Published
OnlineCasinoFinancialSports Betting

Rush Street Interactive posts 20% increase in Q3 revenue

Rush Street Interactive (RSI) has reported revenue of $148m for the third quarter of 2022, a 20% increase compared to $122.9m in the third quarter of 2021.

rsi q3
Listen To Article

Adjusted EBITDA for the period was negative $12.5m, compared to negative $12.2m in the prior-year period. Net loss for Q3 2022 was $22.7m, compared to a net loss of $18.9m during Q3 2021.

“We posted a solid third quarter, as our efficient approach to marketing and robust platform continue to perform well,” said RSI CEO Richard Schwartz.

“Despite a lower than normal online casino hold rate and currency headwinds during the quarter, which we believe collectively impacted our quarterly revenue by an estimated $6m, we generated record revenues for the fourteenth straight quarter and progressed towards our profitability goals and our target of being Adjusted EBITDA positive for the second half of 2023.”

RSI noted that Real-Money Monthly Active Users in the US and Canada for Q3 2022 grew 31% to 130,000, while unrestricted cash and cash equivalents on the balance sheet were $195m with no debt outstanding as of 30 September 2022.

Schwartz continued: “In terms of activity, we continue to see very strong volumes in markets where we operate both online casino and sports betting, as we are able to execute on the enhanced profitability offered by the online casino vertical in these markets. 

“Internationally, we are seeing strong results from both Colombia and Ontario and we are excited to begin increasing marketing efforts in Mexico. We remain focused on building a strong foundation in our new markets that will provide stable, long-term growth opportunities while keeping an eye on future profitability.”

Premium+ Connections
Premium
 
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Executive Profiles
Interblock
Caesars Entertainment
Pragmatic Play
Flutter Entertainment

Global Gaming Awards London: Who will win Executive of the year 2023?

Gambling Insider takes a look at the nominations list for 20...

CEO Special: Flutter International CEO Dan Taylor returning to roots

Flutter International CEO Dan Taylor meets Louis Thompsett t...

CEO Special: Light & Wonder Gaming CEO Siobhan Lane - optimising superpowers

Siobhan Lane, Light & Wonder Gaming CEO, speaks to Gambling...

CEO Special: Hoiana Resorts' Steve Wolstenholme – the travel man

Hoiana President & CEO Steve Wolstenholme talks to Gambling...

Read Magazine