Rush Street Interactive (RSI) has reported its second-quarter results for 2024, highlighting a period of continued growth for the online casino and sports betting company.
Q2 2024
Revenue during the period reached $220.4m, representing a rise of 34% year-on-year, while adjusted EBITDA was valued at $21.4m, which was significantly up from $1.2m during the same period last year.
Net loss was $0.3m during the second quarter of the year, a big improvement of around 98% from the $16.7m net loss seen in the second quarter of 2023.
In the US and Canada, monthly active users were up 24% to approximately 164,000, while in Latin America the increase in monthly active users was by 79% to about 288,000.
Average revenue per monthly active user in the US and Canada was $380 during Q2, while in Latin America it was $37.
Looking at adjusted advertising and promotions expense, this was down 10% year-on-year to $36.3m.
Full-year guidance
As a result of these results, RSI has provided updated full-year guidance for its financial ps in 2024. The company now expects revenue for the full year to be between $860m and $900m, meaning the midpoint has been increased by $45m compared to the prior guidance.
Regarding adjusted EBITDA, RSI now expects the full-year number to be between $64m and $72m, which means the midpoint is up by $13m compared to the previous guidance provided.
Comments
RSI CEO Richard Schwartz said: “We are thrilled to announce another quarter of record-breaking revenues and adjusted EBITDA. The first half of the year has seen our revenue grow by 34% coupled with a $46m improvement in Adjusted EBITDA compared to last year.
The improvement in our results is a direct testament to the strategic decisions we have made over recent years, as well as constantly refining and bettering our approach to attracting and retaining players. The efficiency is leading to strong increases in the number and value of our users.”
“Our strategic initiatives have fostered a balanced growth across both iCasino and online sports in existing and new markets. For instance, in our long-standing markets of Pennsylvania, New Jersey and Michigan, we experienced our highest level of revenue growth in over two years during the second quarter. In Delaware, our newest North American market, we continue to excel.
“We foresee further growth opportunities, an example of which is our launch in Peru last week. We remain steadfast in our commitment to innovate, grow and deliver value to our customers. We are confident we are well on our way to becoming a leader in online gaming across the Americas.”
These results come only a few days after RSI announced the launch of its RushBet platform in Peru as the company looks to expand its footprint in Latin America.
