Rush Street increases revenue by 21% to $592 million in 2022

(PRESS RELEASE) -- Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States and the rest of the Americas, announced financial results for the fourth quarter and full year ended 31 December 2022.

Fourth Quarter 2022 Financial Highlights:

• Revenue was $165.5 million during the fourth quarter of 2022, an increase of 27%, compared to $130.6 million during the fourth quarter of 2021.
• Net loss was $31.1 million during the fourth quarter of 2022, compared to a net loss of $38.1 million during the fourth quarter of 2021.
• Adjusted EBITDA was a loss of $17.3 million during the fourth quarter of 2022, compared to an Adjusted EBITDA loss of $31.2 million during the fourth quarter of 2021.
• Adjusted advertising and promotions expense was $63.2 million during the fourth quarter of 2022, compared to $64.0 million during the fourth quarter of 2021.
• Real-Money Monthly Active Users (“MAUs”) in the United States and Canada for the fourth quarter of 2022 were up 22% year-over-year with average revenue per MAU (“ARPMAU”) of $327 during the fourth quarter of 2022.
• As of 31 December 2022, RSI had $180 million of unrestricted cash and cash equivalents.

Full Year 2022 Financial Highlights:

• Revenue was $592.2 million during full year 2022, an increase of 21%, compared to $488.1 million during full year 2021.
• Net loss was $134.3 million during full year 2022, compared to a net loss of $71.1 million during full year 2021.
• Adjusted EBITDA was a loss of $91.8 million during full year 2022, compared to $65.1 million during full year 2021.
• Adjusted advertising and promotions expense was $218.4 million during the full year 2022, compared to $186.9 million during the full year of 2021.
• MAUs in the United States and Canada for the full year 2022 were up 29% year-over-year with ARPMAU of $315 during the year, down 9% year-over-year.

“We are proud to report another strong quarter and record results for the year, spurred by 95% annual growth in our Latin American and new North American markets launched after 2020,” said Richard Schwartz, Chief Executive Officer of RSI. “We expect to achieve positive Adjusted EBITDA for the second half of 2023 and continue to be selective as we prioritize investments in markets with higher returns.”

“Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point. We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results.”

Guidance:
RSI is initiating revenue guidance for the full year 2023. It expects revenues for the full year ending 31 December 2023 to be between $630 and $700 million. At the midpoint of the range, revenue of $665 million represents 12% year-over-year growth when compared to $592 million of revenues for 2022.

This range is based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, (ii) all professional and college sports calendars that have been announced come to fruition, including the completion of their 2023 seasons, and (iii) RSI continues to operate in markets in which it is live today.

Recent Business Highlights:

• BetRivers Online went live with online and mobile sportsbook wagering in Maryland in November and in Ohio on New Year’s Day 2023.
• Enhanced technology platform to further personalize casino experiences by player segmentations
• Successful launch of a fully integrated and innovative squares game in our sportsbook.
• Expanded Latin American presence, opening two new state-of-the-art offices in Colombia in advance of additional growth opportunities ahead.
• Continued as an industry leader in responsible gaming achieving the distinction as the first U.S.-based online gaming and betting company to receive accreditations under the Responsible Gambling Council’s RG Check.