Rush Street Interactive Announces Record-Breaking Q2 Results
RSI reported $220.4 million in revenue for the quarter, up 34% year-over-year
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Rush Street Interactive (RSI) has published its financial results for the second quarter of 2024, revealing record-breaking revenue and EBITDA figures — amid rumors that the company is considering a sale in the near future.
For the quarter ending June 30, RSI collected $220.4 million in revenue, up 34% from the $165.1 million reported in Q2 2023. Adjusted EBITDA also increased significantly from last year’s $1.2 million, reaching $21.4 million.
“We are thrilled to announce another quarter of record-breaking revenues and adjusted EBITDA,” said Richard Schwartz, CEO of RSI. “The improvement in our results is a direct testament to the strategic decisions we have made over recent years, as well as constantly refining and bettering our approach to attracting and retaining players.”
RSI also reported a net loss of about $300,000. Still, this represents a notable improvement from the $16.7 million loss recorded in the same period last year.
Monthly active users climb 24%
The company also highlighted a 24% increase in monthly active users in the U.S. and Canada, reaching approximately 164,000. Revenue per user climbed 6% year-over-year to $380.
“Our strategic initiatives have fostered a balanced growth across both iCasino and online sports in existing and new markets,” added Schwartz. “For instance, in our long-standing markets of Pennsylvania, New Jersey, and Michigan, we experienced our highest level of revenue growth in over two years during the second quarter.”
Is a sale still in the cards?
According to recent rumors, RSI could be sold within the next month or two. Several news sources indicate that potential suitors may include DraftKings or other companies interested in expanding their iGaming presence, especially in Latin America, where RSI has found success.
RSI sent an email Tuesday to affiliate companies in sports-betting-only states, informing them its affiliate program for online sports betting will end Aug. 31. On the same day, professional poker player Phil Hellmuth announced via tweet that he sold all of his shares of RSI stock.
Founded in 2012, Rush Street Interactive is an online casino and sports betting company operating in the U.S., Canada, and Latin America. The company is headquartered in Chicago, and is the name behind online betting brands like BetRivers, PlaySugarHouse, and RushBet. Through these brands, RSI offers real-money mobile and online betting in 15 states.
Recently, RSI’s BetRivers platform launched live-dealer online casino gaming in Delaware through a partnership with Evolution, marking the first time Delaware residents can experience live-dealer games at online casinos.
