RSI reveals third quarter results for the US and Americas

Rush Street Interactive (RSI) has revealed its latest results which cover the period for the three months ended on September 30, 2022. RSI specializes in both interactive iGaming and sports betting content and it has posted steady results across the board.

While net loss widened during the period to $22.7m from $18.9m a year earlier, the overall results for the company signaled strength and are largely in line with expectations suggested by the company’s financial guidance and long-term expectations. Revenue for the company during the quarter hit $148m, which was up 20% form a year before.

Adjusted EBITDA, however, took a mild hit to $12.5m, up from $12.2m over the last year’s period. Player acquisition efforts have been paying off, which is partly what the company is focusing on. The real-money monthly active users in the United States and Canada inched up 31% to 130,000 on average per month. Each customer generated an average revenue of $345, the company reported. This was a slightly increase from previous results.

RSI CEO Richard Schwartz commented on the results and what they meant for the company. In a word, the goal for the company was to post positive Adjusted EBITDA for the second half of 2023, while RSI continues to move forward a future in which the company turns a profit.

As with most similar businesses in the United States, the desire to secure market share has forced many betting and gaming giants to dip into their revenue in order to sustain player acquisition and growth. While there has been a notable slow down in marketing spend on bonuses, acquiring MAUs has remained an important focus.

"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," Schwartz said.

The company continues to actively seek and develop its footprint in the Americas as well. Some of the markets where RSI has been able to break ground over the past months include Ontario and Colombia, as well as Mexico. RSI has been excited to continue building momentum in the Latin American market, largely seeing the region as untapped potential.

While regulatory headwinds and challenges persist, RSI can get an early start and build from there in future. In the meantime, the financial results for the third quarter look solid.

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