Rush Street Interactive, Inc. · NYSE:RSI
Rush Street Interactive — dMY Technology Group — SPAC Merger (July 2020)
37 slides from Rush Street Interactive's SPAC merger presentation, Jul 27, 2020
Slide 1: Rush Street Interactive
Exhibit 99.2 RUSH R A C T
Slide 2: Disclaimer
Disclaimer This investor presentation (the “presentation”) is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debtor other financial instruments of dMY Technology Group, Inc. (“dMY”) or Rush Stre
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) No Offer or Solicitation This presentation shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This presentation shall also not constitute an offer to sell or the solicitation of an off
Slide 4: Transaction Overview
1. See footnote 1 on pg. 12 2. Subject to redemption 3. Includes $150m value in RSI earnout shares but does not include $57.5m value in Sponsor promote shares; 4. Sponsor may forfeit up to 1,205,937 Sponsor promote shares if aggregate available cash raised through the fifth day after closing is less
Slide 5: RSI Management Team
RSI Management Team NEIL BLUHM Chairman & Co-Founder Co-founder of Rush Street Gaming and RSI Prominent long track record of developing world-class real estate and casinos Co-founded Walton Street Capital and JMB Realty, two real estate firms Co-Chairman of successful REIT listed on NYSE (Urban Shop
Slide 6: RSI Investment Highlights
1. See footnote 1 on pg. 12 RSI Investment Highlights #1 in US online casino market (May 2020)1 Accelerated growth profile and what we believe to be a pandemic-resistant business model Proven ability to enter large and rapidly expanding markets Proprietary tech platform allows development velocity a
Slide 7: Rush Street Interactive: Company Snapshot
Rush Street Interactive: Company Snapshot Founded in 2012 Launched first online casino in NJ in Sep. 2016 Currently operating in NJ, PA, IN, IL, NY, CO and Colombia Developed a proprietary technology stack offering online casino and sports betting Current team of ~165 employees with a highly experie
Slide 8: 2018A – 2021E Financial Performance
Note: RSI Management estimates, Includes B2B2C retail royalty income 1. ‘Other’ includes net revenue from Casino 4 Fun and all of RSI’s other current and, for 2020 and 2021, anticipated future territories 2. RSI Internal Non-GAAP EBITDA calculated as net income plus depreciation and amortization. Se
Slide 9: Comparable Company Benchmarking
Source: 1. GNOG June 2020 Investor Presentation 2. RSI Management estimates 3. As per CapitalIQ and Bloomberg July 17, 2020 4. Cash Flow refers to 2022E EBITDA 5. Does not include $57.5m of sponsor shares 6. As at close July 17, 2020 7. Represents Landcadia II Holdings stock plus attached warrant 8.
Slide 10: Business Model
1. Only considers online operations and includes states where contracts have been agreed or are currently being negotiated 2. Business to Government Business Model B2C B2B2C Operating Model Provide sports betting and online casino using proprietary platform RSI has control over customer retention, m
Slide 11: #1 in US Online Casino Market (May 2020)
#1 in US Online Casino Market (May 2020)
Slide 12: The #1 Online Casino Company in the US
Sources: Eilers and Krejcik, PGCB, NJ DGE, RSI Mgmt. estimates 1. Market share calculated using publicly available sources; nationwide market excludes Delaware. FanDuel/Betfair excludes Pokerstars due to merger with The Stars Group; NJ DGE does not break down GGR per skin, NJ % shares are based on M
Slide 13: Clear US iGaming Leader
Clear US iGaming Leader US Online Casino Market Share1 16.7% 10.0% 7.4% Brand Focus #1 in casino plus strong sports offering1 Sports focused with cross-sell to casino Casino focused Combined Population of Live Online Gaming Markets US: 47m people Global: 96m people2 US: 47m people US: 9m people Inte
Slide 14: Large & Rapidly Expanding Addressable Market
Large & Rapidly Expanding Addressable Market
Slide 15: Large US Online Opportunity for RSI
Source: Eilers & Krejcik, RSI Internal Estimates 1. Excludes markets run by lotteries or monopoly markets or where remote sign-ups are not permitted 2. Represents sum of estimated market sizes in box above 3. Total estimated US market size (online sportsbetting and online casino) based on Eilers & K
Slide 16: A First Mover in Key US & LATAM Gaming Markets
Source: Eilers & Krejcik, RSI Management estimates Note: MS = Market Share; Market share data based on GGR and as of May 2020 unless stated 1. Pre-Covid, Jan-20 A First Mover in Key US & LATAM Gaming Markets IL 1st to launch a retail sportsbook #1 Retail Sportsbook (40% MS)1 Ready to launch online a
Slide 17: Proprietary Tech Platform
RUSH R A C T Proprietary Tech Platform
Slide 18: Proprietary iGaming Platform
Proprietary iGaming Platform Provides flexibility, rapid feature creation / integration Offers marketing and promotional tools Feature rich User Experience 3rd Party iGaming Platform Online Front End Business Intelligence Marketing Customer Service Casino Social Sports Casino and Sportsbook Content
Slide 19: Leading Sportsbook Product
Leading Sportsbook Product Proprietary jackpot parlay feature Recently upgraded our sports betting UI / UX New iOS app (expected 2H 2020) Premier in-game offering and live event streaming
