August 5, 2022 Online, Finance, Results

Rush Street Interactive reports 17% increase in revenue for second quarter of 2022

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Its financial results are mixed, with reports showing a net loss and adjusted EBITDAR falling.

Rush Street Interactive (RSI) has published its financial results for the second quarter of 2022, reporting a 17% increase in year-on-year revenue to $143.7m. Net loss was $28.3m, up from the net loss of $14m in Q2 of 2021.

Adjusted EBITDA showed a loss of $18.6m which, was a year-on-year increase from 2021’s net loss of $6.6m. This may be partly explained by adjusted advertising and promotional expenses which totaled $44.2m, an annual increase of 20% from the $36.9m reported during the Q2 of 2021.

However, the promotional campaigns may have had their desired effects. Real-monthly active users (MAUs) grew 35% to 133,000 – a 25% increase, with the revenue per MAU rising to $325, up 35% sequentially.

RSI’s cash equivalents for June totaled $202m with no debt outstanding. These mixed results were favorably interpreted by RSI CEO and Executive Officer Richard Schwartz who commented: “We made further progress towards our profitability goals with a sixth market turning positive during the quarter, adding to the five markets that also showed sequential profitability improvements in the second quarter.”

Schwartz was keen to emphasize the importance of RSI’s recent expansion and how Q2 only reflects the beginnings of the profitability these new regions will bring.

He continues: “We significantly expanded our international reach with the recent launches in Ontario and Mexico, both large population markets where online casino is legalized, playing to our strength. We have seen our handle and revenue in Ontario steadily grow since launching at the beginning of the second quarter and remain excited about our recent launch in Mexico and the start of our upcoming marketing campaigns in that market.

“Looking forward, we are confident heading into the back half of the year and what it holds for RSI, as many of our recently launched markets will be entering their first full football and soccer seasons. With our continued growth in both the US and international markets, we are well-positioned to achieve our goal of adjusted EBITDA profitability for the second half of 2023.”

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