Rush Street Interactive, Inc. (NYSE: RSI), a prominent online casino and sports betting operator in the U.S. and Americas, has released its financial results for the third quarter ending September 30, 2024, showcasing significant growth across key performance metrics.
Revenue for the third quarter reached US$232.1 million (£179 million/€213.6 million), marking a 37% increase compared to $169.9 million during the same period in 2023. Net income stood at $3.2 million, a substantial improvement from the net loss of $13.4 million reported in the third quarter of the previous year. Adjusted EBITDA for Q3 2024 was $23.4 million, up from $4.1 million in the third quarter of 2023, indicating continued momentum. Adjusted spending on advertising and promotions also rose by 13% to $38.6 million.
In terms of user engagement, Monthly Active Users (MAUs) in the U.S. and Canada reached approximately 168,000, representing a 28% year-over-year increase. Latin America saw significant growth, with MAUs climbing to 329,000, up 122% year-over-year. Average revenue per MAU (ARPMAU) for the U.S. and Canada was $388, a 4% rise from the previous year, while Latin America’s ARPMAU was $39, down from $43.
The company’s liquidity position improved, with unrestricted cash and cash equivalents rising to $216 million as of September 30, 2024, from $194 million at the end of June 2024. Additionally, on October 24, 2024, RSI’s Board of Directors approved a $50 million share repurchase authorization for its Class A common stock.
Looking ahead, RSI has raised its full-year 2024 revenue guidance to between $900 and $920 million, reflecting a $30 million increase at the midpoint compared to previous forecasts. This represents an anticipated 32% year-over-year growth from 2023’s revenue of $691 million. Full-year Adjusted EBITDA is projected to range between $82 and $86 million, up $16 million at the midpoint from prior guidance. The revised midpoint of $84 million compares favorably to the $8.2 million reported for 2023.
The guidance is based on the assumption that RSI’s operations remain limited to current live jurisdictions and that it continues its activities in these markets.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are excited to report that we have achieved another quarter of exceptional performance, setting new quarterly records in both revenue and adjusted EBITDA. Our third quarter revenue surged by 37% year-over-year, and our adjusted EBITDA increased more than fivefold from the same period last year. These record results highlight the effectiveness of our strategic initiatives and ability to execute. Our focus on innovation to attract and retain high-value players continues to drive significant growth and profitability.”
“Our strategy has yielded broad based growth and success across all of our geographies and products. We’ve accelerated player growth for another consecutive quarter, acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance.”
“In addition to these strong results, we are pleased to announce a share repurchase authorization of up to $50 million. This move reflects our confidence in the company’s future and our commitment to enhancing shareholder value. Our cash generation and strong balance sheet provides us with the option to make this strategic investment. We remain on a clear path to becoming a leader in online gaming across the Americas, and are dedicated to delivering exceptional value to our customers and shareholders.”