RSI announces $217.4m revenue for Q1 2024
Company expects revenue for the full year ending Dec. 31, 2024 to be between $810m and $860m.
Rush Street Interactive (RSI) has announced its first quarter financial results, ended Mar. 31, 2024. The online casino and sports betting company saw increased revenue year-over-year and a decrease in net loss from the comparable quarter. Revenue for Q1 was reported at $217.4m, a 34% increase over the 2023 Q1 figure, $162.4m. The company’s net loss decreased by over $20m from Q1 in 2023.
“We are extremely pleased with our record first quarter results achieving company quarterly record revenues and adjusted EBITDA of $217m and $17m, respectively,” RSI CEO Richard Schwartz said.
“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.”
Caesars Digital in comparison reported a Q1 revenue of $282m despite what the company stated was a “lower-than-expected hold in online sports due to unfavorable outcomes for the Super Bowl and March Madness.” RSI’s growth may need time to catch that of Caesars Digital, as even Caesars Digital Q1 2023 revenue outmatched RSI’s current reported number ($238m).
RSI’s monthly active user count also saw growth in the regions the company conducts business in, with 176,000 reported users in the US and Canada as well as 224,000 counted in Latin America. These figures represent 20% and 72% increases year-over-year, respectively. RSI has early estimates of total revenue for the entire year totaling between $810m and $860m, with a midpoint range of $835m representing a 21% year-over-year growth.
“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,” Schwartz said.
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