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Prominent US online gambling firm, Rush Street Interactive, Inc. (RSI) announced financial results for the fourth quarter and full year ending Dec. 31, 2022.
In the earnings call, the company revealed its Q4 2022 revenue was almost $166 million, up 27% year-over-year. The company also saw a 21% year-over-year increase in full-year 2022 revenue, which climbed to $592 million.
Richard Schwartz, Chief Executive Officer of RSI, stated in a press release:
“We are proud to report another strong quarter and record results for the year, spurred by 95% annual growth in our Latin American and new North American markets launched after 2020. We expect to achieve positive Adjusted EBITDA for the second half of 2023 and continue to be selective as we prioritize investments in markets with higher returns.”
Rush Street Interactive’s Q4 2022 highlights
The company’s revenue of $165.5 million during the fourth quarter of 2022 compares to Q4 2021’s $130.6 million. The figure is an increase of 27%. RSI reported a net loss of $31.1 million during the fourth quarter of 2022. The figure compares to a net loss of $38.1 million during the fourth quarter of 2021.
Adjusted EBITDA was a loss of $17.3 million during Q4 2022. That’s also progress compared to an Adjusted EBITDA loss of $31.2 million during the fourth quarter of 2021. RSI also revealed that the adjusted advertising and promotions expense was $63.2 million during the last quarter of 2022. It’s only a slight change compared to $64.0 million in Q4 2021.
During Q4 2022, the company saw a 22% year-over-year increase in Real-Money Monthly Active s (“MAUs”) in the United States and Canada. That is with average revenue per MAU (“ARPMAU”) of $327 during the last three months of 2022.
As of Dec. 31, 2022, the company had $180 million of unrestricted cash and cash equivalents.
US online gambling firm dominated FY2022 revenue
RSI reported $592.2 million in revenue during the entire year of 2022. The figure is an increase of 21% compared to 2021’s $488.1 million. Net loss was $134.3 million during the full year 2022. That compares to a net loss of $71.1 million in 2021.
Adjusted EBITDA was a loss of $91.8 million during the full year 2022. That is a positive change compared to $65.1 million during the full year 2021.
RSI’s adjusted advertising and promotions expense was $218.4 million in 2022. That’s an increase compared to $186.9 million in 2021. MAUs in the United States and Canada for 2022 were up 29% year-over-year, with an ARPMAU of $315. That’s a 9% year-over-year decline.
Schwartz concluded: “Looking forward, we will continue to focus on earning and retaining customer loyalty, by treating them well, being thoughtful, developing seamless experiences and reducing friction at every possible point. We have built our proprietary platform and culture around a disciplined operating philosophy, which is reflected in our results.”
