Making Moves, Rush Street Interactive Reports Solid Q2 Fiscals
Boosted by strong growth in Colombia and market moves launched at the turn of the decade, leading North American and Latin American iCasino and sports betting operator Rush Street Interactive (RSI) has reported a solid 15 percent, year-on-year, rise in revenue to US$165.1 million (£130.49m) for its Q2, ending June 30.
Net loss for the second quarter was US$16.7 million (£13.19m), a decrease from the net loss of Q2 2022 which measured US$28.3 million (£22.36m).
RSI saw positive Adjusted EBITDA of US$1.2 million (£948,500) during Q2, compared to the Adjusted EBITDA loss of US$18.6 million (£14.7m) in the second quarter of 2022. Advertising and promotions spend for the quarter was US$40.4 million (£31.93m), from US$44.2 million (£34.93m) in Q2 last year.
The key Average Revenue per Monthly Active User metric (ARPMAU) in Canada and the United States was up 11 percent to US$359 during the second quarter.
RSI is now projecting full-year 2023 revenue of up to US$690 million (£545.38m), representing a year-on-year growth of around 13 percent.
“Through the first half of the year [we] performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule,” said Rush Street Interactive CEO Richard Schwartz.
This increase in profitability was mainly driven by operational improvements, as well as 15 percent revenue growth, led by strong growth in Colombia and markets that we launched after 2020.”
“We have built a fundamentally strong business with a firm foundation.
“Looking ahead, we are optimistic about our ability to innovate and continue to improve the quality of the user experience.
“With a solid financial position, a proprietary and scalable technology platform, and effective operational discipline, we are confident in our ability to continue executing successfully, positioning ourselves for further revenue and profitability growth in the future.”