Rush Street Interactive (RSI) has announced revenue of $220.4 million for the second quarter of the year, representing a 34% increase from the $165.1 million reported in the second quarter of 2023.
The company’s net loss significantly improved to $0.3 million, a 98% reduction from the $16.7 million net loss seen in the same quarter last year. Adjusted EBITDA also saw a substantial increase, rising to $21.4 million from $1.2 million during Q2 2023.
In the US and Canada, the number of monthly active users grew by 24% to approximately 164,000. In Latin America, the increase was even more pronounced, with monthly active users rising by 79% to about 288,000. The average revenue per monthly active user in the US and Canada was $380, while in Latin America it was $37.
Adjusted advertising and promotions expenses decreased by 10% year-on-year to $36.3 million. As a result of these positive results, RSI has updated its full-year guidance for 2024.
The company now expects full-year revenue to be between $860 million and $900 million, with the midpoint representing a $45 million increase from previous guidance. Adjusted EBITDA is projected to be between $64 million and $72 million, with the midpoint up by $13 million from prior guidance.
RSI CEO Richard Schwartz expressed his satisfaction with the company’s performance, stating: “We are thrilled to announce another quarter of record-breaking revenues and adjusted EBITDA. The first half of the year has seen our revenue grow by 34% coupled with a $46 million improvement in Adjusted EBITDA compared to last year.
“The improvement in our results is a direct testament to the strategic decisions we have made over recent years, as well as constantly refining and bettering our approach to attracting and retaining players. The efficiency is leading to strong increases in the number and value of our users.”
Schwartz further highlighted the balanced growth across both iCasino and online sports in existing and new markets. He noted significant revenue growth in long-standing markets such as Pennsylvania, New Jersey, and Michigan, and continued success in Delaware, their newest North American market. The recent launch of their RushBet platform in Peru is expected to drive further growth opportunities.
“We remain steadfast in our commitment to innovate, grow, and deliver value to our customers. We are confident we are well on our way to becoming a leader in online gaming across the Americas,” Schwartz added.
Original article: https://www.yogonet.com/international/noticias/2024/08/01/73936-rsi-achieves-over-220-million-in-revenue-for-q2-driven-by-increase-in-active-users
