Rush Street Interactive (RSI) has announced revenue of $232.1 million for the third quarter of 2024, marking a significant 37% increase compared to the same period last year. Buoyed by the standout performance, the company has raised its full-year guidance to be between $900 million to $920 million, increasing the midpoint by $30 million compared to the prior guidance.
Furthermore, the company reported that net income during the quarter was $3.2 million, compared to a net loss of $13.4 million during the third quarter of 2023.
Richard Schwartz, Chief Executive Officer of RSI, said: “We are excited to report that we have achieved another quarter of exceptional performance, setting new quarterly records in both revenue and adjusted EBITDA. Our third-quarter revenue surged by 37% year-over-year, and our adjusted EBITDA increased more than fivefold from the same period last year.”
“These record results highlight the effectiveness of our strategic initiatives and ability to execute. Our focus on innovation to attract and retain high-value players continues to drive significant growth and profitability,” he added.
Richard Schwartz
RSI also reported a notable improvement in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3. Adjusted EBITDA was $23.4 million, compared to a loss of $4.1 million during the third quarter of 2023, a jump of $19.3 million.
Another highlight for the quarter was an increase in Average Revenue per Monthly Active User in the United States and Canada, reaching $388 during the period and translating to a 4% jump on a yearly basis.
However, the brand also reported an increase of 13% in its expenditure on adjusted advertising and promotions, which raised from $34.1 million during Q3 2023 to $38.6 million in this year’s third quarter.
“Our strategy has yielded broad-based growth and success across all of our geographies and products. We’ve accelerated player growth for another consecutive quarter, and acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance,” the CEO noted.
Along with the Q3 report, the company announced a share repurchase authorization of up to $50 million. This move reflects “the company’s confidence in its future and its commitment to enhancing shareholder value,” management said.
“Our cash generation and strong balance sheet provide us with the option to make this strategic investment. We remain on a clear path to becoming a leader in online gaming across the Americas, and are dedicated to delivering exceptional value to our customers and shareholders,” Schwartz added.
Access Rush Street Interactive’s full Q3 report here.
Original article: https://www.yogonet.com/international/noticias/2024/10/31/83784-rush-street-interactive-reports-37-growth-in-revenue-to-232m-in-q3-raises-fullyear-guidance
