Rush Street Interactive, the parent company of BetRivers, announced positive financial results from its fourth quarter of 2022 this week.
During its Q4 earning call, RSI reported $166 million in revenue for the last three months of 2022. That was up 27% year-over-year.
Along with a strong fourth quarter, RSI also had 21% year-over-year increase for 2022 cumulative revenue. The final revenue total was $592 million.
BetRivers Michigan online casino revenue a big asset for Rush Street
The fourth slot is a solid landing spot, as BetMGM is the runaway top operator ($1.1 billion), while FanDuel and DraftKings both approach $500 million.
In January, BetRivers brought in $8.6 million in online casino revenue in Michigan. It marked the seventh consecutive month it brought in at least $8 million in online casino revenue.
Online casino revenue is clearly a big boost for RSI, among other iGaming operators around the country.
RSI reports that Michigan, New Jersey, Pennsylvania and West Virginia combine for 74.6% of the company’s online gaming revenue. All four states have legalized online casinos.
BetRivers online casino is also bringing in a female audience. While its online sports betting demographic is 83% male, the online casino demographic is 53% female.
Player retention a focus for RSI
RSI stressed during their Q4 call that while customer acquisition is important for growth, player retention is the key to profitability.
They believe the way to retain players is through consistent promotion opportunities. That includes regular holiday-based promotions.
BetRivers Casino also has a lot of success through RushArena. It’s a multi-player platform that helps drive Rush Race slot tournaments.
Rush Race slot tournaments are daily 5-minute tournaments that occur at noon, 6 p.m. and 10 p.m. each day.
Football Squares promo leads to Basketball Squares at BetRivers
One thing customers will see at BetRivers Sportsbook MI is a basketball squares promotion. It unveiled its squares promotion during football season with much success.
For basketball squares, you earn squares by doing the following:
- Bet $20 on any game with the squares icon to earn one square
- If you wager $50 or more, you get an additional square
- Bet $100 or more and get a third and final square
BetRivers will randomly assign you a square for that game, assigning a number to the away team and the home team. If those numbers match the last digit of each team’s final score, you win.
Winning squares award $20 in bonus money. If you place $20 or more in live bets on that game, it will boost your square payout up to $10,000.
Record-setting January for BetRivers Sportsbook MI
BetRivers Sportsbook MI recorded $11.14 million in online handle in January, a new record her in the state.
It was also the third consecutive month that BetRivers set a new record for monthly handle.
Along with the handle record, BetRivers recorded $643,116 in sportsbook revenue. That was also a new monthly record for the online operator in Michigan.
Since online sports betting in Michigan began, BetRivers has collected $134.4 million in wagers and just under $8 million in revenue.