Rush Street Interactive announces soaring revenues and cuts losses

Article by : Charles Perrin Nov 3, 2023

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Rush Street Interactive has consolidated its position as a leading casino and sports betting company following the announcement of its Q3 financial results.

The venerable iGaming operator saw revenues soar to $169.9million during the third quarter of 2023, representing an increase of 15% compared to the $148m for Q3 in 2022.

RSI noted a positive adjusted EBITA (earnings before interest, taxes, depreciation, and amortization) figure of $4.1m for the latest quarter, compared to an adjusted EBITDA loss of $12.5m during the third quarter of 2022.

Among the other headline figures revealed was a decrease in advertising and promotion expenses which was $34.1m during the third quarter of 2023, whereas for Q3 in 2022, the number reported was $44.7m.

More pertinently, the average revenue per monthly active user, or ARPMAU for short in the US and Canada reached $374m in Q3 2023, reflecting an 8% jump compared to last year.

And these impressive figures certainly pleased RSI CEO Richard Schwartz, who shared the results with investors during a conference call.

He said: “Thanks to our decade-long investment in cutting-edge technology and a customer-centric approach, we’ve positioned ourselves as a top-5 operator in the US with a leading position in iGaming and a growing online sportsbook.

“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.”

RSI is expecting a strong end to 2023 with the full year revenue figure ending December 31 likely to be between $665-$685m.

In many ways, RSI, which oversees reputable brands BetRivers, PlaySugarHouse, and RushBet, was a pioneer in the US online gambling industry, and it now operates in 15 different states.

The latest Q3 revenue results is certainly good news and reflects the huge strides that RSI have made over the past 12 months. RSI, however, won’t rest on its laurels or allow complacency to creep in.