BetRivers Focuses On iCasino: Six Takeaways From RSI Q3 Earnings Call

Rush Street Interactive sees a path toward profitability in the second half of 2023 and it includes a further commitment for BetRivers away from chasing market share.

Despite missing revenue projections in Q3 by 6% and lowering full-year revenue guidance from between $600 million and $630 million to between $580 million and $600 million, RSI executives are still optimistic they have the right plan to achieve profitability in the online gaming industry, according to executives during its earnings call last Wednesday.

RSI shares hit a five-week peak of $4.55 Wednesday following the call before dipping to $3.74 at market close Friday, well below the 52-week high of $21.70. CEO Richard Schwartz and team are optimistic about the future of RSI and its app, BetRivers. Here are the main reasons why:

BetRivers doubles down on iCasino markets

Rather than join the market-share rat race, RSI is focusing on maximizing revenues from loyal customers in specific markets with what they believe is better marketing efficiency. Schwartz said BetRivers was profitable in five US sports betting markets, all of which are more profitable iCasino states except for its home market of Illinois.

  
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