Rush Street Interactive, Inc., a leading igaming operator in the Americas, has released its Q1 2023 financial results, reporting a revenue of $162.4 million, a 20% increase from the first quarter of 2022. The company also reported an Adjusted EBITDA loss of $8.7 million, an improvement from the $43.4 million loss in the first quarter of 2022.
The company’s average revenue per Monthly Active User (“ARPMAU”) in the United States and Canada increased by 23% year-over-year to $325. Revenue in Latin America and North American markets launched after 2020 grew by over 100% year-over-year. Additionally, the company had $147 million of unrestricted cash and cash equivalents as of March 31, 2023.
RSI expects revenue for the full year ending December 31, 2023 to be between $630 and $700 million, representing 12% year-over-year growth at the midpoint of the range. The company plans to operate in live jurisdictions as of today’s date and markets in which it is currently live, except for Connecticut. The revenue guidance is based on certain assumptions, including the completion of professional and college sports calendars that have been announced.
The company’s recent business highlights include launching the BetRivers Michigan Million™ slot tournament, extending its proprietary squares engine to basketball, and winning the Customer Service Operator of the Year award at the EGR North America Awards 2023 for the fourth year in a row. RSI also added sportscaster and reporter Julie Stewart-Binks to its roster of sports and gaming experts and content creators.
RSI’s profitable growth in casino markets continued during the first quarter, including in Ontario, Colombia, and West Virginia where the company increased its estimated market share sequentially.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are pleased with our first quarter results as we made great strides towards profitability with much improved Adjusted EBITDA performance. Revenues grew 20% compared to last year, propelled by more than 100% growth in Latin America and new markets launched in North America after 2020. Results were strong across our business lines with revenue growth in both online casino and online sportsbook.”
“On the back of these excellent results, we remain on track to achieving our goal of profitability for the second half of this year. We are staying disciplined in our approach and successfully balancing growth and profitability over the long run. Our results continue to show the approach is working well and we remain confident that our focused strategy will reward our shareholders over the long term.”