Rush Street Interactive Reports Record $220 Million Revenue in Q2 2024

RSI Corrects Its 2024 Guidance

RSI’s adjusted EBITDA profit increased to a record $21 million in Q2 2024, representing a $20 million year-over-year growth, as cash flows continue to indicate profit growth exceeding revenue growth.

The company reported a net loss of $0.3 million, which marks an improvement from the $16.7 million net loss in the same period last year.

Richard Schwartz, Chief Executive Officer of RSI claims: “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.”

Rush Street has raised its adjusted EBITDA forecast for fiscal year 2024 by 24% at the midpoint to $68 million and updated the range to $64–72 million. Additionally, the revenue forecast for the fiscal year 2024 has been increased by 5% at the midpoint to $880 million, with the updated range now set at $860–900 million.

Advertising and User Metrics

RSI achieved these results while managing to reduce advertising and promotional expenses, as Adjusted Advertising and Promotions Expenses decreased by 10% to $36.3 million from $40.4 million in the prior year.

CFO Kyle Sauers addressed reports about the termination of the affiliate program, as reported by Gambling911, stating that it only pertains to “certain markets.” He emphasized that the company aims to ensure flexibility in allocating larger amounts to affiliates in other markets and through different channels.

Despite promotional cuts, in the United States and Canada, Monthly Active Users (MAUs) increased by 24% year-over-year to approximately 164,000. In Latin America, MAUs grew by 79% to around 288,000.

“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,” concluded Richard Schwartz.

Average Revenue per Monthly Active User (ARPMAU) in the United States and Canada rose by 6% to $380. In Latin America, ARPMAU was $37, slightly down from $38 last year.