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Rush Street Interactive (RSI) has reported a 20% annual revenue increase to $148m this quarter, showing a 14th consecutive quarter of growth. Meanwhile, net loss was reported at $22.7m this quarter, a 16% widening of the $18.9m for Q3 of 2021.
Adjusted EBITDA for the period was negative $12.5m, a slight decrease from the negative $12.2m during the same prior-year period.
RSI CEO and President Richard Schwartz commented: “Despite a lower than normal online casino hold rate and currency headwinds during the quarter, which we believe collectively impacted our quarterly revenue by an estimated $6m, we generated record revenues for the fourteenth straight quarter and progressed towards our profitability goals and our target of being adjusted EBITDA positive for the second half of 2023.”
There was other good news for RSI in its Q3 report. Its real-money monthly active users (MAUs) grew 31% year-over-year to 130,000 with an average revenue per MAU of $345 during Q3 this year, a 6% sequential rise.
Its adjusted advertising and promotions expenses decreased by 2% from $45.4m in Q3 of 2021 to $44.7m this quarter.
Schwartz further commented: “In terms of activity, we continue to see very strong volumes in markets where we operate both online casino and sports betting, as we are able to execute on the enhanced profitability offered by the online casino vertical in these markets.
“Internationally, we are seeing strong results from Colombia and Ontario and are excited to begin increasing marketing efforts in Mexico. We remain focused on building a strong foundation in our new markets that will provide stable, long-term growth opportunities while keeping an eye on future profitability.”
