Rush Street Interactive : Fourth Quarter and Year-End 2023 Investor Presentation

Investor Presentation

March 2024

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the estimated future financial performance, financial position and guidance, the business strategy, plans and objectives of management for future operations, potential market access in various jurisdictions, expectations around partnership and commercial ventures, and estimated potential market size and total addressable market. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this presentation, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "pro forma," "project," "should," "strive," "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. When RSI discusses its strategies or plans, it is making projections, forecasts and forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, RSI's management. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of RSI's control and are difficult to predict. Factors that may cause such differences include, but are not limited to (1) changes in or adverse conditions contained in applicable laws or regulations, including applicable gaming laws and regulations; (2) unanticipated product or service delays; (3) the ability to maintain the listing of RSI's securities on the NYSE or another exchange; (4) the ability to recognize the anticipated benefits of the previously consummated business combination with dMY Technology Group, Inc., which may be affected by, among other things, competition, the ability of RSI to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) complexities related to RSI's corporate structure and history; (6) the possibility that RSI may be adversely affected by other economic, business, and/or competitive factors, such as foreign exchange, inflation and interest rates or an economic downturn; and (7) other risks and uncertainties indicated from time to time in RSI's most recently annual report on Form 10-K, including those under "Risk Factors" therein, and in RSI's other documents filed or to be filed with the U.S. Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance upon any forward-looking statements. Forward-looking statements included in this presentation speak only as of the date hereof. RSI does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Additional risks and uncertainties are identified and discussed in RSI's reports filed with the SEC.

Use of Projections

This presentation contains financial forecasts. RSI's independent auditors have not studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not expressed an opinion or provided any form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of RSI's control. Accordingly, there can be no assurance that the prospective results are indicative of RSI's future performance or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Industry & Market Data, Financial Information and Non-GAAP Financial Measures

In this presentation, RSI relies on and refers to information and statistics regarding the markets and market participants in the sectors in which RSI competes and other industry data. RSI obtained this information and statistics from third-party sources, including reports by market research firms, information published or made available by regulators and company filings. The financial information contained in this presentation has been taken from or prepared based on the historical financial statements of RSI for the periods presented, some of which may not have been audited or reviewed by RSI's independent auditors. In addition to providing financial measurements based on accounting principles generally accepted in the United States ("GAAP"), this presentation includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Net Earnings (Loss) Per Share, Adjusted Net Earnings (Loss) and Adjusted Weighted Average Common Shares Outstanding, each of which is a non-GAAP performance measure that RSI uses to supplement its results presented in accordance with GAAP. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. See the footnotes on the slides where these measures are discussed and slides 21-24 of the Appendix for a description of these non-GAAP financial measures and any applicable reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts.

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Investment Highlights

A leading digital operator driven by an iCasino-centric strategy, innovative user experience and seasoned management team

Rank in the top 5 operators for net revenue in iCasino and online sports betting in the United States

Extensive market access to future iCasino markets across North America and LATAM, with proven ability to launch and scale efficiently in new markets

Invested 11+ years developing our proprietary PAM & vertically integrated tech stack to support our differentiated product suite, multi-brand capabilities and automated functionality to provide a frictionless experience for customers

Among the industry's leading iCasino platforms with unique player features such as UX personalization, community features and RSI's flagship promotional engine

Strategic foothold in high growth, regulated international markets-including Colombia, Mexico and Ontario- with the expertise and infrastructure to expand into additional fast-growing LATAM and other global markets

Sustained focus on player retention and ROI has resulted in industry leading unit economics and achievement of Adjusted EBITDA profitability ahead of schedule

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Company Highlights

Financial Highlights

1	Grew revenue to a record $194MM in 4Q23, and $691MM in FY23, both up
17% Y-o-Y.

2	Improved Adjusted EBITDA ~$100MM Y-o-Y in FY23 to $8.2MM and
achieved record Adjusted EBITDA in 4Q23 of $11.5MM, up 180% Q-o-Q.

