March 12, 2024 3 min read


Rush Street Interactive Eyes Expansion Following Robust FY 2023

The company is closely monitoring several promising jurisdictions like New York, Maryland, Illinois, and Alberta, Canada

Rush Street Interactive (RSI), a prominent player in the online casino and sports betting sphere across the Americas, has reported impressive financial results for the fourth quarter and full year ending 31 December 2023, sparking discussions about potential expansion opportunities. The company’s recent earnings call highlighted its robust strategic position, forming a stable foundation for sustained growth.

2023 Was a Transformative Year for RSI

RSI’s Q4 financials revealed improvements across most metrics, signaling impressive momentum going into 2024. The full-year revenue for 2023 reached $691.2 million, reflecting a 17% increase from the $592.2 million reported in 2022. Despite ongoing investments, the net loss for FY 2023 was $60.1 million, showcasing a significant reduction from the $134.3 million loss in 2022.

Adjusted EBITDA also experienced a substantial turnaround as RSI reported a positive $8.2 million compared to a loss of $91.8 million in 2022. CEO Richard Schwartz noted that the LatAm market showed significant promise as the segment witnessed revenue growth of over 50% for FY 2023, justifying the company’s substantial regional investments.

I think when it comes to the international growth, the Latin America region is really the second fastest growing region in a world first for legalize online betting.

Richard Schwartz, Rush Street Interactive CEO

2023 was also notable for several cost optimization measures, reflected in advertising and promotions expenses settling at $158.4 million, indicating a 27% decrease from $218.4 million in 2022. RSI refined its business model, confident that its unique features and functionalities would improve customer onboarding and retention, giving it an edge over the competition.

Several Jurisdictions Show Substantial Promise

Looking forward, RSI projects full-year revenue for 2024 to be between $770 and $830 million, representing a 16% year-over-year growth and a very ambitious 390% year-over-year Adjusted EBITDA increase for FY 2024. These optimistic figures have led to discussions within the company about potential expansion opportunities in several key jurisdictions, capitalizing on emerging opportunities across the Americas.

There are a host of states on our radar, and we are watching closely for iCasino opportunities. (These) include New York, Maryland, Illinois, as well as provinces in Canada, most notably Alberta.

Richard Schwartz, Rush Street Interactive CEO

While RSI enters 2024 with an expansion-oriented mindset, the operator hopes to consolidate its presence in its core markets. CEO Schwartz admitted that rising competition in the USA presented a significant challenge. However, he remained confident that the company’s cutting-edge platform would help it grow its market share in the iGaming and online sportsbook sectors.

As Rush Street Interactive anticipates a prosperous 2024, the industry will closely monitor the company to see how it leverages its financial strength to explore new markets and innovate its user experiences. RSI’s head start in the Latin American market should pay long-term dividends, demonstrating how the operator’s customer-centric approach can guarantee success in diverse jurisdictions and regulatory environments.

Deyan is an experienced writer, analyst, and seeker of forbidden lore. He has approximate knowledge about many things, which he is always willing to apply when researching and preparing his articles. With a degree in Copy-editing and Proofreading, Deyan is able to ensure that his work writing for GamblingNews is always up to scratch.

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