Rush Street Interactive (RSI) has posted its Q1 report for 2023, showing revenue of $162.4m – a 20% increase on Q1 2022.
Additionally, its adjusted EBITDA loss was $8.7m, a significant improvement over the $43.4m adjusted EBITDA loss for Q1 the year prior.
Meanwhile, RSI's net loss as a whole stood at $24.5m – again, an improvement over 2022’s Q1 net loss of $52.3m.
RSI was keen to highlight its $147m of cash and cash equivalent reserves as of 31 March 2023, while average revenue per monthly active user was up 23% annually, totalling $325 in Q1 2023.
Looking at adjusted EBITDA loss across 2022, Q1 2023’s loss is a vast improvement on the whole of 2022 – as the graph below demonstrates.
Richard Schwartz, CEO of RSI, said of the report: “We are pleased with our first quarter results as we made great strides towards profitability with much improved adjusted EBITDA performance.
"Revenues grew 20% compared to last year, propelled by more than 100% growth in Latin America and new markets launched in North America after 2020. Results were strong across our business lines, with revenue growth in both online casino and online sportsbook.
“On the back of these excellent results, we remain on track to achieving our goal of profitability for the second half of this year. We are staying disciplined in our approach and successfully balancing growth and profitability over the long run. Our results continue to show the approach is working well and we remain confident that our focused strategy will reward our shareholders over the long term.”
