Rush Street Interactive generated revenues of $162.4m during the first quarter of 2023, an increase of 20 per cent, compared to $134.9m during the first quarter of 2022.
The company continued profitable growth in casino markets, including Ontario, Colombia, and West Virginia where it increased estimated market share sequentially during the first quarter.Average revenue per Monthly Active User in the United States and Canada was $325 during the first quarter of 2023, up 23 per cent year-over-year. Revenue grew by more than 100 per cent year-over-year in Latin America and North American markets launched after 2020.
The quarter saw Rush Street launch the innovative BetRivers Michigan Million slot tournament, introducing the first-of-its-kind online casino experience and extend its proprietary squares engine to basketball, driving strong improvement in average bet size and more than doubling same-game parlays as a percentage of total bets.
It 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
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 per cent compared to last year, propelled by more than 100 per cent 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 $700m, unchanged from its previous expectations. At the midpoint of the range, revenue of $665mrepresents 12 per cent year-over-year growth when compared to $592m of revenues for 2022.