Sports Betting
Will Rush Street Interactive raise its guidance for a third time in 2024?
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished11 hours ago on October 29, 2024
Rush Street Interactive (RSI) is the parent company of BetRivers. Twice in 2024, they’ve had to raise their guidance and they hope it happens again. On Wednesday at 6:00 p.m., Rush Street Interactive will hold its third-quarter earnings call. When the markets closed last Friday, RSI stock was up to $10.32. That was nearly triple the price this time last year. The stock hit a 52-week high when it closed at $11.41 on October 11.
What upgrades has BetRivers made in 2024?
In 2024, Rush Street Interactive announced significantly upgraded guidance. When they announced their 2023 results in March, RSI forecasted guidance points of $800 million for revenue and $40 million in adjusted EBITDA. Their midpoints for 2024 are $880 million in revenue and $68 million in EBITDA after two revisions this year.
During a Q2 press release, Rush Street Interactive CEO Richard Schwartz commented on the company’s growth in 2024. He mentioned their balanced strategic initiatives. Schwartz said the changes they’ve made through the years have led to a strong number of users who value the BetRivers app.
Q3 was massive for Deleware
During that Q2 earnings call, Richard Schwartz noted that BetRivers continues to excel in Deleware. It was no different for Q3. Rush Street Interactive won the exclusive right to offer Deleware online casino and sports betting. They took over for 888 which has since exited the U.S. sports betting market.
In Q3 of 2023 with 888 as the operator, there was $71 million in handle for slots. There was also $38 million in table drop and $3.4 million in combined revenue. With RSI as the operator, there was $270.2 million in slots handled, $218.1 million in table drop, and $16.8 million in combined revenue. Rush Street Interactive’s figures in Q3 crushed what 888 was able to have last year.
For the first time in Deleware, BetRivers was able to offer online betting during Q3. They drove in $5.3 million in revenue from a $43.4 million handle. That was compared to $1.6 million in revenue from a $12.3 million handle in 2023.
