BetRivers Displays Impressive Q3 Pennsylvania Online Casino Results

Written By Corey Sharp on November 9, 2023
Image of the BetRivers logo inside a Pennsylvania state outline for a story about the BetRivers Casino PA having a quality Q3 performance.

After its Q3 2023 earnings call, Rush Street Interactive (RSI) is a top three online casino operator in Pennsylvania. RSI’s BetRivers brand had one of its best quarters in terms of market share in more than a year.

RSI CEO, Richard Schwartz, broke down what has made BetRivers into one of the top PA online casinos. RSI has the luxury of working with two land-based properties in the Keystone State.

BetRivers Casino PA is a top-three operator in Pennsylvania market

During Schwartz’s opening remarks, he touched on a lot of states in which BetRivers has an online casino. BetRivers’ market share in New Jersey and Michigan is the highest it’s been in a year and West Virginia is at its highest level ever since launching in 2021.

The same momentum carried into Indiana and Pennsylvania, too. Schwartz said the market share in those two states is the highest it’s been in about a year and a half. In a presentation shared with investors, RSI has BetRivers Casino Pennsylvania ranked No. 3 in the Keystone State.

It is most likely behind DraftKings Casino PA and BetMGM Casino PA.

Schwartz also made clear that BetRivers has achieved at least a 14% online casino market share in Pennsylvania. It is the third market, including Columbia and West Virginia, in which BetRivers has reached that threshold.

Much of the growth in Pennsylvania, as well as BetRivers’ other jurisdictions, can be attributed to increasing customer retention. BetRivers shared that monthly active users (MAUs) trended up 4% and average revenue per monthly active user (ARPMAU) increased 8% in Q3 2023 compared to Q3 2022. The operator is averaging $374 per monthly active user.

RSI CFO, Kyle Sauers, said during the call:

“We’ve definitely been focused on acquiring and retaining high-quality players.”

Sauers continued by adding that BetRivers had 132,000 total MAUs in Q3 2023. The average age of an online casino player is 42, as 54% of players are women. According to the presentation, BetRivers labeled women as more mature and engaged players.


BetRivers to leverage land-based Pennsylvania casinos in the near future

There are operators in the Keystone State that launched an online platform and also have a retail casino. While online operators are lucky enough to have one brick-and-mortar casino, BetRivers has the benefit of having two land-based partners in Pennsylvania:

  • Rivers Casino Philadelphia
  • Rivers Casino Pittsburgh

BetRivers’ online platform is able to utilize a customer base that is already available.

“I don’t think we’ve ever worked as well and close as we are these days with land-based property, and so we’re continuing to have a lot of opportunities to show some results from that collaboration,” Schwartz said.

He did not divulge specific plans for what’s to come in terms of working closer with retail partners. However, he did mention that creating customer loyalty is a top priority for his brand. Schwartz said:

“We’ve integrated the platform systems together in a way that allows us to award loyalty points whether play goes from land-based to online or the playing online going back to land-based. It’s a way to convert some more players from land-based to playing both online and land-based. Knowing if you do that, you achieve a greater loyalty loop among those players.”

BetRivers’ PA online casino revenue performance

The Pennsylvania Gaming Control Board (PGCB) breaks down revenue by license and not by operator. Rivers Casino Philadelphia, which is partnered with BetRivers, Borgata Casino PA and PlaySugarHouse Casino PA, generated $310.3 million in YTD revenue. It’s third behind the Hollywood Penn National and Valley Forge Casino licenses, which feature the likes of DraftKings, BetMGM and FanDuel Casino PA.

Although it’s difficult to tell exactly what each operator contributes, BetRivers is probably behind DraftKings and BetMGM. BetRivers says it’s the No. 3 operator in Pennsylvania, however, FanDuel has likely made more revenue this year, with the Valley Forge license producing $323.5 million in YTD revenue.

Even though the third spot is up for debate, BetRivers is still a strong platform within the Keystone State. Out of 8,000 slots available in Pennsylvania, BetRivers offers 691, which is the fifth-most. PlaySugarHouse, which is owned by BetRivers, supplies the third-most at 750.

“In the third quarter alone, we launched more than 1,000 new slot titles,” Schwartz said. “We were first to market with many important titles, demonstrating the seamless way we work with game providers to integrate games quickly but in a way that also optimizes a consistent and fast user experience.”

While Schwartz meant 1,000 games across all markets, it doesn’t change the fact that his two platforms in Pennsylvania are toward the top in games offered. Pennsylvania operators have shown that more games equate to more revenue.

BetRivers will look to keep this momentum going forward in Q4 to finish what could be a strong 2023.

Photo by PlayPennsylvania
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Corey Sharp

Corey Sharp is the Lead Writer at PlayPennsylvania bringing you comprehensive coverage of sports betting and gambling in Pennsylvania. Corey is a 4-for-4 Philly sports fan and previously worked as a writer and editor for the Philadelphia Inquirer and NBC Sports Philadelphia.

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