For the third quarter of the year, Rush Street Interactive announced preliminary financial results, with sales estimated to be in the range of $75 m to $77 m on a GAAP basis.
The results, for the period ending on 30 September 2020, are subject to the completion of the financial reporting phase of the company and the preparation of the quarterly unaudited financial statements.
In addition, on a GAAP basis, the online casino and sports betting company expects advertisement and marketing expenses to be less than $20 m for the three months.
These consist mainly of the marketing of the product across various outlets, promotional campaigns and associated costs incurred for the acquisition of new customers, including wages and benefits for committed employees, as well as expenses incurred.
The President of RSI, Richard Schwartz, explained: “Notably, RSI has experienced industry-leading results as evident by our being #1 in US online casino revenue according to Eilers & Krejcik Gaming and the #1 operator by revenue in Pennsylvania and Illinois, the two largest population states that have legalised online gaming.
“In fact, RSI accounted for 86 per cent of statewide online sports betting handle in Illinois in August 2020. Furthermore, we are achieving these results with a disciplined approach to our customer acquisition and marketing costs.
“We look forward to continuing to innovate our offerings and to bringing more gaming enthusiasts onto the BetRivers.com and PlaySugarHouse.com platforms in the months ahead.”
On July 27, 2020, after entering into a definitive agreement with dMY Technology Group that will see the two merged, RSI announced its intention to be publicly listed on the New York Stock Exchange.
Upon closure, dMY expects to change its name to Rush Street Interactive, Inc and its NYSE trading symbol to ‘RSI,’ with an initial market value of approximately $1.78 billion anticipated by the merged entity, plus an estimated net cash to finance growth strategy of over $235 million.