RSI sets quarterly record with $254.2m in revenue during Q4 2024

Rush Street Interactive (RSI) has reported its financial results for the fourth quarter of 2024 and full year (FY), having generated new quarterly records in both revenue and adjusted EBITDA throughout Q4 2024. Revenue increased by 31% year-over-year for a reported total of $254.2m, while adjusted EBITDA grew by over 166% to generate $30.6m during the fourth quarter of 2024. 

“We are excited to report another quarter of record performance, including for both revenue and adjusted EBITDA. Our fourth quarter revenue grew by 31% year-over-year, and adjusted EBITDA increased over two and a half times from the same period last year. We experienced broad-based growth and success across all our geographies and products,” RSI CEO Richard Schwartz said. 

“We continued to accelerate player growth, acquiring more players efficiently while maintaining industry leading player values. Our commitment to focusing on player needs and leveraging cutting-edge technology to deliver a world-class user experience continues to drive significant growth and profitability.”

In additional positive results for RSI, the operator reported a net income of $6.5m throughout Q4 2024, increasing from the $5.5m net loss suffered during the fourth quarter of 2023. RSI reported total operating costs and expenses to be nearly $242.1m during Q4 2024, an increase of 22.6% year-over-year despite having reported a net gain for the period. 

Good to know: Blueprint Gaming entered into a new partnership with RSI on February 6, which included the integration of its gaming titles to the BetRivers platform in Ontario

Revenue during FY2024 increased from the prior year period as well, growing by 34% year-over-year for a total of $924.1m. Similar to Q4 2024, RSI managed to generate a net income of $7.2m throughout FY2024, a notable increase from the $60.1m net loss reported during FY2023. While RSI reported a revenue of nearly $691.2m during FY2023, the operator’s costs and expenses totaled over $742.7m. 

“As we enter 2025, we are excited about the opportunities ahead. Our investments in technology, strategic partnerships, and providing an exceptional customer experience have set a solid foundation for sustained growth and profitability. We remain dedicated to delivering long-term value to our customers and shareholders, and we are confident in our ability to maintain this momentum,” Schwartz said. 

Attempting to outdo the 166% growth seen during Q4 2024, adjusted EBITDA was reported to be $92.5m for FY2024, an increase of over $84m – or 1028% –  from the prior year period. As a result of the positive financial growth seen during 2024, RSI is now projecting FY2025 revenue to be between $1.01bn and $1.08bn, with the midpoint representing an increase of 13% year-over-year. 

The operator also increased its adjusted EBITDA guidance for FY2025, now projecting a final total between $115m and $135m, as the midpoint would equate to growth of 35% from the prior year period for RSI.

Kirk Geller

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