BetRivers expansion

Rush Street's annual revenue grows 75% to $488M in 2021, with 8 new markets

BetRivers Sportsbook at Rivers Casino Pittsburgh.
Reading time 1:55 min

Rush Street Interactive (RSI) announced Wednesday its financial results for the fourth quarter and full year ended December 31, 2021. The company announced that the year revenue for 2021 was $488.1 million, an increase of 75% compared to $278.5 million during full year 2020. 

Adjusted EBITDA was a loss of $65.1 million last year, compared to $4.4 million in 2020. Net loss accounted for $71.1 million, in contrast with 2020’s $131.6 million. 

Adjusted advertising and promotions expense was $186.9 million, up from 2020’s $56.5 million.

When it comes to Real-Money Monthly Active Users (MAUs)  in the US, the company reported a rise of 67% year-over-year. The average revenue per these monthly active users was $346 during the year. 

For the fourth quarter, revenue was $130.6 million, an increase of 31% in a year-over-year comparison. Adjusted EBITDA for the period was a loss of $31.2 million, which notably rose from 2020’s $1.3 million. Net loss was $38.1 million.

Adjusted advertising and promotions expense was $64 million. MAUs during the quarter rose 28% year-over-year with average revenue per MAU of $327.

In an official press release, Richard Schwartz, CEO of RSI, spoke about these numbers and 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 best-in-class 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."

"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. During the first half of 2022 we look forward to expanding into Canada and Mexico with our online casino and sportsbook sites and apps in these two large population markets where we are well positioned to achieve success”, he concluded. 

Rush Street Interactive expects revenues for 2022 to be between $580 and $630 million. At the midpoint of the range, revenue of $605 million represents 24% year-over-year growth when compared to $488 million of revenues for 2021. 

The company launched its online sportsbook in Connecticut during Q4, 2021, along with nine of the fifteen planned retail sportsbooks as Connecticut Lottery’s partner, becoming one of the three online operators in the state. 

The company has also recently launched its online sportsbook in New York and Louisiana. 

Anticipating launch in Ontario, RSI has also increased brand awareness of the BetRivers brand in Canada through an Olympics focused marketing campaign. 

One of the most recent milestones of the company involved its entrance into the Mexican market with Grupo Multimedios to bring online casino and sportsbook to the country, with anticipated launch in Q2, 2022.


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