$488.1m in revenue: Rush Street Interactive announces 2021 financial results
The iGaming and sports betting company cited launches in Connecticut and Arizona as key reasons for growth.
Rush Street Interactive (RSI), the operator of BetRivers and PlaySugarHouse, has released its financial results for both the fourth quarter of 2021 and the year as a whole.
The two periods brought positive news, with the company citing expansion throughout the US and Canada as key growth factors.
Revenue for Q4 came in at $130.6m, a 31% year-on-year increase. Meanwhile, net losses were down slightly for the company, being recorded at $38.1m compared to 2020’s $41.6m.
While the numbers regarding revenue were certainly positive, the same may not be said for adjusted EBITDA, with RSI recording a loss of $38.1m. However, active users across the United States did see a 28% year-on-year boost as the company continued to expand across the nation.
Speaking on the results, Richard Schwartz, the CEO of RSI, said: “We are continuing our disciplined approach of balancing profitability from existing markets and investing in new market launches.
“RSI’s consumer experience leverages our technology and now operates successfully in 14 total markets compared to only 6 at the end of 2020. Our track record demonstrates that we have been highly successful stewards of capital for our investors. Delivering strong shareholder returns remains our priority.”
Revenue for 2021 as a whole also saw a significant boost, growing by 75% when compared to 2020 and coming in at $488.1m. Similarly to the company’s Q4 results, net losses fell from $131.6m to $71.1m in 2021.
“On the technology and product side, we continue to enhance our offerings and provide a best-in-class gaming experience to our customers. As planned, we went live with our integrated iOS sportsbook-casino app near the end of 2021,” continued Schwartz.
“During the first half of 2022, we look forward to expanding into Canada and Mexico with our online sites and apps in these two large population markets where we are well positioned to achieve success.”
Q4 also saw RSI launch its sports betting offering in a number of states, with the brand’s platforms going live in both Connecticut, with nine retail sportsbooks, and Arizona via the Arizona Rattlers.
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