Rush Street Interactive, Bally, PointsBet Show Off Positive Financial Results

Article by : Milena Petrovska Aug 2, 2024

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August is here, and it already has some positive industry reports to show off. Namely, three big brands – Rush Street Interactive, Bally, and PointsBet – have released earning reports. All three have seen significant growth and hit their targets.

Rush Street Interactive published Q2 earnings and boasted of a 34% increase in revenue. Bally’s revenue also went up by a modest 2.5% in Q2, while PointsBet reported a revenue increase of 16% in Q4.

$220.4 Million Q2 2024 Revenue for Rush Street Interactive

In its Q2 2024 financial report, Rush Street Interactive showcased strong growth and figures. Namely, the company generated revenue of $220.4 million, an increase of 34% year-over-year compared to the $165.1 million seen in Q2 2023.

Another positive segment was the company’s net loss, which dropped dramatically year-over-year. In Q2 2023, Rush Street reported a net loss of 16.7 million, while this year, it was down to $300,000 only.

These two reveal a promising trend for Rush Street, a popular online gambling and betting company. It’s clear that the brand’s customer base is growing and, therefore, supporting the strong growth.

The monthly active users vertical in the US and Canada jumped by 24%, and the average monthly revenue per active customer jumped by 6%.

By contrast, the expenses are going down, relaxing the pressure and opening new possibilities.

Let’s not forget the adjusted EBITDA for Q2 2024, which also improved drastically this year compared to the same period last year. In the second quarter of 2023, Rush Street Interactive’s adjusted EBITDA was $1.2 million. Fast-forward to Q2 2024, and the company boasts an adjusted EBITDA of a fantastic $21.4 million.

Richard Schwartz, CEO of Rush Street, expressed his thrill at the results and announced that the revenues and adjusted EBITDA figures were “record-breaking” for the company.

Casino and Resort Operations Drive Bally’s Growth

Bally’s Corporation has noted a modest year-over-year increase in revenue in Q2 2024. While the company generated drastically bigger revenues of $621.7 million compared to Rush Street, the growth represented was only 2.5%.

Bally’s adjusted EBITDA in Q2 2024 was $161.8 million, but the company’s net loss was a red flag. Namely, in Q2 last year, the brand’s net loss was $25.7 million, only to increase more than 100% to $60.2 million in Q2 of this year.

It’s interesting to note that casino and resort operations were Bally’s main revenue source in Q2 2024. The segment generated $343.1 million, nearly half the total quarterly revenues. This figure shows a 3% year-over-year increase.

Another significant revenue source was the International interactive segment, which delivered $229.4 million despite noting a 7.4% decrease year-over-year.

Promising figures came from North America, where the interactive segment nearly doubled, going from $25.3 million to $49.2 million. The UK segment also improved by 9%, but neither was enough to make up for the revenue drops seen in the Asian markets.

PointsBet Announced 16% Net Win Increase in Fiscal Year 2024

Australia-based PointsBet Holdings Limited has had an excellent 2024 Fiscal Year, noting a 16% increase in net win. The company’s report also showed off a 12% year-over-year net win improvement in Q4 2024.

In FY2024, PointsBet generated a net win of AU$267 million and saw its profit margin at 52.8%. As for the Q4 2024 net win, it reached AU$68.4 million. It’s important to note that PointsBet finalized the sale of its American operations to Fanatics in Q4 2024. The total sale amount was AU$225 million, while the final AU$50 million payment arrived during the last quarter of the 2024 Fiscal Year.

Despite the good cash flow and increased net win, PointsBet reported a net loss of AU1.8 million, including operating and marketing expenses of AU$60.4 million and AU$71 million, respectively.

PointsBet Holdings Limited’s stock price jumped nearly 5% from 0.50 AUD mid-day to 0.54 AUD following the positive FY2024 results.