer Evolution live table games when it launched in June. The addition of live dealer games provides another level of excitement and interaction for BetRivers’ online casino patrons. Live dealer games are conducted by a real person and streamed live to players’ computers or mobile devices. This allows players to interact with the dealer and other players, as well as enjoy the action of a traditional casino game from the comfort of their own homes.
Furthermore, High 5 Games announced earlier this month that its extensive game selection will now be available to Pennsylvania casinos through a partnership with Rush Street Interactive. Because of this, the High 5 Games agreement enables them to come to PlaySugarHouse and BetRivers in Pennsylvania. The company’s fourth collaboration, High 5 Games will now be available on RSI’s online casino platforms in Michigan, New Jersey, and Ontario.
A Series Of Partnerships For Rush Street Interactive
On the company’s Q3 earnings call, RSI mentioned a series of partnerships, including a deal with the Spanish soccer league LaLiga to become the exclusive sportsbook partner throughout South America. LaLiga is one of the most popular soccer leagues in the world, and this partnership will give RSI a strong presence in the region. According to RSI’s CEO, Richard Schwartz:
“In terms of activity, we continue to see very strong volumes in markets where we operate both online casino and sports betting, as we are able to execute on the enhanced profitability offered by the online casino vertical in these markets.
Internationally, we are seeing strong results from both Colombia and Ontario and we are excited to begin increasing marketing efforts in Mexico. We remain focused on building a strong foundation in our new markets that will provide stable, long-term growth opportunities while keeping an eye on future profitability.”