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Rush Street Interactive Expands Into Mexico Through Partnership With Media Conglomerate Grupo Multimedios
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Rush Street Interactive (RSI) has partnered with Grupo Multimedios to launch an online casino and sports betting platform in Mexico, expected in Q2 2022. This 25-year exclusive agreement allows RSI to utilize Multimedios' vast media assets to promote its services. With a combined population of over 180 million in Mexico and Colombia, this expansion strengthens RSI's position in Latin America's online gaming market. The partnership aims to leverage Multimedios' experience and media reach to establish a robust competitive presence in Mexico.
Positive
Exclusive 25-year partnership with Grupo Multimedios for online casino and sports betting in Mexico.
Utilizes Multimedios' extensive media assets for promotional support.
Significant market opportunity in Mexico with a population of over 130 million.
RSI has a strong track record in Latin America with successful operations in Colombia.
Negative
Dependence on the successful execution of a new market launch in Mexico introduces operational risks.
Potential delays or regulatory challenges could affect the timeline of operations.
Expected to Launch Operations in the Second Quarter of 2022, Bringing Online Casino and Sports Betting to Mexico’s Population of More Than 130 Million
Builds Upon RSI’s Award-Winning Track Record of Success in Latin America
CHICAGO & MONTERREY, Mexico--(BUSINESS WIRE)--
Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and Colombia, today announced that it has entered into an exclusive partnership with Mexican media conglomerate Grupo Multimedios to bring RSI’s award-winning online gaming platform to Mexico. Under the terms of the 25-year agreement, RSI will operate online casino and sports betting countrywide in close partnership with Grupo Multimedios, a subsidiary of which holds a license to operate online gaming in Mexico. The partnership also enables RSI to leverage Grupo Multimedios’ vast array of media assets and distribution channels for promotional and content integration purposes. RSI and Grupo Multimedios expect to launch operations in the second quarter of 2022.
Grupo Multimedios, whose rich history in Mexico dates back 89 years, spans multiple industries including media, sports, entertainment, wines, food, retail and real estate. The company’s portfolio of media assets encompasses television, radio, print, billboards, and digital, and includes Mediotiempo, a digital sports property attracting more than 7 million unique users per month, and growing at a 29% CAGR; Milenio, the number one digital national news and information source in Mexico with 27.7 million unique users per month; and Canal 6, its network of 22 television stations and 63 radio stations.
Grupo Multimedios started with a strong presence in its home base of Monterrey and has been able to deploy its coverage throughout the Mexican market. It has expanded into several businesses beyond media and holds ownership in multiple sports teams, including the Sultanes de Monterrey, one of the most prestigious teams in the Mexican Baseball League, as well as two professional basketball teams. The company’s real estate, retail, and food interests include hundreds of properties, stores, and restaurants across the country.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are excited to partner with Grupo Multimedios, one of the most respected media enterprises in Mexico, which we believe will serve as a great accelerant for building our online gaming operations in the country. Mexico represents an attractive market opportunity, with a population of more than 130 million, which, when combined with Colombia’s population of 50 million, will expand RSI’s offering in Latin America significantly. We were deeply impressed by Grupo Multimedios’ management team and long track record of success, including the growth of its digital businesses in Mexico, which will be extremely valuable as we launch and grow our business in Mexico.”
Angel Cong, Co-CEO of Multimedios, said, “It is very exciting to start this partnership with RSI, their experience and amazing team will help our group achieve a new partnered vision of continuous growth and entrepreneurship. RSI has been successful in the American and Colombian online casino and sportsbook markets; we have no doubt that together we will achieve the same in Mexico. With this partnership, both RSI and Multimedios will take advantage of our media assets to be a strong and successful competitor.”
RSI was the first U.S. gaming company to launch a regulated online sportsbook in Latin America when it launched RushBet.co in 2018. In the most recent quarter with published data from Colombia’s gaming regulatory body, RushBet.co accounted for nearly 20% of online casino and sports betting handle in the country. Moreover, the platform was recognized as Sportsbook Operator of the Year at the SBC Latinoamérica Awards 2021. RSI is the fourth largest operator of online casino and sports betting combined in the United States as of December 2021, per Eilers & Krejcik, with real-money mobile, online and/or retail operations in thirteen U.S. states.
