The companies refer participants on this call to the press release issued July 27th, 2020. The presentation accompanying that July 27th, 2020 press release and dMY Technology Group's filings with the SEC for a discussion of the risks that can affect the Business Combination, our business, and the business of the combined company after completion of the proposed Business Combination. The companies also specifically refer participants to slides two and three of the July 27th, 2020 presentation to remind listeners that some of the comments today may contain forward-looking statements, and as such, will be subject to risks and uncertainties, which, if they materialize, could materially affect results.
Forward-looking statements including, but not limited to, Rush Street Interactive and dMY Technology Group expectations or predictions of financial and business performance and conditions, competitive and industry outlook, and the timing and completion of the transaction. Forward-looking statements are subject to risks, uncertainties, and assumptions, and they are not guarantees of performance. This presentation includes references to EBITDA, a financial measure that was not prepared in accordance with accounting principles generally accepted in the United States or GAAP. This measure may be calculated differently than similar measures from other companies, and you should not consider it as an alternative to or an isolation from financial measures determined in accordance with GAAP. The companies refer you to the presentation accompanying the July 27th, 2020 press release for a reconciliation of EBITDA to net income, its most comparable GAAP measure.
Rush Street Interactive and dMY Technologies are under no obligation and expressly disclaim any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. I will now turn the call over to Mr. Niccolo de Masi, Chief Executive Officer of dMY Technology. Please go ahead, sir.
Thank you, operator, and thank you everyone for joining us today. We launched dMY Technology to find a great business with a mobile technology ecosystem that creates compelling consumer experiences and is poised for exceptional growth. We were looking for a situation where we could offer dMY's public markets experience along with access to capital and gaming technology expertise to accelerate growth in a target company by optimizing key attraction, retention, and monetization metrics. We think we found precisely what we were looking for in Rush Street Interactive. We believe Rush Street Interactive is ideally positioned to capitalize on the rapid growth in Online Casino and Online Sports Betting and are very excited to partner with Neil Bluhm, the Chairman, Greg Carlin, the CEO, and Richard Schwartz, the President of RSI. Neil has a long, storied history with a stellar track record.
Neil has built several businesses from scratch that became highly successful, including JMB Realty, Rush Street Gaming, a developer of brick-and-mortar casinos, and a public REIT that delivered outsized returns to its shareholders. My Partner and the Chairman of dMY Technology Group, Inc., is Harry You. Harry too has a long and storied history. His reputation among technology investors is well-known and includes a track record of success in the public markets with Oracle and Accenture. Being able to bring these two teams together is very exciting. Before turning the call over to Greg and Richard, I want to provide insights on why we are so enthusiastic about the transaction. At a high- level, when we look at the landscape, we appear to be in the early days of a secular growth phase in mobile and online real money gaming, including Online Casino.
We think it is likely that global events over the past several months are accelerating that trend. When we evaluate the competitive set of the Online Casino landscape, it is a finite universe with high barriers to entry, in contrast to the non-casino gaming markets we have operated in successfully for over a decade. Instead of a highly fragmented marketplace with tens of thousands of competitors, the Online Casino universe today has a limited set of players. Within that small universe, Rush Street Interactive is a market leader in Online Casino, and what they've been building since 2012 is truly impressive. They're growing extraordinarily fast with over 50% quarter-on-quarter compound growth from Q1 2019 through Q2 2020. Although net income is expected to be modestly negative in both 2020 and 2021, they are already EBITDA positive so far in 2020 with strong retention and monetization metrics.
The team is committed to operational excellence, and we believe it has the best products, the best tech platform, and the best customer service in the market. Today, RSI is posting market-leading profitability measures on unit-level economics, and looking forward, we see tremendous operating leverage as the business scales up. We were not the only ones to see the opportunity. Based on strong investor demand, the PIPE raise in connection with this transaction was upsized from $100 million-$160 million and is anchored with several long-term institutional investors, including Fidelity. We believe the company will be well- capitalized post-close with approximately $235 million of cash expected on the balance sheet and no debt. We expect the capital to fund RSI's current growth strategy and position the company to quickly and effectively enter new markets and further grow market share.
From our standpoint, we think investors have the opportunity to invest at a very compelling valuation today, especially on a relative basis. RSI's ratio of enterprise value to 2021 projected revenue is less than 1.5 where one of our peers in our comp set is trading, and more than 25% below where the other comp is trading. We are very excited about the long-term opportunity to drive shareholder value given the following five characteristics of RSI. First, Online Casino is a market that's still in its infancy with strong growth rates. Second, RSI enjoys attractive customer acquisition costs and long-term player values. Third, online regulated gaming is expected to see legislative and regulatory tailwinds to legalization. Fourth, RSI benefits from material barriers to entry and a leading technology stack. Fifth, RSI has demonstrated operational excellence and an impressive return on invested capital since inception.
