Rush Street Interactive Secures Online Casino and Sports Betting Market Access Opportunities in Ohio, Maryland and Missouri
RSI Enters into Strategic Partnership with Penn National Gaming
CHICAGO–(BUSINESS WIRE)–Rush Street Interactive, Inc. (NYSE: RSI), one of the most trusted and fastest-growing online casino and sports betting companies in the United States, today announced that it has secured market access opportunities in Ohio, Maryland and Missouri.
RSI has entered into a strategic partnership agreement with Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National”). Under the terms of the agreement, RSI will have the ability to offer its award-winning BetRivers.com real-money online casino and sports betting platform for up to 20 years in Ohio, Maryland and Missouri through potential second skins in each of those states, subject to license availability, state law and regulatory approvals. Upon and following the launch of the skins, RSI will compensate Penn National with industry-standard payments for market access.
“We are pleased to gain potential market access to three new states as we continue the execution of our strategy to gain access and bring our best-in-class online gaming offerings to key markets across the United States,” said Richard Schwartz, president of RSI. “The addition of Ohio, Maryland and Missouri to our market access portfolio, specifically, builds on RSI’s success in neighboring states and will create enhanced marketing efficiencies for our BetRivers.com brand. We continue to engage in productive dialogue with industry participants, such as tribal and commercial casinos and other stakeholders, to further our expansion into new states. We expect to continue entering into additional market access arrangements in the future, as other opportunities arise.”
RSI currently operates online gaming sites available for customers to play today in eight states with a combined population of more than 68 million, including Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, Pennsylvania and Virginia. Taken together with our ability to access markets under applicable regulations or potentially access them through our existing market access deals for online gaming in New York, Ohio, Maryland, Missouri and West Virginia, RSI now has the potential, with first or second skins, to access online gaming markets reaching more than 35% of the U.S. population. In addition to its industry leading real-money online casino and sports betting offerings, RSI offers immersive social gaming options and provides tailored retail wagering services to in-casino sportsbooks. RSI is the market leader in the three most populous states that have legalized retail sports betting: Illinois, Pennsylvania and New York.
Additionally, the agreement provides RSI with a right of first offer for a potential skin in Texas through Penn National subject to, among other things, state law and regulatory approvals.
Founded in 2012 by gaming industry veterans, RSI is a market leader in online casino and sports betting in the U.S., currently operating real-money gaming in nine U.S. states. RSI launched its first online gaming site in New Jersey in September 2016, and through its BetRivers.com and PlaySugarHouse.com sites, RSI was the first to launch regulated online gaming in Colorado, Illinois, Indiana and Pennsylvania. RSI was named the 2020 Global Gaming Awards Digital Operator of the Year, and the 2020 EGR North America Awards Casino Operator of the Year and Customer Service Operator of the Year. RSI has been an early mover in Latin America and was the first U.S.-based gaming operator to launch a legal and regulated online casino and sportsbook, RushBet.co, in the country of Colombia. For more information, visit www.rushstreetinteractive.com.
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 strategic partnership with Penn National, its potential future operations in the states covered by that partnership and its future performance there, and its expectations about obtaining additional market access throughout the United States. 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 proxy statement, 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.