Rush Street Interactive Has Record Revenue and EBITDA in Q1 2024

The first quarter of 2024 was historic for gaming company Rush Street Interactive (Rush Street Interactive 13,68 -3,18%), as they set a record for revenue at $217.4 million.

RSI also set a mark for EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), at $17.1 million in the first three months of 2024.

With revenue approaching $220 million in January-March, Rush Street Interactive could near $840 million in revenue based on its own projections for the year, and depending on how its properties and assets perform in the next three quarters. RSI projects a revenue increase of 21% for 2024 compared to 2023.

RSI owns and operates casinos in four states, and also has BetRivers Casino & Sportsbook, which operates online sports betting and casino gaming in several states, including Michigan, New Jersey, and Pennsylvania. In some states, BetRivers offers just sports betting, such as in Illinois, New York, and Virginia.

“This was accomplished by growing both our iCasino and online sports businesses by over 35% year-over-year,” Chief Executive Officer Richard Schwartz said in a press statement announcing the earnings for Q1. Schwartz explained the success came “in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users.”

RSI has been ambitious in acquisitions, using that strategy to launch its BetRivers app product in Maryland, Ohio, and Louisiana.

More: Legal Sports Betting States | US Sports Betting Revenue Tracker

Online Casinos in MI, NJ, PA Report Fastest Growth in Two Years

Online casino gaming has proven to be profitable for RSI. In a market less crowded with competitors than sports betting, and limited to seven states, BetRivers has forged great success. Q1 of 2024 saw the company report its largest year-over-year rate of revenue growth since 2021.

Schwartz credited their approach to iGaming. “Our focus on the iCasino experience is resonating with new and existing customers,” the RSI CEO said.

According to their earnings report for Q1 2024, RSI has 176,000 monthly active users in North America, spurred by six consecutive months of growth in that metric. The 176,000 users represent an increase of 20% year-over-year.

“Players on average are higher value,” Schwartz said, adding that RSI is “finding these new players more efficiently than ever and we are driving meaningful profitability from this impressive growth.”

The company is satisfied with the reaction to BetRivers Sportsbook in Delaware, which launched earlier in 2024 as the official sports betting provider for the Delaware Lottery.

“Certainly, Delaware has been a nice win for us,” said RSI Chief Financial Officer Kyle Sauers.

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