Rush Street Interactive, Inc., a prominent online casino and sports betting company in the United States and the Americas, has reported its financial results for the second quarter ending June 30, 2024.
In the second quarter of 2024, RSI achieved revenue of $220.4 million, marking a 34% increase from $165.1 million in the same period in 2023. The company reported a net loss of $0.3 million, a significant improvement from the net loss of $16.7 million in the previous year. Adjusted EBITDA for the quarter was $21.4 million, up from $1.2 million in Q2 2023. Additionally, adjusted advertising and promotions expenses decreased by 10% to $36.3 million.
The number of Monthly Active Users (MAU) in the United States and Canada reached approximately 164,000, reflecting a 24% year-over-year increase. In Latin America, including Mexico, MAUs grew by 79% to approximately 288,000. The Average Revenue per Monthly Active User (ARPMAU) in the United States and Canada was $380, a 6% increase year-over-year, while ARPMAU in Latin America was $37, slightly down from $38 the previous year. As of June 30, 2024, RSI’s unrestricted cash and cash equivalents had risen to $194 million.
RSI has also revised its full-year guidance. The company now expects revenue for the year ending December 31, 2024, to be between $860 and $900 million, raising the midpoint by $45 million from the prior guidance. This new range represents a 27% year-over-year growth at the midpoint, compared to $691 million in revenue for 2023. The Adjusted EBITDA forecast for the full year has been increased to a range of $64 to $72 million, with a midpoint of $68 million, up from $8.2 million in 2023.
These projections are based on the assumption that RSI will continue operations only in the jurisdictions where it is currently live and that no new markets will be included in this period.
Richard Schwartz, Chief Executive Officer of RSI, said, “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.”
“Our strategic initiatives have fostered a balanced growth across both iCasino and online sports in existing and new markets. For instance, in our long-standing markets of Pennsylvania, New Jersey and Michigan, we experienced our highest level of revenue growth in over two years during the second quarter. In Delaware, our newest North American market, we continue to excel. We foresee further growth opportunities, an example of which is our launch in Peru last week. 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.”
