Online gambling operator Rush Street Interactive (RSI) reported revenue nearly quintupling in the third quarter although customer acquisition costs caused net losses to soar.

This week, RSI announced that its revenue in the three months ending September 30 totaled $78.2m, a 370% rise over the $16.7m the online casino and sports betting group reported in the same period last year. The Q3 sum was also significantly greater than the $64m that RSI earned in the entirety of its 2019 fiscal year.

Q3’s adjusted earnings totaled $9.9m, better than the $1.3m earnings loss in Q3 2019. But advertising and promotion expenses nearly doubled to $17.5m and RSI’s total loss for the quarter was a hefty $28.1m compared to a loss of just $1.6m in the same period last year.

Undaunted, RSI – which operates online via its BetRivers and PlaySugarHouse brands – announced that it was boosting its FY20 revenue guidance from $225m to a range of $265m-$275m, with the caveat that these revised estimates only apply if COVID-19’s second wave doesn’t result in the mass cancellation of college and pro sports activities.