Rush Street Interactive Reports Strong Q2 2023 Results: Positive Adjusted EBITDA and Revenue Growth
Rush Street Interactive, a leading online casino and sports betting company in the United States and the rest of the Americas has released its financial results for the second quarter ending June 30, 2023.
Notable increase of revenue
During the second quarter of 2023, RSI reported revenue of $165.1 million, which marked a notable increase of 15% compared to the same period in 2022 when revenue stood at $143.7 million. Additionally, the company showed improvement in net loss, recording $16.7 million in the second quarter of 2023, as opposed to a net loss of $28.3 million in the corresponding quarter of the previous year.
One of the most positive developments was RSI achieving a positive Adjusted EBITDA of $1.2 million during Q2 2023, a significant turnaround from the Adjusted EBITDA loss of $18.6 million in the second quarter of 2022. The company also managed to reduce its advertising and promotions expenses, spending $40.4 million in the second quarter of 2023, compared to $44.2 million during the same period in 2022.
Another positive indicator was the Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada, which reached $359 during Q2 2023, indicating an impressive year-over-year growth of 11%.
As of June 30, 2023, RSI maintained a strong financial position with $128 million of unrestricted cash and cash equivalents.
Richard Schwartz, Chief Executive Officer of RSI, expressed satisfaction with the company’s exceptional performance “Through the first half of the year the organization performed exceptionally well, achieving positive adjusted EBITDA ahead of schedule. This performance capped our strong first half with an adjusted EBITDA improvement of over $54 million compared to the first half of the prior year. This increase in profitability was mainly driven by operational improvements, as well as 15% revenue growth, led by strong growth in Colombia and markets that we launched after 2020.”
“We have built a fundamentally strong business with a firm foundation. Looking ahead, we are optimistic about our ability to innovate and continue to improve the quality of the user experience. With a solid financial position, a proprietary and scalable technology platform, and effective operational discipline, we are confident in our ability to continue executing successfully, positioning ourselves for further revenue and profitability growth in the future.”
These results reflect RSI’s commitment to delivering an exceptional user experience and adapting to the evolving landscape of online casino and sports betting in the region. As a leading player in the industry, the company’s performance bodes well for its continued success and growth in the highly competitive market.