RSI’s CEO, Richard Schwartz, remarked on the newest report, expressing excitement at the exceptional financial performance.
Rush Street Interactive (RSI), a leading gaming and betting provider, announced its financial results for the quarter ending September 30, revealing a significant growth in sales and profitability.
Because of the good result, Rush Street Interactive revised its guidance to match current expectations.
RSI reports strong metrics across the board.
Rush Street Interactive reported Q3 sales of $232.1 million, a 37% increase from the previous year. Previously, the company reported a net loss of $13.3 million in Q3 2023, but it now reports a net income of $3.2 million.
Adjusted EBITDA increased dramatically from $4.1 million in Q3 2023 to $23.4 million in Q3 2024, demonstrating the company’s success.
Adjusted advertising and promotion expenses totaled $38.6 million, representing a 13% rise year over year. The higher expenses resulted in an increase in users in the United States and Canada, with around 168,000 monthly active users, up 28% year on year. At the same time, MAUs in LATAM (including Mexico) increased to 329,000, up 122% year on year.
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Customers in the United States and Canada spent an average of $388 per month, up 4% YoY. Those in LATAM, on the other hand, reduced their monthly spending to $39 (from $43).
RSI reported that as of September 30, 2024, company has $216 million in unrestricted cash and cash equivalents.
RSI updates its guidance and announces a share buyback.
As previously stated, RSI changed its advice for 2024 following the publication of its most recent report. The company forecasts FY revenue of $900 to $920 million, up $30 million from previous guidance. The midpoint of the current range ($910 million) would indicate a 32% year-over-year increase, according to RSI.
Meanwhile, the business forecasts Adjusted EBITDA between $82 and $86 million, up $16 million from the previous projection. The midpoint range ($84 million) represents a significant increase from $8.2 million in adjusted EBITDA for 2023.
RSI also announced a share-buyback program a few days ago, with the business repurchasing up to $50 million of its Class A common stock.
Innovation drives growth.
Richard Schwartz, RSI’s CEO, reacted on the newest report, expressing his excitement about the outstanding financial performance. He attributed the company’s record-breaking performance to its efficient approach and ability to implement its aims. The CEO noted that the dedication to innovation continues to drive player retention and, as a result, growth.
We’ve accelerated player growth for another consecutive quarter, acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance.
Richard Schwartz, CEO, RSI
Schwartz was also delighted by the share buyback program, which demonstrates the company’s confidence in its future.
In other events, the business just launched an online poker platform in Pennsylvania.
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 reports strong Q3 results, with 37% revenue growth to $232.1M and net income of $3.2M, prompting an increase in full-year guidance to $900-$920M){kind=link}