The company reported revenue of $162.4 million in Q1 2023, a 20% increase from the same period in the previous year. Additionally, the net loss for Q1 2023 was $24.5 million, a significant improvement from the $52.3 million net loss in Q1 2022. Adjusted EBITDA loss for Q1 2023 was $8.7 million, an improvement from the $43.4 million loss in Q1 2022.
Rush Street Interactive’s Revenue Growth Tops 100% in Latin America and North America Rush Street Interactive’s average revenue per monthly active user (ARPMAU) in the United States and Canada increased by 23% year-on-year to $325 during Q1 2023. The company also reported significant yearly revenue growth in Latin America and North American markets. The company further reported that it had $147 million of unrestricted cash and cash equivalents as of March 31, 2023.
Richard Schwartz, CEO of Rush Street Interactive, expressed satisfaction with the results and said that the company had made significant strides toward profitability. Schwartz highlighted: “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.”
The revenue generated by the company in Latin America is similar to the growth observed in newly introduced North American jurisdictions. However, Rush Street experienced a meagre increase of only 20% in revenue from Colombia. The primary reason for this underwhelming result can be attributed to the unfavorable currency exchange rate from pesos to dollars.
Rush Street Interactive Forecasts $630-700M in Revenue for 2023 Rush Street Interactive expects its revenue for the full year ending December 31, 2023, to be between $630 and $700 million, with a midpoint of $665 million representing 12% year-on-year growth compared to $592 million of revenue for 2022. The range is based on certain assumptions, including operations in live jurisdictions as of the current date, professional and college sports calendars already announced, including the completion of their 2023 seasons, and the continuing operation of Rush Street Interactive in markets in which it is live now.
Rush Street Interactive recently launched the innovative BetRivers Michigan Million™ slot tournament, introducing the first-of-its-kind online casino experience. It also added award-winning sportscaster and reporter Julie Stewart-Binks to its growing roster of sports and gaming experts and content creators who connect and engage with fans. The company continued profitable growth in casino markets, including Ontario, Colombia, and West Virginia, where they increased the estimated market share sequentially during the first quarter.