Rush Street Interactive registered an increase in its revenue for the first quarter of 2024. The annual growth translated to 34% via online casino and sports betting for a revenue of $217.4 million. The growth is credited to sports betting products like PlaySugarHouse, BetRivers, and RushBet. The presence of RSI spans the US, Canada, and Latin America.
The company’s performance in North America was impressive, per the public numbers. The net loss came to $2.2 million, compared to $24.5 million for the same quarter in the previous year, 2023. Adjusted EBITDA improved by $25.8 million, jumping from $8.7 million to $17.1 million. Monthly Active Users, also known as MAU, rose by 20% in the US and Canada, with the growth featuring a year-on-year dimension.
MAU in Latin America was 224,000 against 176,000 in the US and Canada, up 72% annually.
Richard Schwartz, the Chief Executive Officer of Rush Street Interactive, said that they were pleased with the record of their opening quarter of 2024, adding that the growth comes from casino and online sports businesses that grew by 35% Y-o-Y. Richard took to the earnings call to lay out the roadmap for the near future. The CEO of RSI said that Peru could be their next market for a launch, also stating that they are finalizing plans and strategy with a lot of excitement to explore a new territory.
Growth in the year’s first quarter is based on the groundwork done in the concluding quarter of 2023. That set the path for RSI to achieve $355 in ARPMAU across the US and Canada, with ARPMAU being an acronym for Average Revenue per Monthly Active User. That reflects a growth of approximately 9%. While Latin American sports saw an increase of 4%.
There was a notable decrease in adjusted advertising & promotions expenses. The figure for Q1-2023 was $49.4 million, dipping to $37.8 million in Q1-2024. It comes to a reduction of 23%. The first quarter ended on March 31, 2024, and that is the time when RSI recorded unrestricted cash and cash equivalents worth $191 million.
The US online casinos contributed $58 billion to the total addressable market across Canada, Latin America, and the US of $102.5 billion. Online sports betting stood at $29.3 billion. Products by Rush Street Interactive are present in five US markets: Pennsylvania, Delaware, West Virginia, New Jersey, and Michigan. Numbers like these have positioned RSI on the list of the best online casinos in the USA and BC. Game, BetUS, and Black Lotus.
Rush Street Interactive is expected to focus on New Jersey, Michigan, and Pennsylvania, North America’s three most prominent markets. At the same time, the goal is to bring other regions to par and boost growth to a new level.