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RSI appoints Schwartz as new CEO following Q2 results

Rush Street Interactive (RSI) has announced that its Co-founder and President Richard Schwartz is now the new CEO, while the online casino and sports betting operator also revealed its results for the second quarter ending 30 June 2021.

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Schwartz has been promoted to the new role with immediate effect and will also join RSI’s board of directors.

Greg Carlin, who previously led RSI as CEO, moves into the role of Vice-Chairman.

“I am honoured to lead RSI at this time of tremendous growth for our company and industry, and am humbled by the trust that Greg and the board have placed in me," Schwartz said.

"Greg has positioned RSI for success and our opportunities continue to expand, from new market launches to innovative product offerings and strategic marketing programs."

"Richard has been a key partner in building RSI’s proprietary technology platform and online operations. His deep understanding of the online gaming space and passion for our business will be critical in continuing to drive value for our shareholders for years to come," Carlin added.

Meanwhile, RSI reported its revenue for Q2 2021 was $122.8m, an increase of 89%, compared to $65m during the second quarter of 2020.

Net loss was $14m, compared to a net loss of $50.6m during the same period last year. 

While adjusted advertising and promotions expenses improved from $7.4m to $36.9m, adjusted EBITDA fell from $3.7m in 2020 to a loss of $6.6m this year.

“We are very pleased with the continued execution of our business strategy and remain focused on providing a premier user experience for our customers," Schwartz said.

"In addition to successfully growing revenues in existing markets, we have made significant progress in securing access opportunities to new markets."

As of 30 June, RSI had $361m of unrestricted cash and cash equivalents.

RSI expects revenues for the full year ending December 31 2021 to be between $465 and $495m, up from its previous forecast of between $440 and $480m.

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