Rush Street Interactive Files 2023 Annual Report on Form 10-K

Ticker: RSI · Form: 10-K · Filed: Mar 7, 2024 · CIK: 1793659

Sentiment: neutral

Topics: 10-K, Rush Street Interactive, RSI, Online Gaming, Financial Report

TL;DR

<b>Rush Street Interactive, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Rush Street Interactive, Inc. (RSI) filed a Annual Report (10-K) with the SEC on March 7, 2024. Rush Street Interactive, Inc. filed its 2023 Form 10-K on March 7, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as dMY Technology Group, Inc. Its principal business address is 900 N. Michigan Avenue, Suite 950, Chicago, IL 60611. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Rush Street Interactive, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Rush Street Interactive's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors outlined in the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Rush Street Interactive, Inc. shows moderate risk based on this filing. The company operates in the highly competitive online gaming and sports betting industry, facing significant regulatory hurdles and market volatility, as indicated by the detailed risk factors section in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand RSI's performance and competitive positioning in the online gaming market.

Key Numbers

Key Players & Entities

FAQ

When did Rush Street Interactive, Inc. file this 10-K?

Rush Street Interactive, Inc. filed this Annual Report (10-K) with the SEC on March 7, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Rush Street Interactive, Inc. (RSI).

Where can I read the original 10-K filing from Rush Street Interactive, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Rush Street Interactive, Inc..

What are the key takeaways from Rush Street Interactive, Inc.'s 10-K?

Rush Street Interactive, Inc. filed this 10-K on March 7, 2024. Key takeaways: Rush Street Interactive, Inc. filed its 2023 Form 10-K on March 7, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company was formerly known as dMY Technology Group, Inc..

Is Rush Street Interactive, Inc. a risky investment based on this filing?

Based on this 10-K, Rush Street Interactive, Inc. presents a moderate-risk profile. The company operates in the highly competitive online gaming and sports betting industry, facing significant regulatory hurdles and market volatility, as indicated by the detailed risk factors section in the 10-K.

What should investors do after reading Rush Street Interactive, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand RSI's performance and competitive positioning in the online gaming market. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,567 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-03-07 16:57:27

Key Financial Figures

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 57

C

Item 1 C . Cybersecurity 57 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. Reserved 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 PART IV Item 15. Exhibits and Financial Statements Schedules 83 Item 16. Form 10-K Summary 99

Signatures

Signatures 100 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements depend upon events, risks and uncertainties that may be outside of our control. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "propose," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You are cautioned that our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control, and, consequently, our actual results may differ materially from those projected. Any statements contained herein that are not statements of historical fact may be forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled "Risk Factors" included elsewhere in this Annual Report: competition in the online casino, online sports betting and retail sports betting (i.e., such as within a bricks-and-mortar casino) industries is intense and, as a result, we may fail to attract and retain customers or compete effectively, which may negatively impact our operations and growth prospects; failure to comply with regulatory requirements or to successfully obtain a license or permit applied for could adversely impact our ability to comply with licensing and regulatory requirements or to obtain or maintain licenses in other jurisdictions, or could cause financial institutions, online platforms and distributors to stop provid

BUSINESS

ITEM 1. BUSINESS Unless the context requires otherwise, each of the terms the "Company," "Rush Street Interactive," "RSI," "we," "our," "us" and similar terms used herein refer collectively to Rush Street Interactive, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. Our mission is to engage and delight players by delivering friendly, fun and fair betting experiences. In furtherance of this mission, we strive to create an online community for our customers where we are transparent and honest, treat our customers fairly, show them that we value their time and loyalty, and listen to feedback. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience. We provide our customers with an array of leading gaming offerings such as real-money online casino, online sports betting and retail sports betting (i.e., sports betting services provided at bricks-and-mortar locations), as well as social gaming, which involves free-to-play games that use virtual credits that users can earn or purchase. We launched our first social gaming website in 2015 and began accepting real-money bets in the United States in 2016. Currently, we offer real-money online casino, online sports betting and/or retail sports betting in 15 U.S. states and the three international markets as outlined in the table below. Jurisdiction Online Casino Online Sports Betting Retail Sports Betting Domestic: Arizona Colorado Delaware Illinois Indiana Iowa Louisiana Maryland Michigan New Jersey New York Ohio Pennsylvania Virginia West Virginia International: Colombia Ontario (Canada) Mexico Our real-money online casino and online sport

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