“As the first U.S. gaming company to launch a regulated online gaming sportsbook in Latin America, we have a deep understanding and appreciation for the communities where we operate and the localization that is needed to thrive in the Latin American market. We look forward to leveraging the infrastructure, operations team, and relationships developed during our five years of business in Latin America as we expand our best-in-class online gaming platform to a growing Mexico market. We are thrilled to build on our existing success in Latin America and will continue to expand our presence in the region and globally,” said Mr. Schwartz.
About Rush Street Interactive
Rush Street Interactive is a trusted online gaming and sports entertainment company focused on regulated markets in the United States and Latin America. Through its brands, BetRivers.com and PlaySugarHouse.com, RSI was an early entrant in many regulated jurisdictions and is currently live with real-money mobile, online and/or retail operations in thirteen U.S. states: Pennsylvania, Illinois, New Jersey, New York, Connecticut, Michigan, Indiana, Virginia, Colorado, Iowa, West Virginia, Arizona and Louisiana. RSI is also active internationally, having been recognized as Sportsbook Operator of the Year at the SBC Latinoamérica Awards 2021, where it offers its online casino and sportsbook in the regulated gaming market of Colombia on RushBet.co. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2020 Global Gaming Awards Digital Operator of the Year and the 2021 EGR North America Awards Casino Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year. RSI is committed to industry-leading responsible gaming practices and seeks to provide its customers with the resources and services they need to play responsibly. For more information, visit www.rushstreetinteractive.com.
About Grupo Multimedios
Multimedios is the fastest growing and most relevant media group in Mexico. Since its foundation in 1933 as a single radio broadcasting station in Monterrey, Mexico, the company has multiplied its value and reach through new innovative media outlets, and now has presence not only in Mexico, but also the United States, Spain and Central America.
Multimedios is composed of several prestigious brands in various sectors. In news and broadcasting it includes Milenio and Telediario; in entertainment, Canal 6, Canal 8 and 63 radio stations; in outdoor advertising, Pol, which has more than 6,000 advertising panels in Mexico and Central America. It also participates in commercial printing with the brand Multigrafica, which has 3 printing facilities in Mexico. In sports, Multimedios owns successful digital sports native Mediotiempo, an online sports information platform, and the trustworthy brand with legacy: La Afición.
Multimedios takes advantage of its traditional and digital content creation process, one of its core competencies, to participate in book publishing, with a robust portfolio of top brands: Madre Editorial, Ríos de Tinta, App Editorial and Librotea.
The holding company, owner of Multimedios, has interest in the following sectors to maintain a diverse and balanced investment portfolio: Real Estate, Basketball and Baseball teams, Wines & Spirits, Retail, Food and Entertainment, and Sustainability.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RSI's expectations about the anticipated timing of launch of its operations in the country of Mexico, the expected benefits of its partnership with Grupo Multimedios, and its anticipated results of its operations and future performance in the country of Mexico. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation, changes in applicable laws or regulations, unanticipated product or service delays, and other risks and uncertainties indicated from time to time in RSI's most recent Annual Report on Form 10-K, including those under "Risk Factors" therein, and in RSI's other filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
When will Rush Street Interactive launch its operations in Mexico?
Rush Street Interactive plans to launch operations in Mexico in the second quarter of 2022.
What is the partnership between Rush Street Interactive and Grupo Multimedios?
Rush Street Interactive has entered into a 25-year exclusive partnership with Grupo Multimedios to operate online casino and sports betting in Mexico.
How does the population of Mexico impact Rush Street Interactive's market strategy?
With a population of over 130 million, Mexico presents a significant market opportunity for Rush Street Interactive to expand its online gaming services.
What is RSI's track record in Latin America?
Rush Street Interactive has established a successful presence in Latin America, notably launching RushBet.co in Colombia, which accounted for nearly 20% of the online betting handle.
What are the expected benefits of the partnership for RSI and Grupo Multimedios?
The partnership is expected to leverage Grupo Multimedios' media reach and experience, enhancing RSI's competitive position in the Mexican market.
