Chicago-based Rush Street Interactive (RSI), a subsidiary of Rush Street Gaming, announced Monday its intent to wind down its sports betting operations in Connecticut.
RSI continues to struggle to reach profitability nearly three years after its initial public offering. The interactive gaming firm reported a net operating loss of $134.3 million for 2022, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) at a loss of $91.8 million.
Rush Street Interactive said Monday that after much consideration, the company’s leaders believe ending its sports betting partnership with the Connecticut Lottery Corporation (CLC) is in the best interest of the company and its shareholders.
Rush Street handles the Connecticut Lottery’s online sportsbook operations through the company’s PlaySugarHouse.com platform. RSI additionally operates retail sportsbooks on the lottery’s behalf at brick-and-mortar restaurants and bars.
RSI continues to struggle to reach profitability nearly three years after its initial public offering. The interactive gaming firm reported a net operating loss of $134.3 million for 2022, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) at a loss of $91.8 million.
Rush Street Interactive said Monday that after much consideration, the company’s leaders believe ending its sports betting partnership with the Connecticut Lottery Corporation (CLC) is in the best interest of the company and its shareholders.
Rush Street handles the Connecticut Lottery’s online sportsbook operations through the company’s PlaySugarHouse.com platform. RSI additionally operates retail sportsbooks on the lottery’s behalf at brick-and-mortar restaurants and bars.