RSI Posts Strong Q2 Results Thanks to Operational Efficiencies

Leading iGaming and sports betting operator Rush Street Interactive (RSI) has published its financial results for the second quarter of 2024 (Q2). In its report, the company highlighted a strong position as revenue skyrocketed and net loss decreased.

RSI Posted Favorable Metrics

RSI’s Q2 2024 report outlined record-breaking revenue of $220.4 million, up 34% from $165.1 million in Q2 2023. As mentioned, net loss decreased significantly, from $16.7 million in the prior year period to $0.3 million in Q2 2024.

Adjusted EBITDA, meanwhile, stood at $21.4 million for the second quarter of 2024, marking a significant increase from $1.2 million in the second quarter of 2023.

Other important metrics demonstrated a 10% decrease in adjusted advertising and promotions expenses to $36.3 million. Monthly active users (MAU) in the United States and Canada reached 164,000, up 24% year-on-year. MAUs in Latin America, including Mexico, on the other hand, increased to 288,000, up 79% year-on-year.

Average revenue per MAU (ARPMAU) in the US and Canada was $380 for Q2 2024, up 6% year-on-year. ARPMAU in Latin America, on the other hand, declined slightly to $37 ($38 previously).

As of June 30, 2024, RSI had $194 million in unrestricted cash and cash equivalents, up from Q2 2023.

RSI’s 2024 Outlook Paints a Nice Picture

RSI also published its full-year guidance, saying that it expects its 2024 revenue to stand at between $860 and $900 million. This update marks an increase of $45 million compared to the prior guidance.

The midpoint of the range, $880 million, RSI added, would represent 27% year-on-year growth. For context, the company reported full-year revenue of $691 million for 2023.

In addition, RSI said that it expects adjusted EBITDA for the year to be between $64 and $72 million. This marks a midpoint increase of $13 million from the prior guidance. Additionally, the midpoint of the range, EBITDA of $68 million, would mark a dramatic increase from $8.2 million in 2023.

This guidance, however, is based on certain assumptions, RSI warned, emphasizing that certain developments could affect the projected results.

CEO Schwartz Is Happy with the Company’s Performance

RSI’s chief executive officer, Richard Schwartz, commented on the matter, praising the unprecedented revenue. He said that the noticeable improvements are a “direct testament to the strategic decisions RSI has made over recent years.” Schwartz further attributed the results to RSI’s ambition to constantly refine its approach to attracting and retaining players, saying that this efficiency is to leading strong increases in player numbers and value.

Schwartz further cited growth across major iGaming markets in the United States and beyond.

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.

Richard Schwartz, CEO, RSI

In related news, a sale of RSI may be imminent, according to rumors.