Garden State of New Jersey and BetRivers brands throughout the Midwest, Chicago-based gaming company, Rush Street Interactive (RSI) bettered market forecasts on the first quarter results for 2021. Driven by strong performance from both its online sportsbook and casino arms (branded SugarHouse in New Jersey and Pennsylvania, and BetRivers else), RSI posted revenue of $111.8 million for the first three months of the financial year, through to March 31. The Future looks bright for RSI & the SugarHouse/BetRivers Brands The $111.8 million figure represents a 218% boost over the first quarter of 2020 when $35.2 million was posted for the same period. Forecasts from Wall Street pundits had forecasted that Rush Street Interactive (NYSE: RSI) would range from a low of $84 million to a high of more than $106 million. After reporting the much better than expects revenue figures, RSI went ahead to raise its market revenue projections the full year up to between $440 million and $480 million. Taking the midpoint forecast, a projected revenue of $460 million would potentially be a 65% year-on-year growth to 2020’s revenue of $278.5 million. Greg Carlin, RSI’s Chief Executive Officer excitedly announced the quarterly result and raising the company’s full year revenue drive; “We are excited about our strong first quarter results, during which we launched (both an) online casino and sportsbook in Michigan and online sportsbook in Virginia, and delivered revenue growth of 218% over last year’s first quarter. We are also pleased by our quarter-on-quarter growth, underpinned by our strong and stable casino results,” Carlin said. As an operator, RSI also increased its monthly active users across the nation, reporting a 166% increase year-on-year and 20% rise from the fourth quarter of 2020. The average monthly revenue per active user came in at $302. The increase in users was most likely partly due at least due to RSI increasing the number of jurisdictions it operates in to 11, including the four largest US online casino markets. RSI has also gone ahead with the launch of an online casino in West Virginia in April, since the first quarter ended. As Carlin explained; “We continue to have solid momentum as we launched online casino in West Virginia in April and are now live in the four largest U.S. online casino markets which we expect to drive significant profitability over the long term. Additionally, due to our strong cash position, we were able to increase our marketing spend in 2021. Short average payback periods of only 6 months provide confidence in our ability to effectively increase marketing spend while driving continued strong growth in revenue and MAUs. As a result, we are increasing our 2021 revenue guidance.” Carlin said. While Revenue is Way Up, A Net Loss Also Reported First quarter 2021’s loss from operations was $27.3 million in comparison to a loss of $12.9 million for the first quarter of 2020. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $15.1 million for the first quarter 2021. However, it really is an impressive turnaround and it has been built by a success of both the company’s online sportsbook and online casino holdings. However, RSI executives and financial gurus were quick to point out that the company’s online casino players spent almost twice as much per online visit (1.9 times as much) compared to online sports bettors. However, that could all turn around soon with the update of the BetRivers iOS app in the sportsbook-only (yet to legalize online casinos) markets of Illinois, Iowa, Virginia and Colorado.