Rush Street Interactive (RSI) has reported its second-quarter 2024 results, highlighting continued growth for the online casino and sportsbook company.
Second quarter of 2024
Revenue for the quarter reached $220.4 million, up 34% year over year, while adjusted EBITDA was $21.4 million, a significant increase from the same period last year, when it was just $1.2 million.
Net loss for the quarter was $0.3 million, a significant improvement of approximately 98% compared to the net loss of $16.7 million in the second quarter of 2023.
In the U.S. and Canada, the number of monthly active users grew 24% to about 164,000, while in Latin America, the number of monthly active users increased 79% to about 288,000.
In the U.S. and Canada, average revenue per monthly active user was $380 in the second quarter, while in Latin America it was $37.
Adjusted advertising and promotional expenses fell 10% year-over-year to $36.3 million.
Full-year performance guidance
Based on these results, RSI has updated its full-year 2024 financial performance guidance. The company now expects full-year revenue to be in the range of $860 million to $900 million, a mid-point improvement of $45 million compared to previous guidance.
In terms of adjusted EBITDA, RSI now expects the full-year figure to be between $64 million and $72 million, which would represent a mid-point improvement of $13 million compared to previous guidance.
Comment
Richard Schwartz, CEO of RSI, said: "We are pleased to announce that we once again set new all-time highs in revenue and Adjusted EBITDA during the quarter. In the first half of the year, our revenue increased 34% and Adjusted EBITDA increased 34% compared to last year. $46 million in improvements.
The improvement in our results is a direct validation of the strategic decisions we have made in recent years and our continued efforts to optimize and refine our approach to attracting and retaining players. Our efficiencies are leading to significant growth in both the number and value of our users.”
Our strategic initiatives have resulted in balanced growth of our iCasino and online sports businesses in existing and new markets. For example, in our historic markets of Pennsylvania, New Jersey and Michigan, we experienced our highest revenue growth in more than two years in the second quarter. In Delaware, our newest North American market, we continue to perform well.
We foresee further growth opportunities, as exemplified by our launch in Peru last week. We remain committed to innovation, growth and delivering value to our customers. We firmly believe we are on track to become the leader in online gaming in the Americas.”
These results come just days after RSI announced the launch of its RushBet platform in Peru, as the company looks to expand its presence in Latin America.
