Rush Street Interactive raises its revenue during third quarter

(PRESS RELEASE) -- Rush Street Interactive, Inc., an online casino and sports betting company in the United States and the rest of the Americas, announced financial results for the third quarter ended on 30 September 2023.

Third Quarter 2023 Highlights

• Revenue was $169.9 million during the third quarter of 2023, an increase of 15%, compared to $148.0 million during the third quarter of 2022.
• Net loss was $13.4 million during the third quarter of 2023, compared to a net loss of $22.7 million during the third quarter of 2022.
• Adjusted EBITDA was a positive $4.1 million during the third quarter of 2023, compared to an Adjusted EBITDA loss of $12.5 million during the third quarter of 2022.
• Adjusted advertising and promotions expense1 were $34.1 million during the third quarter of 2023, compared to $44.7 million during the third quarter of 2022.
• Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $374 during the third quarter of 2023, up 8% year-over-year.
• As of 30 September 2023, RSI had $171 million of unrestricted cash and cash equivalents.
• Selected by the Delaware Lottery as its exclusive online gaming provider with expected launch in early winter.
• Launched unique Prop Central functionality with initial sportsbook results leading to material increases in higher-margin player prop bets.

“Thanks to our decade-long investment in cutting-edge technology and a customer-centric approach, we've positioned ourselves as a top five online operator in the U.S., with a leading position in iGaming and a growing online sports book,” said Richard Schwartz, Chief Executive Officer of RSI. “As discerning consumers seek out the best products and user experiences, our third quarter results affirm our ability to deliver on both counts as we continue to acquire, engage and retain customers.”

“With strong revenue growth and more efficient marketing spend, we are proud to report another quarter of increasing quarterly profitability on an adjusted EBITDA basis as well as our expectation to have positive Adjusted EBITDA for the full year, underscoring our commitment to sustainable growth and profitability. Our focus on innovation and efficiency has elevated our market-leading ROI enabling us to navigate competitive markets with remarkable success and resilience. As we look ahead to new opportunities in North America and Latin America, we remain optimistic and excited about the path that lies ahead.”

Guidance
RSI expects revenue for the full year ending on 31 December 2023 to be between $665 and $685 million, increasing the midpoint compared to the previous guidance. At the midpoint of the range, revenue of $675 million represents 14% 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, and (ii) RSI continues to operate in markets in which it is live today, except for Connecticut.