RSI Publishes Q3 Report, Highlights a Quarter of Increasing Profitability

Rush Street Interactive (RSI), a leading US iGaming and sports betting company, has published its Q3 report, covering the period ended September 30. The company recorded higher metrics and lower losses and is optimistic about its future in the iGaming sector.

RSI posted revenue of $169.9 million, which represents a year-on-year increase of 15%. Q3 2022, for reference, saw the company earn $148 million. Adjusted EBITDA, meanwhile, was a positive $4.1 million during Q3 2023, exceeding the EBITDA loss of $12.5 million recorded in Q3 2022.

RSI also reported a net loss of $13.4 million for the period, down from $22.7 in Q3 2022.

The company’s adjusted advertising and promotion expenses were also lower at $34.1 million in Q3 2023 ($44.7 million in Q3 2022). At the same time, its average revenue per monthly active user in the US and Canada increased by 8% year-on-year to $374.

At the end of the quarter, RSI had $171 million of unrestricted cash and cash equivalents.

RSI also provided an update on its guidance, noting that it expects full-year revenue of between $665 and $685 million. This notably represents an increase of the midpoint compared to the company’s previous guidance.

CEO Schwartz Praised the Results

Q3 2023 was an important period for the company because of major deals with other parties. One of them is the agreement with the Delaware Lottery that cemented RSI as its exclusive online gaming provider.

In addition, Q3 saw RSI launch Prop Central functionality with initial sportsbook results leading to material increases in higher-margin player prop bets.

RSI’s chief executive officer, Richard Schwartz, commented on the results, saying that they cement the company as one of the top 5 online operators in the United States.

As discerning consumers seek out the best products and user experiences, our third quarter results affirm our ability to deliver on both counts as we continue to acquire, engage and retain customers.

Richard Schwartz, CEO, RSI

Schwartz was happy to report another quarter of increasing quarterly profitability on an adjusted EBITDA basis. He also noted that his team expects positive adjusted EBITDA for 2023, arguing that this demonstrates his team’s commitment to sustainable growth and profitability.

Schwartz attributed the company’s growth to its focus on innovation and efficiency and said that RSI will continue to explore opportunities in the Americas.