Rush Street Interactive (RSI), online casino and sports betting company, has announced its financial results for the first quarter ended March 31, 2023. The company reported a Q1 revenue of $162.4m, up 20% year-over-year.
Though revenue steadily climbed throughout the year of 2022, it peaked at $165.5m for Q4, with this quarter’s figures showing a slight quarter-on-quarter decrease of 1.9%.
However, RSI also managed to decrease its net loss. A loss of $24.5m was reported for Q1 of 2023, representing a drop of 26% from the previous quarter’s loss, and a 53% drop year-on-year.
Adjusted EBITDA loss was $8.7m during this quarter, also down from a loss of $43.4m during Q1 of 2022.
Richard Schwartz, CEO of RSI, said, “We are pleased with our first quarter results as we made great strides towards profitability with much improved adjusted EBITDA performance.
“Revenue grew 20% compared to last year, propelled by more than 100% growth in Latin America and new markets launched in North America after 2020.”
As noted in the financial report, the average revenue per monthly user for the US and Canada reached $325, up 23% from Q1 last year, but down slightly from $327 the previous quarter.
During this quarter RSI also launched a Michigan Million Online Slot Tournament via its brand BetRivers; introduced a new version of its Squares game for March Madness, Basketball Squares, via both BetRivers and PlaySugarHouse sportsbooks; and signed with sportscaster Julie Stewart-Binks, who will represent BetRivers as a new brand ambassador.
