Rush Street Interactive posts 15% Q3 revenue increase to $169.9m

November 2, 2023
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The average revenue per monthly user has also increased 8% annually and EBITDA is expected to remain positive for FY2023.

Rush Street Interactive (RSI) has posted its Q3 financial results, reaching a 15% annual revenue increase of $169.9m. This marks the highest revenue RSI has seen in all quarters of both 2022 and 2023 so far.

The operator’s adjusted EBITDA profitability also increased to $4.1m, during Q3 of this year, compared to a loss of $12.5m during 2022’s third quarter. Expectations are that adjusted EBITDA will now remain positive for FY2023.

RSI also managed to decrease its net loss by nearly 41% year-on-year to $13.4m. And as of September 30, RSI had $171m of unrestricted cash and cash equivalents.

An average revenue per monthly users in the US and Canada totalled $374 during Q3 of 2023, up 8% annually. In Q2 this year, this figure was $359 (up 11%), and in Q1 of this year, it reached $325 (up 23%), showing steady growth all year.

RSI CEO, Richard Schwartz said, “As discerning consumers seek out the best products and user experiences, our third quarter results affirm our ability to deliver on both counts as we continue to acquire, engage and retain customers.”

Adjusted advertising and promotions expense dropped from $44.7m in Q3 of 2022 to $34.1m in Q3 of 2023.

Schwartz added, “With strong revenue growth and more efficient marketing spend, we are proud to report another quarter of increasing quarterly profitability on an adjusted EBITDA basis as well as our expectation to have positive Adjusted EBITDA for the full year, underscoring our commitment to sustainable growth and profitability.”

Some notable things that happened for RSI during Q3 were: a Delaware Lottery partnership for online gaming; a partnership with Play’n Go in Michigan and New Jersey; a partnership with Hacksaw Gaming in West Virginia; and a partnership with Design Works Gaming in Pennsylvania.

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