Rush Street Interactive, Inc. and The Connecticut Lottery Corporation to Wind Down Partnership
Rush Street Interactive (NYSE: RSI) and the Connecticut Lottery Corporation (CLC) announced plans to wind down their sports betting partnership in Connecticut. The CLC will seek a new operator, with a transition expected in the second half of 2023, while RSI continues current operations until a replacement is selected. Both parties emphasized a commitment to player experience, ensuring that all wagers are honored. The decision aims to align with RSI's long-term strategic goals, with minimal impact anticipated on 2023 financial guidance. RSI's leadership thanked the CLC for the collaboration over the past two years.
- Continued operation of sports betting until a new operator is found.
- Commitment to player experience during the transition.
- Winding down of the partnership may lead to uncertainties in market positioning.
- Potential loss of market share as a new operator is sought.
CHICAGO and ROCKY HILL, Conn., March 27, 2023 (GLOBE NEWSWIRE) -- Rush Street Interactive (NYSE: RSI) (“RSI”) and the Connecticut Lottery Corporation (the “CLC”) today announced the joint plan to wind down their online and in-person sports betting partnership in Connecticut. The CLC will begin the process of pursing a new operator through a request for proposals in the coming days. RSI will continue to operate online and in-person sports betting in Connecticut on behalf of the CLC until a replacement is selected. RSI and the CLC currently expect to transition the existing sports betting operations during the second half of 2023.
Players on the PlaySugarHouse.com online platform or at any of the nine Connecticut retail locations can be confident that any wagers placed will continue to be valid and all wins will continue to be paid out appropriately. RSI is continuing to work closely with the CLC to minimize any potential disruptions to players or business partners as the operation is wound down.
Gregory Smith, President of the CLC, commented, “We thank RSI for working closely with CLC to establish the foundation for CLC’s sports betting operation, both online and in retail.”
Richard Schwartz, CEO of RSI, said, “We thank the CLC for their partnership over the last two years. We are proud of what we have accomplished together in Connecticut and have enjoyed the relationships that we have built with the players. Consistent with our long-term strategic goals, after much deliberation and discussions with the CLC, we believe it is in the best interest of RSI and our stockholders to wind down this partnership.”
Mr. Schwartz continued, “As is consistent with nearly everything we do at RSI, both RSI and the CLC remain committed to putting our players first. Through the transition we plan to continue to support all player wagers and ensure a positive player experience and expect the changeover will have an immaterial impact on our guidance for 2023.”
PlaySugarHouse.com and the Connecticut retail sports betting location will continue to operate as normal until a replacement operator is found, at which point operations will be transitioned to the new operator. Players with questions can always contact RSI’s award-winning customer service 24/7 at 1-800-622-0163.
More information related to the timing of selecting a new operator and transitioning online and retail sports wagering to that operator will be shared by the CLC as details for a transition are determined.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: Pennsylvania, Illinois, New Jersey, New York, Ohio, Connecticut, Michigan, Indiana, Virginia, Maryland, Colorado, Iowa, West Virginia, Arizona and Louisiana, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico. 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 2022 EGR North America Awards Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
About the Connecticut Lottery Corporation
The Connecticut Lottery Corporation (CLC) is a quasi-public state agency with the mission to generate revenue for Connecticut consistent with the highest standards of good public policy and social responsibility. In fiscal year 2021, players won more than
The CLC reminds the public that Lottery purchasers must be 18 or older, and players must be 21 or older to place sports wagers. If you gamble, please play responsibly and use your Game Sense.
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 its relationship with the CLC and the timing and expectation related to the wind down of the same. 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.
CONTACTS:
For RSI:
Media:
Lisa Johnson
(609) 788-8548
lisa@lisajohnsoncommunications.com
Investors:
Ir@rushstreetinteractive.com
For the CLC:
Pete Donahue
(860) 335-2284
pete.donahue@ctlottery.org
FAQ
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