First Quarter Revenue of $162.4 Million, up 20% Year-over-Year –
Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Financial Highlights
- Revenue was $162.4 million during the first quarter of 2023, an increase of 20%, compared to $134.9 million during the first quarter of 2022.
- Net loss was $24.5 million during the first quarter of 2023, compared to a net loss of $52.3 million during the first quarter of 2022.
- Adjusted EBITDA1 loss was $8.7 million during the first quarter of 2023, compared to an Adjusted EBITDA loss of $43.4 million during the first quarter of 2022.
- Adjusted advertising and promotions expense1 was $49.4 million during the first quarter of 2023, compared to $66.3 million during the first quarter of 2022.
- Average revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $325 during the first quarter of 2023, up 23% year-over-year.
- Revenue grew by more than 100% year-over-year in Latin America and North American markets launched after 2020.
- As of March 31, 2023, RSI had $147 million of unrestricted cash and cash equivalents.
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for a reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Richard Schwartz, Chief Executive Officer of RSI, said, “We are pleased with our first quarter results as we made great strides towards profitability with much improved Adjusted EBITDA performance. Revenues grew 20% compared to last year, propelled by more than 100% growth in Latin America and new markets launched in North America after 2020. Results were strong across our business lines with revenue growth in both online casino and online sportsbook.”
“On the back of these excellent results, we remain on track to achieving our goal of profitability for the second half of this year. We are staying disciplined in our approach and successfully balancing growth and profitability over the long run. Our results continue to show the approach is working well and we remain confident that our focused strategy will reward our shareholders over the long term.”
RSI expects revenue for the full year ending December 31, 2023 to be between $630 and $700 million, unchanged from its previous expectations. At the midpoint of the range, revenue of $665 million represents 12% year-over-year growth when compared to $592 million of revenues for 2022.
This range is based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, (ii) all professional and college sports calendars that have been announced come to fruition, including the completion of their 2023 seasons, and (iii) RSI continues to operate in markets in which it is live today, except for Connecticut.
Recent Business Highlights
- Launched the innovative BetRivers Michigan Million™ slot tournament, introducing the first-of-its-kind online casino experience.
- Extended our proprietary squares engine to basketball, driving strong improvement in average bet size and more than doubling same-game parlays as a % of total bets.
- Crowned Customer Service Operator of the Year at the EGR North America Awards 2023, earning this award for the fourth year in a row.
- Added award winning sportscaster & reporter Julie Stewart-Binks to our growing roster of sports and gaming experts and content creators who connect and engage with fans.
- Continued profitable growth in casino markets, including Ontario, Colombia, and West Virginia where we increased estimated market share sequentially during the first quarter.