The company reported revenues of 162,4 million dollars in Q1 2023. This is a 20% rise from the same period the year before. The net loss for the first quarter of 2023 was $24.5m, which is a substantial improvement over the net loss of $52.3m in the first quarter 2022. The adjusted EBITDA loss was $8.7m for Q12023, a significant improvement over the loss of $43.4m in Q12022.
Rush Street Interactive tops the Latin American and North American revenue growth charts at 100%
Rush Street Interactive increased its average revenue per active monthly user (ARPMAU), in the United States of America and Canada, by 23% on an annual basis to $325 for Q1 2023. The company reported significant revenue growth for both Latin America and North America. The company reported $147 million in unrestricted liquid assets and cash equivalents at March 31, 2023.
Richard Schwartz (CEO of Rush Street Interactive) expressed his satisfaction with the results, and stated that the company has made significant progress towards profitability. Schwartz said: “Revenues increased 20% over last year due to a more than 100% increase in Latin America, and the launch of new markets in North America in 2020. The results were good across all of our business units with revenue growth both in online casino and sportsbook .”
The growth in revenue for the company in Latin America is comparable to that of the newly established North American jurisdictions. Rush Street’s revenue in Colombia increased by only 20%. This disappointing result is primarily due to the poor currency exchange rate between pesos and dollars.
Rush Street Interactive Forecasts Revenue of $630-700M for 2023
Rush Street Interactive’s revenue is expected to range between $630 million and $700 millions for the year ending December 31st 2023. The midpoint, $665 million, represents a 12% increase year-on year compared to its $592 million revenue in 2022. The range is based upon certain assumptions. These include operations in live jurisdictions at the current time, professional and college sport calendars that have already been announced, as well as the completion of 2023 seasons.
Rush Street Interactive launched its innovative BetRivers Michigan Million ™ slot tourney, which was a first of its kind online casino experience. The company also added the award-winning reporter and sportscaster Julie Stewart-Binks, to its growing list of gaming and sports experts. The company has continued to grow in profitable markets such as Ontario, Colombia and West Virginia where it increased its estimated market share during the first quarter.
