Rush Street Interactive, Inc., a prominent online casino and sports betting company operating primarily in the United States and the Americas, has released its financial results for the first quarter ending March 31, 2024, along with an upward revision of its full-year guidance.
Revenue for the first quarter of 2024 amounted to US$217.4 million (£173.4 million/€202.8 million), marking a notable 34% increase compared to US$162.4 million in the first quarter of 2023. Net loss during Q1 2024 was US$2.2 million, a significant improvement from the net loss of US$24.5 million reported in Q1 2023. Adjusted EBITDA for Q1 2024 stood at US$17.1 million, showcasing a remarkable turnaround from an Adjusted EBITDA loss of US$8.7 million in Q1 2023, reflecting an improvement of US$25.8 million.
Adjusted advertising and promotions expenses for Q1 2024 amounted to US$37.8 million, demonstrating a decrease of 23% compared to US$49.4 million in Q1 2023. Monthly Active Users (MAU) in the United States and Canada totalled approximately 176,000, marking a 20% year-over-year increase. In Latin America, including Mexico, MAUs reached approximately 224,000, showing a robust 72% year-over-year growth.
Average Revenue per Monthly Active User (ARPMAU) in the United States and Canada was US$355 in Q1 2024, up by 9% year-over-year. In Latin America, ARPMAU was US$43, reflecting a 4% year-over-year increase. As of March 31, 2024, unrestricted cash and cash equivalents stood at US$191 million.
These results underscore Rush Street Interactive’s strong performance and growth trajectory in the iGaming market, particularly in the Americas region. The upward revision of full-year guidance further reflects the company’s confidence in sustaining its momentum and achieving continued success throughout 2024.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are extremely pleased with our record first quarter results achieving company quarterly record Revenues and Adjusted EBITDA of $217 million and $17 million, respectively. This was accomplished by growing both our iCasino and Online Sports businesses by over 35% year-over-year, in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users. Our team is proud to have achieved these results, which stemmed from our long-standing, unwavering commitment to prioritize the quality of our product and customer experience.”
“We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum, which includes increasing our Adjusted EBITDA guidance by 38% at the midpoint. With this growth and scale comes improving earnings and free cash flow. Looking forward, we remain energized in our view that the team is primed to continue executing on our strategy and delivering value to shareholders.”
