Rush Street Interactive has announced a drop in net loss during the third quarter, following an increase in revenue. The company has expressed optimism about achieving positive EBITDA for the full year.
According to reports, the group’s revenue for the three months ending on September 30 reached $169.9 million, marking a 14.9% increase from the same period last year and surpassing the $165.1 million generated in the second quarter.
Richard Schwartz, CEO of Rush Street Interactive, attributed these results to the company’s long-term growth and expansion strategy. He stated that the business is now a leading operator in the igaming space, with its online sports betting offering continuing to grow.
Furthermore, the company’s recent selection to power the Delaware State Lottery’s igaming offering is expected to contribute to its future success. Schwartz highlighted that this development exemplifies the company’s ongoing efforts to expand its business.
Rush Street Interactive also reported an increase in market share in key markets. In New Jersey, Michigan, and West Virginia, the company’s share in the online casino market is at its highest over the past year. Additionally, the sports betting market in Michigan, Virginia, New York, Maryland, and Ohio are currently at their highest levels since launch.
Although the company experienced an increase in operating costs in Q3, with total operating costs rising to $181.6 million, these were offset by a 14.9% increase in revenue. As a result, the company’s net loss for Q3 decreased by 36.4% to $4.2 million, and the business was able to achieve positive adjusted EBITDA at $4.1 million, a significant improvement from the previous year.
Looking at the year-to-date performance, revenue for the nine months ending on September 30 amounted to $497.3 million, representing a 16.6% increase from the previous year. Operating expenses saw a 4.3% increase, and while the company recorded a loss of $3.3 million in adjusted EBITDA, this was a vast improvement from the $74.5 million loss in 2022.
Rush Street Interactive is now aiming to achieve positive adjusted EBITDA for the full year, with full-year revenue guidance ranging between $665.0 million and $685.0 million. Schwartz emphasized that the company is well-positioned for future revenue and profitability growth and expects to be adjusted EBITDA positive for the entire year.