Rush Street Interactive posts revenue up by 15% in Q2, increases full-year guidance

Online casino and sportsbook company Rush Street Interactive (RSI) generated $165.1 million in the second quarter of 2023, up by 15% from the same period last year when it generated $143.7 million. Revenue was also slightly up by 2% from the $162.4 million generated in the last quarter.

In addition to growing in revenue, RSI was also able to cut down its losses. The RushBet and BetRivers operator’s net loss was recorded at $16.7 million, down from a net loss of $28.3 million in 2022, improving by 41%. The net loss also improved by 32% when compared to last quarter, when the operator recorded $24.5 million. 

RSI also reported a positive adjusted EBITDA in Q2 of $1.2 million. When compared to last year’s, the company posted a hike of 106% as it recorded a loss of $18.6 million in 2022. Further, the gaming brand reported a decrease in its expenditure on adjusted advertising and promotions, which dropped from $44.2 million during Q2 2022 to $40.4 million in this year’s second quarter.

Another highlight for the quarter was an increase in Average Revenue per Monthly Active User in the United States and Canada, reaching $359 during the period and translating to an 11% jump on a yearly basis.

RSI reports strong H1

Richard Schwartz, CEO of RSI, said: “Through the first half of the year the organization performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule.”

The RSI boss explained that the company capped a strong first half with an adjusted EBITDA improvement of over $54 million compared to the prior year. He attributed the increase in profitability to operational improvements, as well as 15% revenue growth, led by strong performance in Colombia and markets that were 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,” Schwartz added.

“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.”

As a result of the strong Q2 and H1 performance, RSI now expects revenue for the full year to be between $650 and $690 million, increasing the midpoint by $5 million compared to the previous guidance. At the midpoint of the range, revenue of $670 million represents 13% year-over-year growth when compared to $592 million of revenues for 2022.