Rush Street Interactive (RSI) has released its financial results for the third quarter ending on September 30, 2023, showcasing significant growth and improved profitability. With a focus on innovation, technology, and customer-centric services, RSI’s financial performance demonstrates its position as a leading online operator in the U.S.
Rising Revenue and Improved Profitability:
Quarterly Revenue: RSI reported a remarkable $169.9 million in revenue for Q3 2023, reflecting a 15 percent increase compared to the same period in 2022 when revenue stood at $148 million.
Positive Adjusted EBITDA: Notably, the company achieved a positive adjusted EBITDA of $4.1 million for Q3 2023, marking a significant turnaround from the loss of $12.5 million during the same period in the previous year.
Reduced Net Loss: RSI reported a net loss of $13.4 million in Q3 2023, indicating a substantial improvement over the net loss of $22.7 million in Q3 2022.
Efficient Marketing Spend: The company managed to optimize its advertising and promotions expenses, reducing them to $34.1 million in Q3 2023 compared to $44.7 million during the same quarter in 2022.
CEO’s Perspective:
5. Vision and Success: Richard Schwartz, the CEO of RSI, emphasized the company’s decade-long investment in cutting-edge technology and a customer-centric approach. This approach has positioned RSI as a top-five online operator in the U.S., with a strong presence in iGaming and a growing online sportsbook.
Quarterly Profitability: Schwartz highlighted RSI’s consistent focus on innovation and efficiency, leading to increased quarterly profitability on an adjusted EBITDA basis. This profitability, coupled with expectations for positive full-year adjusted EBITDA, reinforces the company’s commitment to sustainable growth and profitability.
Market Leadership: RSI’s market-leading ROI and its ability to deliver high-quality products and user experiences have allowed it to navigate competitive markets successfully.
Expanding Opportunities:
8. State Partnership: In August, RSI was selected by the Delaware State Lottery as its vendor for online gaming, solidifying its presence in Delaware’s online gaming market for at least five years, with the potential for an additional term.
Rush Street Interactive’s strong Q3 2023 financial results, marked by revenue growth and improved profitability, underscore its dedication to providing exceptional services and expanding its presence in the competitive online gaming industry.