Slide 20: Strategic Social Casino Offering
Source: RSI Management estimates Note: FTD = First Time Depositor 1. L6M Average 2. Eilers & Krejcik 3. Refers to states that are soon to legalize online sports betting and / or online casino Strategic Social Casino Offering Social Casino Registrations Live States Soon-To-Be-Regulated States3 Build
Slide 21: Efficient Business Model
RUSH R A C T Efficient Business Model SUGAR HOUSE PLAYSUGARHOUSE.COM
Slide 22: Online Casino has more Well-Rounded Demographics and Stronger Economics
Source: RSI Management estimates Online Casino has more Well-Rounded Demographics and Stronger Economics than Sports Betting… Better Monetization Average Time Spent Demographics Online Sports Betting Online Casino Sports Betting Casino RSI ARPU, Q1 2020 RSI monthly minutes per active user, Q1 2020 R
Slide 23: Strong Return on Marketing Spend
Source: RSI Management estimates, all cohorts (a cohort represents all players that signed up in a particular month) since Jan-17 Note: LTV = Lifetime Value (Cohort total cumulative GGR); CAC = Customer Acquisition Cost 1. Cumulative GGR over period / advertising spend 2. GNOG June 2020 Investor Pre
Slide 24: Financial Highlights
RUSH R A C T Financial Highlights SUGAR HOUSE PLAYSUGARHOUSE.COM
Slide 25: Recent Performance
Source: RSI Management estimates 1. Record for RSI Recent Performance Online casino has excelled during the first 2 quarters and is expected to continue being a strong performer for the remainder of 2020 Despite focusing on top-line growth, RSI has been profitable YTD RSI Consolidated Handle & GGR,
Slide 26: Potential US Online Sports Betting and Online Casino Revenue Opportunity
1. Based on Eilers & Krejcik assuming all states have online casino / sports betting and internal RSI forecasts 2. RSI Internal Forecast % market share in all legalized US states 3. RSI Internal Forecast % of US states with legalized Online Casino and Online Sports Betting Potential US Online Sports
Slide 27: Long Term Financial Objectives
Source: RSI Management estimates 1. Assumes a steady state weighted average EBITDA margin range of 24.5% – 27.5% based on the ratio of B2C & B2B2C revenue Long Term Financial Objectives RSI Consolidated Long Term Financial Targets 1 Applying a fully stabilized EBITDA margin to long-term targets repr
Slide 28: Going Public Expected to Provide Capital to Accelerate Growth Plan
Going Public Expected to Provide Capital That Can Accelerate RSI’s Growth Plan RSI Key Growth Drivers Supported by Transaction Proceeds Launch New Markets (Domestic and International) Product Development Tuck In Acquisitions Scaling Operations and Marketing Budget
Slide 29: dMY Overview
RUSH R A C T dMY Overview SUGAR HOUSE PLAYSUGARHOUSE.COM
Slide 30: dMY Management Team
dMY Management Team Harry You dMY Chairman Director of Broadcom Former President, CFO and Co-Founder of GTY, largest tech SPAC at time of IPO Former EVP, Office of Chairman of EMC Former CEO of Bearing Point Former CFO of Oracle and Accenture Niccolo De Masi dMY CEO Mobile pioneer – Software & Hardw
Slide 31: Complementary Expertise Will Provide Accelerated Growth
Complementary Expertise Will Provide Accelerated Growth & Greater Opportunity for RSI Focus Area Timeline Expertise Unified internal tech platform delivering faster iteration cycles at lower cost Now Market access advantages over competitors Now Secure & compliant tech stack – vetted domestically &
Slide 32: Appendix
RUSH R A C T Appendix SUGAR HOUSE PLAYSUGARHOUSE.COM
Slide 33: Accelerated Growth Profile and a Pandemic-Resistant Business Model
Accelerated Growth Profile and a Pandemic-Resistant Business Model RSI Consolidated Online Revenue, Jan-19 to Jun-201 1.86x RSI Global Online Casino & Sports Revenue, 2020 YTD1 COVID-19 COVID-19 Source: RSI Management estimates 1. Excludes retail sports revenue
Slide 34: Financial Statements – Balance Sheet
1. The financial statements presented herein have not been audited and are derived from RSI internal records maintained primarily on a cash basis for tax reporting. The financials statements presented herein have not been audited and the financial statements once audited may have certain adjustments
Slide 35: Financial Statements – Income Statement
Financial Statements – Income Statement 1. The financial statements presented herein have not been audited and are derived from RSI internal records maintained primarily on a cash basis for tax reporting. The financials statements presented herein have not been audited and the financial statements o
Slide 36: Reconciliation of Non-GAAP Measures
Note: The financial statements presented herein have not been audited and are derived from RSI internal records maintained primarily on a cash basis for tax reporting. The financials statements presented herein have not been audited and the financial statements once audited may have certain adjustme
Slide 37: Glossary of Terms
Glossary of Terms Term Definition Handle Gross dollar value of cash bets made on the platform GGR Gross Gaming Revenue; Gross dollar value of cash bets less payouts NGR Net gaming revenue; GGR less promotional bets less gaming taxes and duties ARPU Average revenue per user; Monthly GGR / Monthly Act