Rush Street Interactive reports 34% increase in Q1 revenue

The company registered $217.4m in revenue for the first quarter.

US.- Rush Street Interactive has announced financial results for the first quarter ended March 31. Revenue was $217.4m, up 34 per cent compared to $162.4m in the first quarter of 2023. The net loss was $2.2m, compared to $24.5m in Q1 2023. Adjusted EBITDA was $17.1m.

Richard Schwartz, chief executive officer of RSI, said: “We are extremely pleased with our record first quarter results achieving company quarterly record Revenues and Adjusted EBITDA of $217m and $17m, respectively. This was accomplished by growing both our iCasino and Online Sports businesses by over 35% year-over-year, in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users. Our team is proud to have achieved these results, which stemmed from our long-standing, unwavering commitment to prioritize the quality of our product and customer experience.

“We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum, which includes increasing our Adjusted EBITDA guidance by 38% at the midpoint. With this growth and scale comes improving earnings and free cash flow. Looking forward, we remain energized in our view that the team is primed to continue executing on our strategy and delivering value to shareholders.”

Recently, RSI announced the appointment of Brian Sapp to the newly created role of chief marketing officer (CMO). He reports directly to CEO Richard Schwartz. The company also announced the renewal of its exclusive multi-year agreement with New York sports broadcaster Mike Francesa. He continues to serve as a provider of network and social media content.