With that, I'm pleased to turn the call over to Greg Carlin, our CEO.
Thank you, Niccolo. All of us at Rush Street Interactive are equally excited about partnering with the dMY Technology team and the tremendous growth opportunity in front of us. Online Casino and Online Sports Betting are in the early innings, and we believe there's significant growth in both existing markets and new markets. If legalized in every U.S. state, Eilers & Krejcik estimates the U.S. Online Casino market to be a $20 billion market at maturity, compared to the Online Sports Betting market, which they estimate to be a $13 billion market. The total addressable market fits well with our leading position in the online slot machine category in the domestic market. In addition, our success is not largely dependent on Sports Betting, as the majority of our business comes from Online Casino Gaming.
Supporting the notion of Online Casinos' market potential, we've already seen Online Casino revenue nearly double Online Sports Betting revenue in New Jersey in 2019. Within the Online Casino category, we believe slots are a bigger market than table games. If we use the land-based casino industry as a guide, slot machines typically make up from 60%-90% of casino revenue. We believe the online slot revenue will be comparable or larger than Online Sports Betting revenue in many of the states where both casino and sports betting are offered. This point bodes well for RSI, given our strong position in the online slot category. As an example of our dominance in slots, in June 2020, RSI generated 71% more slot revenue in Pennsylvania than the number two Online Casino operator in the state. Before I get further into our business, a bit of background.
This management team has been together building the business and operating in regulated casino markets for a long time. We have tremendous experience spanning both the Online and brick-and-mortar Casino business, providing us with invaluable perspective, which has been a key to the success of our business. This knowhow has created a culture focused on our customers' experience and is one of the reasons why we're the number one Online Casino operator based on revenue in the U.S. market during Q2 2020, according to Eilers & Krejcik. Rush Street Interactive was founded in 2012 and launched its first Online Casino in New Jersey in September of 2016. Despite entering the New Jersey market nearly three years after it opened, RSI grew quickly, becoming one of the market leaders in the state. Today, we operate online gaming in six markets.
In New Jersey, Pennsylvania, and the country of Colombia, we operate both Online Casino and Online Sports Betting, while in Illinois, Indiana, and Colorado, we operate O nline Sports Betting. As an aside, New Jersey is currently the most competitive market in the U.S. with over 20 operators, and it's noteworthy that we've been EBITDA positive in that market since the second quarter of 2019. We are B2C in most of our markets but also have a B2B2C model, as well as a free-to-play model for our proprietary social casino, which is built on the same platform as our real money gaming platform. Additionally, we supply and support retail sportsbook operations in five states, including New York, Pennsylvania, Illinois, Michigan, and Indiana.
Over the next six months, we expect to launch in three new markets, Online Casino and Online Sports Betting in Michigan, as well as Online Sports Betting in Virginia and Iowa. In New York, where we will obtain market access from an affiliated Rush Street Gaming land-based casino, we believe that Online Sports Betting may be legalized in the next year or two. Revenue pressures on states and the growth of entertainment at home will accelerate the legalization of Online Casino and further spread sports betting throughout the country. We are one of only a limited group of U.S. operators that has secured market access in the populous states of New York, Pennsylvania, and Illinois. Touching on the economics, our approach of targeting Online Casino customers, in addition to Online Sports Betting customers, creates a larger total addressable market for us because we're targeting a broader demographic.
Between Online Casino and Online Sports Betting, Online Casino has a larger addressable market with more profitable economics. The reasons why are evident based on our own data from the New Jersey and Pennsylvania markets. In Q1 2020, an Online Casino customer generated three times more revenue per month than a sports betting-only customer. An Online Casino and Sports Betting customer generated five times more revenue than a sports betting-only customer. Further, Online Casino customers are 50% male and 50% female, whereas our Online Sports Betting customer skew heavily male at 90%+ . We feel that one of our competitive advantages is that our brand and Online Casino platform appeal equally to both genders, and as such, we believe we're able to target and successfully acquire a broader player demographic than many of our peers. There's also a difference in age demographics between our casino and sportsbook customers.
The Online Casino cohort skews older. Why this is relevant is that if you look at the different cohorts as they age into their 40s, 50s, and beyond, income and net worth are higher. With that, I'll turn it over to Richard to expand on a few of our competitive advantages.
Thanks, Greg. From day one, our strategy has been to focus on our customer experience and to earn their trust. It is that underlying premise that we believe results in our strong market share and marketing efficiency. Central to our strategy is to remove friction from our players and provide them flexibility and choice in how they interact with our products and services. For example, when we bonus our players, they can cash out their bonus winnings after only betting it once with us, compared to the 15x to 20x plays that are typically required by our competitors. We think this earns us our players' trust.
