Rush Street Interactive (RSI) which operates through BetRivers has extended a strategic partnership with Penn National Gaming to gain market access across three states. The three states include Ohio, Maryland, and Missouri, which was announced on Tuesday.
Breaking Down the Deal Between the Two Companies
The financial terms of the deal were not disclosed to the public. Under the agreement, RSI will be given the opportunity for its renowned BetRivers.com real-money online casino and sports betting platform for up to 20 years in Ohio, Maryland, and Missouri that will be subject to license availability, state law, and regulatory approvals.
When the launch of the skins takes place in each state, RSI has agreed to compensate Penn National with industry-standard payments for aiding the process of gaining market access in the sports betting industry.
RSI President Richard Schwartz stated, “We are pleased to gain potential market access to three new states as we continue the execution of our strategy to gain access and bring our best-in-class online gaming offerings to key markets across the United States…
“We continue to engage in productive dialogue with industry participants, such as tribal and commercial casinos and other stakeholders, to further our expansion into new states. We expect to continue entering into additional market access arrangements in the future, as other opportunities arise.”
Not all the three states have launched or offered ways to legally wager on sports as of this time. Maryland does offer retail sports betting to its residents at a few gaming facilities in the state.
Ohio is expected to have the sports betting operation running by April. On the other hand, Missouri is still negotiating a proposition to have a bill that should be able to pass at some point this year.
RSI is currently not worried about the situation of how much time it has taken. The company is confident that the legislation will come to an agreement that will ultimately bring sports betting to the location.
Texas is another state that could potentially be a lucrative market if the sports betting operation ever launches. RSI also has an agreement with Penn National Gaming, RSI has the right to offer its products and services through Penn National. All of this will be subject to state laws and regulatory approvals.
RSI May be Expanding But North America Remains its Top Priority
RSI is currently operating its online gaming products in eight states across the United States that cover a total population of around 68 million. These states include Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, Pennsylvania, and Virginia.
RSI has also been able to launch in several new iGaming markets, which include Arizona, Connecticut, New York, Ohio, Maryland, Missouri, and West Virginia. This means in this sector, RSI has access to more than 35 percent of the population.
North America as a whole has become part of the company’s goal of wanting to expand. Canada is set to generate one of the biggest iGaming windfalls for private operators with
Ontario is welcoming private companies this upcoming April.
The company has also kept its most important contributors in the loop of what is to come in the near future. This includes dialogue with stakeholders, both tribal and commercial operators. The brand has also gained access further south with a partnership in Mexico at the end of January.
A partnership with Grupo Multimedios will give RSI access to the Latin American market which is set to be for at least 25 years. Furthering its reach to access new markets across the United States is the company’s main focus for 2022.