Initiated FY24 revenue guidance of $770MM - $830MM, implying 16% Y-o-

3 Y growth at the midpoint, and FY24 Adjusted EBITDA guidance of $35MM - $45MM, implying 390% growth at the midpoint.

4	Grew U.S. and Canada ARPMAU 5% Y-o-Y while simultaneously increasing
MAUs by 7% Y-o-Y in 4Q23.1

5	Grew LATAM ARPMAU 28% Y-o-Y while simultaneously increasing MAUs by
33% Y-o-Y in 4Q23.2

1. Based on MAUs and revenue from U.S. & Canada-based users of our real-money online offerings only.
2. Based on MAUs and revenue from Colombia & Mexico-based users of our real-money online offerings only.

Business Highlights

1	Launched iGaming and sports betting in Delaware as the sole vendor with
promising early results.

2	Grew share to become the estimated 2nd largest online operator in
Colombia after entering the market only 5 years ago.

3	Maintained one of the highest rated online gaming apps in Mexico and
continued to gain market share.

4	Exhibited strong revenue growth in U.S. markets including hitting
milestones in iCasino markets Michigan, New Jersey and West Virginia.

5	Grew Ontario revenue 50% Y-o-Y in 4Q23.

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Currently Live

Market Access Opportunities4

RSI's Market Access Creates Growth Opportunity and Paves the Way for iCasino

Market Access Partner of Choice

RSI benefits from a larger potential TAM than most competitors due to international operations in Latin America and Canada, strong

market access in key states and partnerships with Tribes and

lotteries

Total Addressable Market at Maturity

United States1

Canada2

Latin America2,3

iCasino

~$58.0bn

~$3.5bn

~$2.4bn

Markets

Domestic

Arizona

Colorado

Delaware

Illinois

Indiana

Iowa

Louisiana

Maryland

Massachusetts

Michigan

Mississippi

Missouri

New Jersey

New Mexico

New York

Ohio

Pennsylvania

Tennessee

Virginia

West Virginia

Wyoming

International

iCasino

Online Sports

Betting

Retail Sports

Betting

OSB

~$29.3bn

~$1.2bn

~$3.7bn

~$98bn Total Addressable Market

Source: Eilers & Krejcik Road to 2027 Online Casino and Sports Betting Forecasting, H2 Gambling Capital.
(1) E&K maturity TAM as of January 2024. Does not include poker. (2) H2GC total interactive TAM and
management estimates, inclusive of sports and casino. (3) Includes Latin America and Mexico. (4)
Represents market access partnerships, open access markets and markets that are currently running a	5
competitive licensing process, subject to licensure and applicable regulation.

Colombia
Mexico
Ontario
Market Access	22	23	8
Markets Live	8	18	7

Key Positioning in iCasino Markets

RSI is a top tier operator in all visible markets, operating in as many states as any other operator in the U.S., as well as internationally

United States and Canada

GGR in U.S. iCasino and OSB Markets

Delaware1		Pennsylvania		West	Michigan	New Jersey		Ontario
		Virginia

iCasino	$135MM $2.4bn $198MM $1.6bn $1.9bn $1.8bn3
TAM 2

Positioning 4 Exclusive	#3	#4	#4	#6	NA
of 15	of 10	of 15	of 25
Operator	operators	operators	operators	operators

	44%
88%
	56%
12%
iCasino	Online Sports Betting

Adult Population Available for		Current Adult Population
Future Legislation		Legislated to Play

Source: Eilers and Krejcik Online Casino GGR By Brand, Eilers & Krejcik Road to 2027 Online Casino and
Sports Betting Forecasting, Eilers and Krejcik U.S. Sports Betting Policy Library, H2 Gambling Capital. (1) RSI
operates 3 different brands in DE. (2) Per Eilers & Krejcik, iCasino TAM excludes poker, at maturity. (3)
H2GC interactive casino TAM, as of 2026. (4) Per Eilers & Krejcik and management estimates.	6

