Adjusted EBITDA for RSI was $15.1m in the first quarter, in comparison to last year’s adjusted EBITDA of $1.1m.
However, the company did spend significantly more on advertising and promotions, with 36% ($40.5m) of its first quarter revenue spent on advertising.
Despite this, net loss was only $76,000 for Q1 2021, when last year RSI reported a net loss of $12.9m. The company has said as of March 31, it had $363m of unrestricted cash.
The operator also increased its monthly active users in the US, with a 166% climb year-on-year and 20% increase from the fourth quarter of 2020. Average revenue per monthly active user was $302.
The increase in users was likely due to the company increasing the number of jurisdictions it operates in to 11, including the four largest US online casino markets. Since the quarter ended, RSI launched an online casino in West Virginia in April.
Greg Carlin, Rush Street Interactive CEO, said: “We are excited about our strong first quarter results, during which we launched online casino and sportsbook in Michigan and online sportsbook in Virginia, and delivered revenue growth of 218% over last year’s first quarter. We are also pleased by our quarter-on-quarter growth, underpinned by our strong and stable casino results.
"We continue to have solid momentum as we launched online casino in West Virginia in April and are now live in the four largest US online casino markets, which we expect to drive significant profitability over the long term."
Due to the strong start in 2021, RSI is changing its full year guidance. It now expects its revenue to be between $440m and $480m from its previous estimation of $420m and $460m.
Taking the midpoint, a revenue of $460m would be a 65% year-over-year growth to 2020’s revenue of $278.5m.
