Rush Street Interactive sees revenue rise 370% for Q3

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Rush Street Interactive has seen its revenue shoot up by 370% year-on-year for Q3 2020 allowing it to raise its full-year revenue guidance by 20%.

The operator’s revenue increase to $78.2m for the three months up until 30 September means it now expects its 2020 revenue to be in the region of $265m and $275m, up from its prior guidance of $225m.

Adjusted EBITDA was up to $9.9m for the period, compared to negative $1.3m in 2019, while real money active users in the US rose 135% yearly, and 87% quarter-on-quarter.

However, advertising and promotions expenses significantly increased to $17.5m during the quarter, compared to $9.7m last year. Comprehensive loss also leaped from $1.6m in 2019, up to $28.1m for Q3 2020.

Rush Street Interactive CEO Greg Carlin said: “Solid execution and financial discipline helped drive our third quarter success.

“As we move toward completing a transformational year for RSI, we have built a strong technological and operational foundation that we expect will continue to serve us well as we expand into new markets.

“We are excited to be on the path to becoming a publicly listed company and expect that our customer acquisition strategy and growing market share will create sustainable long-term value for our shareholders.”

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