BetRivers, One Of Pennsylvania’s Top Online Gambling Operators, Is For Sale

Written By Matthew Lomon on March 22, 2024
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Rush Street Interactive, otherwise known as the owner and operator of BetRivers is exploring potential sale opportunities. And, DraftKings’ name keeps popping up as a possible buyer.

On March 21, Bloomberg reported that representatives from Rush Street have been weighing strategic options for the brand. This process includes speaking with prospective buyers. However, a spokesperson for the Chicago-based online gambling brand declined Bloomberg’s request for comment.

DraftKings, on the other hand, offered a response, albeit vague. In short, a company representative said that DraftKings communicates with various firms in the normal course of business but does not comment on any specifics as per its in-house policy.

Even so, the online gambling heavyweight headquartered in Boston has been active in the acquisition game recently. In May 2022, DraftKings completed its purchase of Golden Nugget Online Gaming. The move has since provided a significant boost to DraftKings’ online casino product in Pennsylvania.

Now, it appears the major operation has its sights set on BetRivers. The bookmaker first joined Pennsylvania’s online wagering scene in June of 2019 with its BetRivers PA Sportsbook before introducing the BetRivers PA Casino in January 2020.

Here’s how BetRivers’ online gambling products have fared during their time in The Keystone State.

RSI CEO says BetRivers a top three online casino operator in PA

The Pennsylvania Gaming Control Board breaks down revenue by operator and not license. Therefore, it’s difficult to measure each operator, like BetRivers,’ individual revenue output. Be that as it may, it’s still possible to get an idea of where Rush Street’s most prominent brand stands in Pennsylvania thanks to its CEO Richard Schwartz.

During its Q3 earnings call last November, Schwartz noted that BetRivers is one of the three top PA online casinos. The declaration wasn’t without merit, either. RSI’s shot-caller said the company’s market share in Pennsylvania was the highest it’s been in about a year and a half. While an exact number wasn’t made available, Schwartz shared that BetRivers has reached at least a 14% market share in The Keystone State.

According to PGCB figures, which again, capture a blanket snapshot of a license’s output, Rivers Casino Philadelphia generated $310.3 million in year-to-date revenue. BetRivers, Borgata Casino PA, and PlaySugarHorse Casino PA are partners of The Rivers Philadelphia operation, making their individual contributions unclear.

The combined total of $310.3 million ranks third behind the Hollywood Penn National and Valley Forge Casino licenses, which feature industry heavyweights DraftKings, BetMGM, and FanDuel.

How BetRivers has fared both lately and lifetime in online sports betting handle in PA

Luckily, the PGCB publishes accurate monthly financial reports for the state’s authorized sportsbook operators. As a result, there’s no speculation required, and the picture is crystal clear.

BetRivers, specifically, has performed well amidst competition from 12 other online operators. Despite a down February (handle of $23.5 million), the company consistently ranks in the upper half of operators by that metric.

Across BetRivers’ 56 months in Pennsylvania, its online sportsbook handle has never fallen below sixth. What’s more, it scored fifth on 30 separate occasions, fourth five times, third seven times, and even reached second in four different months.

Backed by a strong monthly handle, BetRivers has blossomed into one of Pennsylvania’s most prominent sports betting presences. The operator’s lifetime handle of $1.5 billion is good for fifth amongst all PA online sportsbooks. BetRivers currently sits about $240 million ahead of fellow Rivers brand PlaySugarHouse, but trails BetMGM by approximately $335 million.

FanDuel ($10.6 billion), DraftKings ($6.8 billion), and ESPN BET ($2.02 billion) form the state’s top three producers by handle.

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Matthew Lomon

Matthew Lomon has been a contributor at Catena Media’s network of regional sites since July 2022. He first broke into covering the legal North American gambling industry with PlayCanada. Since then, Matthew's reporting has extended to PlayMichigan, PlayPennsylvania, and PlayIllinois. Based out of Toronto, Ontario, Matthew is an avid (bordering on fanatic) sports fan.

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