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Rush Street Interactive Posts 17% Increase In Q4 And The Full Year For 2023

Written By Katarina Vojvodic on March 11, 2024
Online gambling Rush Street Interactive Earnings

Rush Street Interactive (RSI), a gambling company operating US online casinos and sportsbooks in 15 states, has announced record fourth-quarter results.

Richard Schwartz, chief executive officer of Rush Street (NYSE:RSI), emphasized that the company concluded 2023 with a Q4 that produced revenues and adjusted EBITDA records. In the RSI news release, Schwartz said:

“For the year, we grew revenue to $691 million on strong customer engagement and retention. At the same time, we improved our Adjusted EBITDA by $100 million compared to the prior year.

These results and the ensuing momentum have carried into strong guidance for the new year, reflecting our longstanding customer-centric principles and obsession with developing innovative and differentiated user experiences.”

As the US nears the start of its 2024 legislative session, Schwartz says RSI is monitoring several markets for possible developments, including New York, Maryland, Illinois, Alberta (Canada) and Central and South America.

RSI sets a revenue record in Q4 2023

During the last quarter of 2023, RSI reported a record revenue total of $193.9 million, representing a 17% increase from $165.5 million set during the fourth quarter of 2022.

Still, the company’s net loss reached $5.5 million during Q4 2023. That does represent a significant annual improvement from $31.1 million reported in Q4 2022.

Adjusted EBITDA (earnings before interest, income taxes, depreciation, and amortization) was $11.5 million in Q4 2023. The figure is a significant improvement compared to Q4 2022’s loss of $17.3 million.

The better results were mainly driven by an increase in monthly active users (MAU), their average spending, and a drop in quarterly advertising and promotions expenses, which fell by 44.8%.

RSI’s MAU total for Canada and the United States combined was approximately up 7% year-on-year. In Latin America, however, the figure increased 33% year-over-year.

One of the Q4 highlights also includes the RSI’s launch of its online casino operations in Delaware on Dec. 27, 2023.

As for the full-year analysis highlights, RSI’s revenue rose to $691.2 million in 2023, an increase of almost 17% compared to $592.2 million generated in 2022.

In 2023, the business’s net loss fell by more than 50% to $60.1 million from $134.3 million during the full year of 2022.

The company also reported an improvement of $100 million in Adjusted EBITDA. The entire year of 2022’s negative Adjusted EBITDA of $91.8 million rose to a positive $8.2 million during the full year 2023.

RSI has high expectations for 2024

Based on strong Q4 2023 performance, the company expects revenue for the full year ending Dec.31, 2024, to be between $770 and $830 million, with adjusted EBITDA for 2024 to be between $35 million and $45 million.

Those hopes are based on the idea that the company continues to perform well in the sports betting and online casino jurisdictions where it is currently live. RSI’s brands — BetRivers, PlaySugarHouse and RushBet — are live in 15  states, including Pennsylvania, Illinois, Michigan, New Jersey, New York, Ohio and Maryland.

Looking ahead, Schwartz said:

“With a substantial cash balance and no debt, our financial wherewithal provides us the luxury of being able to continue executing on our long-term strategy and investing appropriately in new markets.

Our strong launch in Delaware exemplifies our ability to identify and grow new and exciting markets, including the opportunities we are pursuing across the Americas.”

Photo by PlayUSA
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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