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Sep 30, 2022
Rush Street Q3 2022 Earnings Report
Reported a solid third quarter with revenue up 20% year-over-year, driven by efficient marketing and a robust platform.
Key Takeaways
Rush Street Interactive (RSI) announced its third quarter 2022 financial results, with revenue reaching $148.0 million, a 20% increase compared to the same period in 2021. The company reported a net loss of $22.7 million and an adjusted EBITDA loss of $12.5 million. Despite currency headwinds and a lower than normal online casino hold rate, RSI achieved its fourteenth consecutive quarter of sequential revenue growth. The company expects revenues for the full year to be between $580 million and $600 million.
Revenue increased by 20% year-over-year to $148.0 million.
Net loss was $22.7 million, compared to a net loss of $18.9 million in the third quarter of 2021.
Adjusted EBITDA loss was $12.5 million, slightly up from $12.2 million in the third quarter of 2021.
Real-Money Monthly Active Users (MAUs) in the United States and Canada grew 31% year-over-year to 130,000, with average revenue per MAU (ARPMAU) of $345, up 6% sequentially.
Rush Street
Rush Street
Forward Guidance
RSI expects revenues for the full year ending December 31, 2022 to be between $580 million and $600 million.
Positive Outlook
- Strong volumes in markets with both online casino and sports betting.
- Enhanced profitability offered by the online casino vertical.
- Strong results from Colombia and Ontario.
- Plans to increase marketing efforts in Mexico.
- Focus on building a strong foundation in new markets for long-term growth.
Challenges Ahead
- Currency fluctuations impacting international revenue.
- Lower than normal online casino hold rate.
- Net loss was $22.7 million during the third quarter of 2022, compared to a net loss of $18.9 million during the third quarter of 2021.
- Adjusted EBITDA was a loss of $12.5 million during the third quarter of 2022, compared to an Adjusted EBITDA loss of $12.2 million during the third quarter of 2021.
- The midpoint of the revenue guidance range implies 25% year-over-year growth for the fourth quarter, suggesting a potential slowdown.