Quarterly revenue up 89% year-over-year for RSI
Operator raises guidance for remainder of 2021.
Rush Street Interactive, Inc., an online casino and sports betting company in the United States, on Friday released its financial results for the second quarter, a three-month period ending June 30.
The Chicago-based operator said its revenue was $122.8m during the second quarter of 2021, an increase of 89% compared to $65.0m during Q2 2020.
The company said it cut its net loss from $50.6m during Q2 2020 to $14.0m for the recently-concluded quarter.
Adjusted EBITDA loss was $6.6m during the second quarter of 2021, compared to an adjusted EBITDA of $3.7m for Q2 2020.
Adjusted advertising and promotions expense for Q2 2021 was $36.9m, or 30% of revenue, up from $7.4m during the second quarter of 2020.
Real-money monthly active users (MAUs) in the United States for the second quarter of 2021 were up 128% year-over-year with average revenue per MAU (ARPMAU) of $377 during the Q2 2021.
As of June 30, 2021, RSI had $361m of unrestricted cash and cash equivalents.
“We are very pleased with the continued execution of our business strategy and remain focused on providing a premiere user experience for our customers,” Richard Schwartz, CEO of RSI, said in a statement. “In addition to successfully growing revenue in existing markets, we have made significant progress in securing access opportunities to new markets.”
Schwartz noted earlier Friday the companyannounced apartnership with the State of Connecticut making RSI the exclusive partner of the Connecticut Lottery, offering both mobile and retail sports wagering, becoming one of only three operators operating in the state. Earlier this week, RSI unveiled an agreement for market access opportunities in Louisiana, Mississippi and New Mexico, with the latter two subject to those states passing mobile gaming legislation. Also this week, RSI submitted mobile sports betting applications in New York and Arizona.
“While new market access is a key pillar to our growth story, we also continue to work diligently to expand our exclusive content offering for both sport betting and casino games, as exemplified by new partnerships with GTG Network for co-exclusive sports betting information and Boom Entertainment for exclusive casino content,” Schwartz said, adding the company expects to launch new and exclusive offerings in coming quarters.
Company raises 2021 revenue guidance
RSI said it expects revenue for full year 2021 to be between $465m and $495m, up from its previous guidance of between $440m and $480m. The company noted the midpoint of the range, revenue of $480m, would represent 72% year-over-year growth when compared to $278.5m in revenue for 2020.
“This increase reflects RSI’s strong first half 2021 results and anticipated growth in recently opened and existing markets resulting from increased marketing spend funded with cash on hand,” the company said in a statement. “This range is based on certain assumptions, including that (i) launch of operations in any new jurisdictions are not included, (ii) all professional and college sports calendars that have been announced come to fruition, including the completion or commencement of their 2021 seasons, and (iii) RSI continues to operate in states in which it is live today.”
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