Furthermore, when our players win and request cash withdrawals, we have built a proprietary payment tool that approves the vast majority of cash-out requests in real time, so our players can cash out when they wish and don't feel like we're purposefully delaying their cash-out request in the hope that they'll cancel the request and keep betting with us. This focus on the customer and providing them with flexible tools that enable them to self-manage their account with us, we think leads to strong player retention and long-term profits. We believe one of our strongest competitive advantages is the ability we have developed to quickly and efficiently enter new markets and secure significant market share. It makes a big difference when you get a head start on the market. We focus on building brand awareness early and acquiring early adopter players in any given market.
This is a competitive advantage that we think is sustainable. We have successfully been first to market in Pennsylvania, Indiana, and most recently, Illinois. We believe we were able to achieve the material advantage gained from being first to market through the ownership and development of our proprietary technology platform. By having our own technology and in-house development team, we are able to customize and develop the products that are needed to be compliant with each state's unique requirements. From a competitive standpoint, we are also able to differentiate and innovate the user experience by enhancing and improving the products through a dynamic feedback loop, initially between the players and our customer service team, and subsequently between our customer service and our product development teams. We use the technology and close customer engagement to add a tremendous amount of proprietary content.
For instance, we have had success implementing a real-time bonusing engine and unique loyalty features that allow our players to experience a differentiated product. We think these features also feed into the success of our marketing. Looking at recent cohorts from New Jersey, the most intense and competitive Online Casino market today, we are seeing payback for marketing dollars in under three months. We aim to be efficient with our marketing spend and unit economics and believe that we register, convert, and retain players extremely well. Because of that, we're able to acquire players and expect to be profitable with those players over a relatively short period of time.
In the past, our marketing spend was relatively small, but upon completion of this merger, we'll be in a position to increase our marketing budget, which, given the very quick returns that we're seeing, will enable us to increase our revenues and market shares. Our success to date gives us great confidence that we can apply our learnings and experience to new markets as they legalize and open up, as well as help us grow our market share over time in our existing markets. At the end of the day, operators spend a lot of money acquiring new players, but retaining them is very challenging unless you can offer a market-leading user experience. We believe owning our own platform is a big competitive advantage because it allows us to constantly improve the user experience, and by doing so, improve our player retention rates.
Lastly, I'd like to expand on our social gaming business. Social gaming is a category that allows us to grow our brand and database before real money gaming markets legalize. We use the same code base for social gaming as we use for our real money online gaming platform, so we can seamlessly convert players from social to real money gaming when markets legalize. We've been able to do this in markets like Pennsylvania, where we are the dominant Online Casino operator in the market. A big part of that success was our ability to convert players early. We expect to be able to deliver similar results in future markets. With that, I will turn the call back to Greg.
Thanks, Richard. With the combination of dMY and Rush Street Interactive and the resulting inflow of capital, we are well-positioned to take advantage of the substantial opportunities in front of us. Let me touch on a few financial highlights. In the first half of 2020, we generated approximately $100 million of gaming revenue, and we're projecting $126 million for the second half of the year. The $226 million for 2020 would equate to revenue growth of approximately 260% over 2019. Next year, we're projecting $320 million of revenue, which is a 40% increase over 2020. Importantly, we are EBITDA positive so far in 2020, and we see long-term potential to grow the business to multi-billions in revenue with fully stabilized EBITDA margins in the mid-to-high twenties range. We look forward to completing this transaction, partnering with Niccolo's team and transitioning to the public markets.
With that, Niccolo has some closing comments.
Thank you both Greg and Richard. After hearing Greg and Richard, I think everyone can better understand why we are so excited by the opportunity. To summarize, here are a few reasons we love this transaction. First, Rush Street Interactive is the number one player in Online Casino today based on Q2 2020 revenue, and it continues to take market share. Secondly, the growth opportunity in terms of new markets is expected to be immense, and we believe the team has a proven blueprint for launching and achieving market leadership positions as new markets open. Third, as a leader in Online Casino and in particular online slots, the demographic profile of RSI customers is roughly 50/50 male/female and skews higher in groups with higher disposable income compared to peers. Fourth, the company's unit economics are terrific, as RSI is already making positive EBITDA.
Finally, this management team has a long history of operational excellence, leading to a track record of delivering strong returns on invested capital for shareholders. We are very excited about the future and look forward to the team continuing to build a leader in Online Casino. Thank you, operator, thank you everyone for joining us today.
We have reached the end of the conference. You may disconnect your line at this time. Thank you for your participation, and have a great day.