Rush Street Interactive reports $924m in 2024 revenue as Q4 adjusted EBITDA rises 166%
Rush Street Interactive (RSI) recorded 34% full-year revenue growth to $924.1m, while adjusted EBITDA surged over 1,000%. The company also posted $6.5m in Q4 net income, reversing a $5.5m loss from the prior year.
Key points:
– Q4 2024 revenue rose 31% year-on-year to $254.2m, with full-year revenue reaching $924.1m, up 34% from 2023
– Adjusted EBITDA increased 166% in Q4 to $30.6m, while full-year adjusted EBITDA rose 1,033% to $92.5m
– Net income for Q4 2024 was reported at $6.5m, compared to a $5.5m net loss in the prior-year quarter
RSI’s Q4 2024 revenue increased to $254.2m, reflecting a 31% year-on-year rise. This growth was accompanied by a 166% increase in adjusted EBITDA, which reached $30.6m, highlighting operational improvements and cost efficiencies.
The company also posted a net income of $6.5m for the quarter, reversing the $5.5m net loss reported in Q4 2023. The total number of monthly active users (MAUs) in the US and Canada grew by 28% to 205,000, while Latin America saw a 71% increase, reaching 348,000 MAUs.
Despite an increase in player volume, average revenue per monthly active user (ARPMAU) in North America remained flat at $346, while in Latin America, it declined slightly from $42 to $39.
Advertising and promotional expenses for the quarter rose 24.5% to $43.1m, reflecting increased marketing activity in RSI’s active jurisdictions. Despite these expenses, total operating costs and expenses grew at a slower pace of 22.6%, reaching $242.1m.
Full-year 2024 performance and adjusted EBITDA growth
For the full year, RSI generated $924.1m in revenue, marking a 34% increase. The company achieved $7.2m in net income, contrasting with the $60.1m net loss reported in 2023.
Adjusted EBITDA for 2024 rose by more than 1,000% to $92.5m, compared to $8.2m in the previous year. The operator also reduced its promotional spending, with adjusted advertising and promotions expenses decreasing 1.6% to $155.8m, a shift that contributed to higher profitability.
By the end of 2024, RSI held $229m in unrestricted cash and cash equivalents, reflecting a $61m increase. The company cited operational improvements and higher margins across its markets as factors contributing to this financial position.
2025 financial outlook and market expansion
RSI has forecasted 2025 revenue to range between $1.01bn and $1.08bn, with the midpoint of this estimate representing a 13% increase. The company also projected adjusted EBITDA between $115m and $135m, which at the midpoint would reflect a 35% increase from 2024.
The revenue and earnings outlook is based on assumptions that RSI will continue to operate in its existing jurisdictions under current tax structures. While the company has not announced any immediate expansion plans, RSI’s continued presence in both North America and Latin America will play a role in its growth strategy moving forward.
Past performance and industry trends
RSI’s Q3 2024 results had also shown a 37% increase in revenue, with total revenue reaching $232.1m. The company’s Q3 net income was $3.2m, a reversal from the $13.4m net loss in Q3 2023.
In February 2025, RSI announced a partnership with Blueprint Gaming, which integrated Blueprint’s gaming titles into RSI’s BetRivers platform in Ontario. This followed a series of market expansions in 2024 that saw RSI strengthening its online casino offerings in multiple regions.
With RSI’s adjusted EBITDA continuing to rise, along with increased user engagement, the company is set to maintain its profitability goals for 2025 while further expanding its platform across multiple markets.
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