Rush Street Interactive (RSI) has disclosed its first-quarter financial outcomes for the period ended March 31, 2024, demonstrating remarkable progress in revenue and reduced net losses compared to the previous year.
RSI reported a substantial year-over-year revenue surge, reaching $217.4 million for Q1, marking a 34% increase from the corresponding period in 2023, which recorded $162.4 million in revenue. Moreover, the company’s net loss witnessed a notable decrease of over $20 million compared to Q1 2023.
“We are extremely pleased with our record first quarter results achieving company quarterly record revenues and adjusted EBITDA of $217m and $17m, respectively,” stated RSI CEO Richard Schwartz.
Caesars Digital Comparison and Growth Prospects
In comparison, Caesars Digital reported a Q1 revenue of $282 million, despite facing challenges such as a lower-than-expected hold in online sports due to unfavorable outcomes for major sporting events like the Super Bowl and March Madness. While RSI’s growth trajectory may take time to match that of Caesars Digital, RSI remains optimistic about its growth prospects.
RSI also witnessed a significant increase in monthly active users across its operational regions, with 176,000 users reported in the US and Canada and 224,000 in Latin America, representing year-over-year growth of 20% and 72%, respectively. With early estimates projecting total revenue for the year between $810 million and $860 million, RSI anticipates a 21% year-over-year growth.
“We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum,” said Schwartz, expressing confidence in the team’s ability to execute their strategy and deliver value to shareholders.
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