RSI reported its first quarterly earnings Wednesday since becoming a public company late last year. The Chicago-based company finished the day trading at $16.55 USD, up more than 4% from Wednesday morning.
RSI saw net loss of $49m during Q4, compared to a net loss of $15m during the same quarter a year prior. Adjusted EBITDA for the quarter was $(1.3)m, the same as Q4 2019.
The company had $225m of cash and cash equivalents as of December 31, 2020.
Greg Carlin, Chief Executive Officer of RSI, said, “We are proud to be reporting our first financial results as a public company. Throughout 2020, RSI continued its rapid expansion in both new and existing markets achieving revenue growth of 337%. We were the second largest online casino operator in the US for the fourth quarter and full year 2020 according to Eilers & Krejcik.”
RSI reported revenue of $279 for the full year of 2020, up 337% from 2019. Net loss was $139m in 2020 compared to net loss of $23m in 2019.
RSI recently launched online casino and sports betting in Michigan as well as online sports betting in Virginia. The company said Michigan daily handle was up 65% in the first week of March compared to January.
RSI has expanded online casino gaming to three states and sports betting to eight states.