Beachhead to Grow New Markets in LATAM

Existing Core Markets

COLOMBIA	Population: 52MM
GDP per capita: $6.6k
	Regulatory Status: iCasino and OSB regulated

	Population: 127MM
MEXICO	GDP per capita: $11.0k
	Regulatory Status: iCasino and OSB regulated

Latin America

Potential Expansion

BRAZIL		Population: 215MM	CHILE
	GDP per capita: $8.9k
PERU		Population: 34MM
	GDP per capita: $7.1k

ARGENTINA

ECUADOR	Population: 18MM
GDP per capita: $6.4k

Population: 20MM

GDP per capita: $14.5k

Population: 46MM

GDP per capita: $13.7k

~$5.7bn

2026E TAM

Core RSI Markets

Expansion Opportunities

Source: The World Bank, as of FY 2022.

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Scalable Platform Proven to Increase Retention and Player Values

ROBUST, SCALABLE ARCHITECTURE

• Modern end-to-end technology stack with modular architecture & components
• Single code base updated bi-weekly (RMG & social)
• Flexible deployments (physical, cloud-based and hybrid)
• Operationalized technology continuously improved to deliver efficient conversion and retention results

MULTI-BRAND,MULTI-VERTICAL & MULTI-JDX

• Demonstrated success operating multi-brands in the same market (i.e., bonus abuse protections)
• Platform supports iCasino, sports, social and poker
• Multi-language(English / Spanish), multi-currency (USD, COP, MXN, CAD) offering allows for swift expansion to new markets
• Platform licensed in 19 jurisdictions

REGULATORY COMPLIANCE & RESPONSIBLE GAMING ("RG")

• Best-in-classRG gaming tools including non-cancellable withdraw and refund processes, in-game messaging, limits and self-exclusion
• First U.S.-based operator to implement a real-time RG monitoring system to analyze player behavior
• First U.S. operator to receive the respected Responsible Gaming Counsel accreditation
• Full automated reporting for customers

BONUSING, CRM & LOYALTY

• Real-timeengine to deliver personalized bonuses
• Unique-to-industrygamified reinvestment programs
• Complete suite of marketing tools, including bonusing, CRM and loyalty
• Proprietary bonus bank wallet and bonus store allows players to self-manage bonuses & redeem loyalty points for real-world & fun digital prizes

INTEGRATION-FRIENDLY

• Deep integration experience & ability to connect efficiently with 3rd party systems / databases
• Library of >2,000 games from 50+ game studios
• Operational integrations include payments, KYC, geolocation, B.I./analytics, AdTech, push messaging, land-based Casino management & cashier systems, sports data/stats/streaming

WALLET, FRAUD & RISK MANAGEMENT

• Heavy investment in automation delivers enhanced verification and conversion rates & speed to deal efficiently with the most stringent jurisdictions
• Enhanced KYC functionalities & features to enable self-verifications
• Sophisticated fraud tools; industry leading chargeback rates

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Proprietary Promotional Games with Leading Third-party Content

Breadth and Quality of Content	Promotional Free-to-play Bingo Platform
Offering market leading quality and selection	Increase retention by rewarding brand loyalty

• Frequently first to market with new game studios and hit games; 2,000+

	games from 50+ game studios	•	Seamless integration into the casino vertical
•	Bespoke features built on top of game library drive differentiation	•	Increased retention by offering players fun and unexpected chances to win
•	Optimized for a consistent user experience	•	Reward player loyalty by awarding prizes based on loyalty status

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RSI's iCasino Product Improves Player Experience through Community Engagement

P2P Community Moderator Chat	Multi-player Online Casino Tournaments
Increased engagement through connectivity	Increase engagement through competitions

• Accessible chatrooms available 24/7 - foster connections between players and brand moderators
• Integrated seamlessly into a big win newsfeed with player profiles, emojis and avatars - extra context for increased engagement

• Free-to-playtournament system
• Proprietary, synchronous or asynchronous platform with a fully integrated registration and awards system
• Tournament scheduler and real-time leaderboards

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