Rush Street Interactive, Inc. (NYSE:RSI) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Kyle Sauers - CFO Richard Schwartz - CEO Conference Call Participants Chad Beynon - Macquarie Jed Kelly - Openheimer Dan Politzer - Wells Fargo David Katz - Jeffries Jordan Bender - JMP Securities Edward Engel - ROTH MKM Mike Hickey - Benchmark Company Operator Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive First Quarter 2023 Earnings Confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______to_______ Commission file number: 001-39232 Rush Street Interactive, Inc. (Exact name of registrant as specified in its charter) (State or other ...

Rush Street Interactive, Inc. (NYSE:RSI) Q4 2022 Earnings Conference Call March 1, 2023 5:00 PM ET Company Participants Kyle Sauers - CFO Richard Schwartz - CEO Conference Call Participants Jed Kelley - Oppenheimer Bernie McTernan - Needham & Co Daniel Politzer - Wells Fargo David Katz - Jefferies Jordan Bender - JMP Securities Edward Engel - ROTH Capital Operator Good afternoon, and thank you for attending today's Rush Street Interactive Fourth Quarter and Year End 2022 Earnings Call. My name is Jason, and ...

MI, NJ, PA and WV Composition of Online Revenue, TTM3 STREET BETRIVERS SPORTSBOOK · CASINO Investor Presentation March 2023 Disclaimer Industry & Market Data, Financial Information and Non‐GAAP Financial Measures You are cautioned not to place undue reliance upon any forward‐looking statements. Forward‐looking statements included in this presentation speak only as of the date of this presentation. RSI does not undertake any obligation to update its forward‐looking statements to reflect events or circumstanc ...

Financial Performance - The company reported a net loss of $134.3 million for the year ended December 31, 2022, compared to a net loss of $71.1 million in 2021[347]. - Adjusted EBITDA for 2022 was $(91.8) million, a decline from $(65.1) million in 2021, indicating ongoing challenges in operational performance[347]. - Revenue increased by $104.1 million, or 21%, to $592.2 million in 2022 compared to $488.1 million in 2021, driven by growth in existing markets and expansion into new markets such as Ontario, Canada, New York, Mexico, and Maryland[379]. - Costs of revenue rose by $82.5 million, or 25%, to $414.6 million in 2022, primarily due to expansion and growth in both existing and new markets[380]. - Costs of revenue as a percentage of revenue increased to 70% in 2022 from 68% in 2021[380]. - Net cash used in operating activities was $60.3 million for 2022, compared to $48.2 million in 2021, reflecting a higher net loss of $63.2 million[406]. - Net cash used in investing activities decreased by $8.0 million to $29.0 million in 2022, compared to $37.0 million in 2021[407]. - Net cash used in financing activities decreased by $126.8 million to $1.2 million in 2022, compared to net cash provided of $125.6 million in 2021[408]. User Engagement and Market Expansion - Monthly Active Users (MAUs) increased year-over-year in 2022, driven by strong customer retention in existing markets and expansion into new markets such as New York and Ontario[337]. - The company operates in 15 U.S. states and international markets, providing online casino and sports betting services under the BetRivers and PlaySugarHouse brands in the U.S. and Canada, and under the RushBet brand in Latin America[325]. - The online gaming and sports betting market is expected to grow as more jurisdictions legalize these offerings, with 35 states and the District of Columbia currently authorized for sports betting[350]. - The company’s B2C operations contributed over 98% of total revenue for the years ended December 31, 2022, and 2021, highlighting the importance of direct customer engagement[331]. - The company’s strategic marketing efforts have positively impacted customer acquisition and retention, particularly in established markets[338]. Revenue Streams - Online casino and sports betting revenue increased by $96.5 million, while retail sports betting revenue rose by $7.9 million, with a slight decrease in social gaming revenue of $0.3 million[379]. - The online casino offerings include a full suite of games, with revenue generated through hold or gross winnings, which is less volatile than sports betting revenue[361]. - Online sports betting revenue is generated by setting odds with a built-in theoretical margin, incorporating live streaming and various betting products[364]. Costs and Expenses - Advertising and promotion costs increased by $29.98 million, or 16%, to $220.46 million in 2022 compared to $190.48 million in 2021[379]. - Advertising and promotions expense increased by $30.0 million, or 16%, to $220.5 million in 2022 compared to $190.5 million in 2021, with the expense as a percentage of revenue decreasing to 37% from 39%[381][382]. - General administration and other expense rose by $12.0 million, or 22%, to $67.5 million in 2022, maintaining a flat percentage of revenue at 11%[383]. - Depreciation and amortization expense surged by $10.1 million, or 237%, to $14.3 million in 2022, with the expense as a percentage of revenue increasing to 2% from 1%[384]. - Interest expense, net increased by $0.4 million, or 206%, to $0.6 million in 2022, primarily due to additional imputed interest from deferred royalties[385]. - Income tax expense rose by $4.3 million, or 91%, to $9.0 million in 2022, with the tax expense as a percentage of revenue increasing to 2% from 1%[388]. Cash and Capital Management - As of December 31, 2022, the company had $179.7 million in cash and cash equivalents, excluding customer cash deposits[397]. - The company expects to increase capital expenditures and working capital requirements to support growth, with $21.6 million in non-cancellable purchase obligations in the upcoming 12 months[401]. - As of December 31, 2022, the company had cash, cash equivalents, and restricted cash totaling $206.1 million, primarily consisting of bank deposits and money market funds[434]. Market Risks - The company operates primarily in the United States, Canada, and Latin America, facing market risks including interest rate, foreign currency exchange, and inflation risks[433]. - A 10% increase or decrease in interest rates on cash and cash equivalents would not have a material effect on the company's consolidated financial statements for the year ended December 31, 2022[434]. - The company is exposed to foreign currency exchange risk primarily with the Colombian Peso, Canadian Dollar, and Mexican Peso, with less than 15% and 10% of revenue from these markets for the fiscal years ended December 31, 2022, and 2021, respectively[435]. - A 10% increase or decrease in the value of these currencies compared to the U.S. Dollar would not have a material effect on the consolidated financial statements for the year ended December 31, 2022[435]. - The company does not believe inflation has had a material effect on its business or financial condition for the fiscal year ended December 31, 2022[436]. - Significant inflationary pressures could harm the company's ability to offset higher costs through price increases, potentially affecting financial results[436]. - Customers experiencing inflationary pressures may reduce spending on discretionary entertainment activities, which could negatively impact the company's revenues and operating results[436].

