Rush Street Interactive Inc. (RSI) announced New York State Gaming Commission’s approval for its mobile sports wagering operations, on Thursday. Following the announcement, the stock gained a further 5.13% in the after-hours session.
During the regular trading session, RSI stock added 3.02% at its close of $15.00 with 3.65 million shares exchanging. The stock reached up to $15.77 at 2.02 million shares in the after-hours when the news emerged.
Rush Street Interactive Inc. is the U.S.’s leading online sports betting and casino company. Currently, it has a market capitalization of $3.19 billion with its 59.26 million shares outstanding.
What Happened?
On January 06, RSI announced the approval of mobile sports wagering operations by the New York State Gaming Commission. Hence, the company will commence the wagering operations in New York on Saturday, January 08, 2022. Moreover, the age limit for wagering at the company’s BetRivers sportsbook is 21 and above.
The BetRivers sportsbook offers a huge betting options array including all major professional and collegiate leagues, games, and players. In the previous quarter, it was rated among the top 3 sportsbook apps in the U.S. by Eilers & Krejcik.
According to RSI’s CEO, Richard Schwarts, with the NBA and NHL season in full swing, the approach of NFL playoffs, and January 10’s college football championship, RSI sportsbook has launched just in time in New York.
RSI’s Partnership with HOFV
On December 23, the company announced its 10-year partnership with Hall of Fame Resort & Entertainment Company (HOFV). HOFV is the only professional football-centered resort, entertainment, and media company. According to the agreement, a premier retail sportsbook will be operated at the Hall of Fame Village by RSI. In addition, RSI will also be able to leverage HOFV’s signage, branding, and some media assets.
Hall of Fame Village is an ongoing construction project in Ohio connecting the Pro Football Hall of Fame, Tom Benson Hall of Fame Stadium, and the Hall of Fame Village Sports Complex. Moreover, the destination is being further expanded by HOFV with many additions like a performance center, indoor water park, Fan Engagement Zone, and others.
RSI’s Q3 Financial Highlights
In the third quarter of 2021, RSI incurred a net loss of $18.9 million on revenue of $122.9 million. This compares to a net loss of $26.5 million on revenue of $78.2 million in the third quarter of 2020.
