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Rush Street Interactive Selected to Operate Online Sports Betting in New York State
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Rush Street Interactive, Inc. (NYSE: RSI) has been awarded an online and mobile sports betting license by the New York State Gaming Commission. The company is one of nine operators selected to launch sports betting in New York, anticipated in Q1 2022. CEO Richard Schwartz highlighted New York's significance, stating it will be the largest online sports market in the U.S. RSI currently operates in 11 states and leads in the retail market in New York, Illinois, and Pennsylvania. The firm has also been recognized as a top online gaming company in the U.S. based on gross revenues.
Positive
RSI awarded online sports betting license in New York, one of only nine operators selected.
Projected launch in New York expected to make it the largest online sports betting market in the U.S.
Current operations in 11 states, with strong market presence in New York, Illinois, and Pennsylvania.
Recognized as a top four online gaming company in the U.S. by gross gaming revenues.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Rush Street Interactive, Inc. (NYSE: RSI) (“RSI” or the “Company”), a leading online sports betting and casino company in the United States, today announced that it was selected by the New York State Gaming Commission (“NYSGC”) to operate online and mobile sports betting in New York. RSI was awarded one of nine licenses permitting gaming operators to offer online and mobile sports betting in New York upon its statewide launch, which is expected to occur during the first quarter of 2022.
Richard Schwartz, Chief Executive Officer of RSI, said, “Today is a momentous occasion for RSI, sports fans across the Empire State, and for the gaming industry at large. We are delighted to have been selected by the NYSGC in a very thorough bidding process and extend our congratulations to our fellow consortium members.
“New York is a crown jewel market with more than 20 million residents which, upon launch, will become the largest online sports betting market in the United States. Moreover, it is home to some of the most passionate sports fans in the nation. We look forward to bringing our award-winning online gaming platform and customer service to New York, deepening our roots in the state and region, and creating an omnichannel experience for sports bettors that we have successfully executed upon across the country.”
RSI currently operates online gaming in 11 states, including the neighboring markets of Connecticut and New Jersey. Upon launch of its online sportsbook in New York, RSI will be one of only three companies with online gaming market access to all three states. The New York City media market, the largest media market in the nation, taps into all three states in the tri-state region, giving RSI significant long-term marketing efficiencies.
RSI already has an established presence in New York through its partnership with Rivers Casino & Resort Schenectady, a premier in-person gaming destination, where RSI oversees the operations of the casino’s retail sportsbook. Rivers Casino & Resort Schenectady was the first casino in New York history to accept a legalized sports bet and has been the leading commercial sportsbook in the state by revenue since its launch in 2019.
Mr. Schwartz added, “Our selection by the NYSGC follows that by the Connecticut Lottery Corporation to serve as its sports betting operations partner in another highly competitive process. This additional recognition of quality by a government agency serves as strong validation of RSI, the attractiveness of our offerings, and our ability to deliver value and results to our partners. We are pleased to continue our successful track record of securing access in high-barrier-to-entry jurisdictions, gaining market share, and differentiating our platform through the quality of our products, services, and customer service experience.”
Based on publicly available data, RSI is the retail market leader in the three most populous states that have legalized retail sports betting – New York, Illinois, and Pennsylvania – and is a top four online gaming company in the United States per gross gaming revenues over the past 12 months, according to an October 2021 report from independent gaming research firm Eilers & Krejcik. Additionally, the Company’s mobile sportsbook app was recently rated #3 out of 35 mobile sportsbook apps in the United States market last month by Eilers & Krejcik.
About RSI
RSI 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 twelve U.S. states: Pennsylvania, Illinois, New Jersey, New York, Connecticut, Michigan, Indiana, Virginia, Colorado, Iowa, West Virginia and Arizona. 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.
