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RUSH STREET INTERACTIVE ANNOUNCES FIRST QUARTER 2023 RESULTS

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First Quarter Revenue of $162.4 Million, up 20% Year-over-Year –

Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Financial Highlights

  • Revenue was $162.4 million during the first quarter of 2023, an increase of 20%, compared to $134.9 million during the first quarter of 2022.
  • Net loss was $24.5 million during the first quarter of 2023, compared to a net loss of $52.3 million during the first quarter of 2022.
  • Adjusted EBITDA1 loss was $8.7 million during the first quarter of 2023, compared to an Adjusted EBITDA loss of $43.4 million during the first quarter of 2022.
  • Adjusted advertising and promotions expense1 was $49.4 million during the first quarter of 2023, compared to $66.3 million during the first quarter of 2022.
  • Average revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $325 during the first quarter of 2023, up 23% year-over-year.
  • Revenue grew by more than 100% year-over-year in Latin America and North American markets launched after 2020.
  • As of March 31, 2023, RSI had $147 million of unrestricted cash and cash equivalents.

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1
 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for a reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.

Richard Schwartz, Chief Executive Officer of RSI, said, “We are pleased with our first quarter results as we made great strides towards profitability with much improved Adjusted EBITDA performance. Revenues grew 20% compared to last year, propelled by more than 100% growth in Latin America and new markets launched in North America after 2020. Results were strong across our business lines with revenue growth in both online casino and online sportsbook.”

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“On the back of these excellent results, we remain on track to achieving our goal of profitability for the second half of this year. We are staying disciplined in our approach and successfully balancing growth and profitability over the long run. Our results continue to show the approach is working well and we remain confident that our focused strategy will reward our shareholders over the long term.”

Guidance

RSI expects revenue for the full year ending December 31, 2023 to be between $630 and $700 million, unchanged from its previous expectations. At the midpoint of the range, revenue of $665 million represents 12% year-over-year growth when compared to $592 million of revenues for 2022.

This range is based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, (ii) all professional and college sports calendars that have been announced come to fruition, including the completion of their 2023 seasons, and (iii) RSI continues to operate in markets in which it is live today, except for Connecticut.

Recent Business Highlights

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  • Launched the innovative BetRivers Michigan Million slot tournament, introducing the first-of-its-kind online casino experience.
  • Extended our proprietary squares engine to basketball, driving strong improvement in average bet size and more than doubling same-game parlays as a % of total bets.
  • Crowned Customer Service Operator of the Year at the EGR North America Awards 2023, earning this award for the fourth year in a row.
  • Added award winning sportscaster & reporter Julie Stewart-Binks to our growing roster of sports and gaming experts and content creators who connect and engage with fans.
  • Continued profitable growth in casino markets, including Ontario, Colombia, and West Virginia where we increased estimated market share sequentially during the first quarter.
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Inspired Entertainment Partners with AGLC

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Inspired Entertainment Inc., a leading B2B provider of gaming content, technology, hardware and services, announced that it has entered an agreement with Alberta Gaming, Liquor and Cannabis, an agency of the government of the Canadian province of Alberta that oversees casino gaming (AGLC). Following a successful six-month trial period, AGLC has committed to purchase 150 new Valor terminals. Deployment of the new terminals is expected to be completed by the end of the second quarter of 2024.

“We are delighted to welcome AGLC as a valued customer. AGLC’s decision to order 150 Valor cabinets underscores the success demonstrated during the trial period as well as the strength of our product portfolio. We look forward to a long and prosperous partnership with AGLC,” Brooks Pierce, President and Chief Executive Officer of Inspired, said.

“We remain committed to expand in the attractive Canadian markets by delivering exceptional gaming solutions with both our gaming and digital products. Adding Alberta to our existing footprints in Ontario and Saskatchewan is the next step as we continue to see growth opportunities from the Canadian markets.”

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Canada

Delasport Expands in Ontario with a new deal with Green Brick Labs

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Leading iGaming supplier Delasport expands further in Ontario through a sportsbook deal with Canadian operator Green Brick Labs (GBL).

The global software company will provide its award-winning Plug & Play Sportsbook iFrame solution, so that their new partner can add it to their growing platform.

The deal is expected to come into fruition by the end of this quarter and is yet another strategic move by Delasport, who successfully obtained an Ontario license earlier this year.

‘We are happy to extend our foothold in Ontario and make it happen with a great partner like Green Brick Labs, adding to our confidence as a leading software supplier’, says Delasport’s VP of Business Development Rosaire Galea Cavallaro. ‘Our Plug & Play sportsbook iFrame solution will skyrocket GBL’s operations due to the high quality of service they will be able to provide to their customers and we couldn’t be prouder.’

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The Canada-based operator shares a similar opinion and as much excitement for the new partnership:

‘This is exactly the type of product we needed and is yet another proof that we provide the best solutions on the market for our customers’, GBL’s CEO Matt Rathbun comments. ‘At GBL, we prioritize great user experience, so this deal fits our vision perfectly.’

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The Mill Adventure Partners with GeoLocs to Offer Advanced GeoLocation Services to Operators

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GeoLocs, a leading provider of advanced geolocation compliance technology dedicated to the iGaming industry, is thrilled to announce its partnership with The Mill Adventure, a pioneering platform provider.

The partnership will see The Mill Adventure seamlessly integrate GeoLocs, a comprehensive geolocation service, into their platform, offering robust, precise, and secure geolocation verification for their operator partners. This integration ensures guaranteed compliance, enhances security, and prioritises player privacy (as seen by the recent ISO certification awarded to GeoLocs and mkodo), all while delivering a superior experience to users when verifying their location on iOS, Android, and desktop with no need for additional downloads or companion apps.

“We are very excited about our partnership with The Mill Adventure,” said Stuart Godfree, Managing Director of GeoLocs. “Our advanced geolocation technology perfectly complements The Mill Adventure’s cutting-edge platform, enabling operators to offer a more secure, compliant, and user-friendly gaming experience.”

The Mill Adventure is renowned for its innovative solutions that empower operators to create unique and engaging gaming experiences. By leveraging GeoLocs’ geolocation technology, The Mill Adventure will provide operators with the tools they need to ensure precise geolocation verification, fraud prevention, and adherence to local gaming regulations, as well as a unique player experience that will set their clients apart from competitors, in markets such as Ontario, Canada. This partnership emphasises both companies’ commitment to innovation, security, and regulatory compliance.

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“Integrating GeoLocs’ geolocation services into our platform offering not only enhances our compliance capabilities but also allows us to offer secure and enhanced gaming experiences to operators and their users,” said Robert Bowell, Chief Operations Officer of The Mill Adventure. “This collaboration reinforces our mission to deliver top-tier solutions to the iGaming industry.”

As the iGaming industry continues to evolve, the importance of accurate geolocation services cannot be overstated. The partnership between GeoLocs and The Mill Adventure is a significant step forward in addressing these needs, providing operators with the tools necessary to thrive in a competitive market.

For more information about GeoLocs and The Mill Adventure, please visit geolocs.io and themill.io

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