North American gaming and sports betting operator Rush Street Interactive has increased its 2024 guidance after a 34 per cent jump in Q1 revenue.
Revenue of US$217.4m for the operator of the BetRivers and SugarHouse Casino brands rose from $162.4m in Q1 2023.
Net loss also narrowed for the group to $2.2m, down from $24.5m year-on-year, while adjusted EBITDA was positive in Q1 – at $17.1m – following a comparative loss of $8.7m in Q1 2023.
RSI has therefore raised its 2024 revenue guidance by $35m at the midpoint. The company is subsequently forecasting revenue of between $810m and $860m. The midpoint would represent 21 per cent year-on-year growth.
Adjusted EBITDA guidance has also increased to between $50m and $60m.
RSI CEO Richard Schwartz said the Q1 results were achieved by the company’s icasino and online sports betting businesses growing by 35 per cent year-on-year.
This, he said, was largely achieved by “acquiring new players more efficiently while simultaneously increasing the number and value of our users.”
“We are very excited about the opportunity to continue to scale the business and drive growth on the back of our current momentum, which includes increasing our adjusted EBITDA guidance by 38 per cent at the midpoint,” Schwartz said.
“With this growth and scale comes improving earnings and free cash flow. Looking forward, we remain energised in our view that the team is primed to continue executing on our strategy and delivering value to shareholders.”
