RSI reveals 2020 revenue growth thanks to online casino

RSI reveals 2020 revenue growth thanks to online casino

Posted by: AffPapa

Rush Street Interactive (RSI) reported a massive boost in revenue from 2019 to 2020, with an increase of 337%. RSI mentioned that its online casino had surpassed sports betting in many main markets.

On the other hand, there was still a major increase in costs that meant that the company’s net loss went up to $138.8 million (or £99.5 million). The total revenue for the 12-month period leading up to December 31, 2020 came up to about $278.5 million, a major boost from 2019’s $63.7 million.

Moreover, RSI did not release the entire breakdown of the revenue, however it did state that its online casino performed much better than sports betting by about 3-to-1 in the states of Pennsylvania and New Jersey.

The online casino includes tables and slots but does not include poker, and it made up for about 76% of the revenue in the state of Pennsylvania. Sports betting in the state only made up 23.3%. In New Jersey, casino took over 72.1% of the revenue, while sports betting only had 27.9%.

The full-year operating costs for the company went up by a whopping 379%, reaching $411.9 million. Cost of revenue was RSI’s main cost, going up to $190.9 million (480% increase).

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