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $148 million, representing a 20% year-over-year increase [10][31] - Adjusted EBITDA was negative $12.5 million, an improvement from negative $18.6 million in the previous quarter [12][37] - The company revised its full-year revenue guidance to a range of $580 million to $600 million, reflecting the impact of lower iCasino hold and foreign exchange headwinds [14][41] Business Line Data and Key Metrics Changes - Online casino hold rate was lower than normal, negatively impacting revenue by an estimated $4 million [11][31] - Foreign exchange movements negatively impacted revenue by approximately $2 million during the quarter [11][32] - Monthly active users (MAUs) were 130,000, up 31% year-over-year, with September showing a 40% increase [34] Market Data and Key Metrics Changes - The online casino vertical is significantly larger and more profitable than sports betting in the markets where both are operated [15] - Market share in Ontario was approximately 7% for iCasino and 2% for online sports betting [18] - The company is optimistic about the market opportunity in Mexico, expecting significant contributions starting in the latter half of next year [20] Company Strategy and Development Direction - The company aims to achieve profitability by focusing on player acquisition and retention, improving gross margins, and managing marketing spend [9][10] - A data-driven marketing approach is emphasized, with a focus on customer loyalty and reducing friction in user experience [23] - The company plans to increase marketing spend in Q4 to support the rebranding of BET Rivers in New Jersey and capitalize on the winter months [24][54] Management's Comments on Operating Environment and Future Outlook - Management noted that competitive intensity is lower than last year but more competitive than Q2, particularly with the NFL season [50] - There are no indications of negative impacts on the online player base due to macroeconomic conditions [85] - The company remains focused on balancing profitability with revenue growth, expecting lower losses and a stronger cash position than initially anticipated [43][44] Other Important Information - The company ended the quarter with $195 million in unrestricted cash and no debt, positioning itself well for future investments [41][44] - Significant advancements in product and innovation were made, including new betting options and features to enhance user engagement [25][28] Q&A Session Summary Question: Profitability outlook for online sports book and iGaming - Management indicated that profitability can be achieved sooner when casino operations are included, with recent losses in sports book markets showing improvement [47][48] Question: Changes in sales and marketing strategy - The company is leaning into the casino category and allocating more spend in Q4 to attract players during the winter months [53][54] Question: Impact of hold rates in sports betting - Management noted that while there have been good weekends in NFL, the overall impact on revenue is balanced by various sports activities [62][63] Question: Legislative momentum for iGaming - There is growing momentum for iGaming legalization in states like Iowa, Indiana, and Illinois, with potential opportunities in New York as well [65][66] Question: Market dynamics in Mexico compared to Colombia - The company is off to a quicker start in Mexico than in Colombia and expects to achieve similar success in market share over time [72][73] Question: Brand recognition and marketing strategies - Management acknowledged that brand awareness is lower compared to competitors but is actively working on building it through content and partnerships [90][92] Question: Changes in marketing costs and strategy - The company has seen a reduction in marketing costs due to a less competitive environment, allowing for better negotiation on advertising assets [103][104] Question: Online casino hold rate explanation - The lower hold rate was attributed to luck, which impacted revenue, marking a deviation from historical consistency [106][108] Question: Changes in promotional offerings and ROI - The new promotional offering has shown better ROI and has been positively received by consumers [111][113]

STREET A C T I V R BETRIVERS SPORTSBOOK · CASINO "| PLAYSUGARHOUSE.COM SPORTSBOOK | CASINO DEPORTES | CASINO Investor Presentation November 2022 erator of th Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the estimated future financial performance, financial position and guidance, the business strategy, plans and objectiv ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______to_______ Commission file number: 001-39232 Rush Street Interactive, Inc. (Exact name of registrant as specified in its charter) | Delaware | ...

Rush Street Interactive, Inc. (NYSE:RSI) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Lauren Seiler - Associate Vice President, Investor Relation & Development Richard Schwartz - Chief Executive Officer Kyle Sauers - Chief Financial Officer Conference Call Participants David Katz - Jefferies Dan Politzer - Wells Fargo Bernie McTernan - Needham Mike Hickey - Benchmark Ryan Sigdahl - Craig-Hallum Joe Stauff - Susquehanna Jordan Bender - JMP Securities Edward Engel - ROTH Cap ...

STREET A C T I V R PLAYSUGARHOUSE.COM SPORTSBOOK | CASINO BETRIVERS SPORTSBOOK · CASINO "| DEPORTES | CASINO Investor Presentation August 2022 2 Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forwardlooking statements include, without limitation, statements regarding the estimated future financial performance, financial position and guidance, the business strategy, plans and objectives ...