Rush Street Reports 34% Increase in Revenues for Q1 2024

Rush Street Interactive (RSI) has announced financial results for the first quarter ended March 31st, 2024 revealing that revenues increased by 34% year-on-year.

First Quarter 2024 Highlights

• Revenue – $217.4 million, up by 34%
• Net loss – $2.2 million, down from Q1 2023 net loss of $24.5 million
• Adjusted EBITDA – $17.1 million, Q1 2023 Adjusted EBITDA loss of $8.7 million
• Adjusted advertising and promotions expense – $37.8 million, down by 23%
• Monthly Active Users (“MAU”) in the United States and Canada – 176,000, up by 20% year-on-year
• MAUs in Latin America (which includes Mexico) – 224,000, up by 72%
• Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada – $355, up by 9%
• ARPMAU in Latin America – $43, up by 4%
• Unrestricted cash and cash equivalents – $191 million.

Richard Schwartz, Chief Executive Officer of RSI, said:

“We are extremely pleased with our record first quarter results achieving company quarterly record Revenues and Adjusted EBITDA of $217 million and $17 million, respectively. This was accomplished by growing both our iCasino and Online Sports businesses by over 35% year-over-year, in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users. Our team is proud to have achieved these results, which stemmed from our long-standing, unwavering commitment to prioritize the quality of our product and customer experience.

We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum, which includes increasing our Adjusted EBITDA guidance by 38% at the midpoint. With this growth and scale comes improving earnings and free cash flow. Looking forward, we remain energized in our view that the team is primed to continue executing on our strategy and delivering value to shareholders.”

RSI forecasts that its revenue for the year ending December 31, 2024, will range from $810 million to $860 million. This updates the midpoint of their initial guidance by an increase of $35 million to $835 million. This midpoint figure represents an anticipated 21% increase in year-over-year growth, up from $691 million in 2023.