A familiar pattern: Rush Street narrows losses and increases revenue for Q4
Operator is expecting further growth and positive adjusted EBITDA.
Rush Street Interactive, online casino and sports betting company, has announced increased revenues for fourth quarter and year-end 2022.
Through its brands, BetRivers, PlaySugarHouse and RushBet, Rush Street Interactive (RSI) currently offers real-money mobile and online operations in 15 US states, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico.
RSI returned a fourth-quarter revenue of $165.5m, up 27% year-over-year. The 2022 full-year revenue of $592m was up 21% year-over-year.
Net loss for the fourth quarter was $31.1m, down from a $38.1m net loss of during the fourth quarter of 2021. While for the year of 2022, net loss was $134.3m, compared to a 2021 full-year net loss of $71.1m. Adjusted EBITDA was negative $91.8m during full-year 2022.
Richard Schwartz, CEO of RSI, said, “We are proud to report another strong quarter and record results for the year, spurred by 95% annual growth in our Latin American and new North American markets launched after 2020.
“We expect to achieve positive adjusted EBITDA for the second half of 2023, and we continue to be selective as we prioritize investments in markets with higher returns.”
RSI expects a 2023 full-year revenue of $630m-$700m, as well as to achieve positive adjusted EBITDA for the second half of this year.
CEO Schwartz added, “Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point.
“We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results.”
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