Online gaming company Rush Street Interactive (RSI) has reported a record-breaking first quarter of 2021, fueled by the increasing popularity of online gaming amidst the ongoing pandemic.
RSI, which operates several online gaming platforms including BetRivers and PlaySugarHouse, saw a 274% year-over-year increase in revenue for the first quarter of 2021, reaching a total of $278.5 million. The company also reported a 185% increase in gross gaming revenue, totaling $287.5 million.
The surge in online gaming activity can be attributed to the restrictions imposed on physical casinos during the COVID-19 pandemic, which forced many gamblers to turn to online platforms for their gaming needs. As a result, RSI saw a substantial increase in user registration and wagering activity across its platforms.
“We are extremely pleased with our record-breaking performance in the first quarter,” said Richard Schwartz, CEO of Rush Street Interactive. “The strong growth we have seen is a testament to the resilience of our business model and the increasing appeal of online gaming to a wider audience.”
In addition to the increase in revenue, RSI also reported a significant jump in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), with a 578% year-over-year increase to $76.4 million.
The success of RSI in the first quarter of 2021 has prompted the company to expand its online gaming offerings and explore new markets. In March, RSI launched its online casino platform in West Virginia, marking its fourth state in which it operates.
“We remain focused on expanding our reach and providing the best possible gaming experience for our customers,” said Schwartz. “The record Q1 results are a reflection of our commitment to innovation and excellence in the online gaming space.”
Looking ahead, RSI anticipates continued growth in the online gaming sector as more states legalize online gambling and as the popularity of online gaming continues to rise. The company remains optimistic about its future prospects and is confident that it will continue to deliver strong financial results in the coming quarters.
