Rush Street Interactive launches Mexico iGaming
Rush Street is the first major US operator to launch in Mexico.
“We are thrilled to build upon RSI’s track record of success in Latin America to now bring the millions of Mexican gaming enthusiasts into the expanding RushBet community,” Rush Street Interactive CEO Richard Schwartz said in Thursday’s press release announcing the launch.
RSI’s iCasino includes more than 350 slot and table games, as well as live dealer table games from Evolution. The RushBet sportsbook is now taking wagers on dozens of leagues and hundreds of sports, including Liga MX, the English Premier League and the NFL.
The company’s RushBet.co was the first regulated online sportsbook launch in the region by a US gaming company and is now a top-three operator by handle in Colombia. With its latest launch, RSI now sees a total addressable market (TAM) of more than 180 million customers between Mexico and Colombia.
RSI’s BetRivers or PlaySugarHouse online sportsbooks are now live in four countries, including 13 states in the US. Along with Mexico, the company also has online casino offerings in Ontario, as well as New Jersey, Pennsylvania, Michigan and West Virginia.
Rush Street Interactive CEO Richard Schwartz: “We are thrilled to build upon RSI’s track record of success in Latin America to now bring the millions of Mexican gaming enthusiasts into the expanding RushBet community.”
Latin America presents Rush Street a chance to be a market share leader as it struggles to do the same in the US.
The Chicago-based company has garnered a fraction of the total handle and gross gaming revenue shares of American leaders FanDuel, DraftKings, BetMGM and Caesars, which combine for more than 80% of the US market.
In New York, America’s largest online sports betting market, Rush Street’s BetRivers sportsbook has never garnered more than single-digit share in handle or revenue in any individual week despite launching as one of the state’s first four operators in January of this year.
Though it has a comparatively small share in the overall US market, the company’s presence in key states such as Illinois (where it is a market share leader), as well as Connecticut (where it operates one of only three licensed sportsbooks), have made it a consistent source of industry rumours as a possible acquisition target. Officials such as Schwartz have dismissed these notions, however.
In quarterly earnings presentations, the company has maintained it is positioned to be profitable as early as next year. RSI spends significantly less on promotions and marketing than its major competitors, a strategy that will increase its path to profitability, officials have said.
RSI’s stock has risen more than 10% in the past five trading days. The stock is down more than 50% in the past 12 months as gaming stocks and the broader market overall have seen significant declines since record highs at the beginning of this calendar year.