Rush Street Interactive (RSI) announced financial results for the first quarter of the year, saying its strong performance was driven by its online casino and online sports betting products, such as BetRivers, PlaySugarHouse and RushBet.
The US online casino and sports betting company said revenue during Q1 2024 was $217.4 million, an annual increase of 34%.
Richard Schwartz , chief executive officer of RSI, said in the company’s press release :
“We are extremely pleased with our record first quarter results, achieving company quarterly record revenues and adjusted EBITDA of $217 million and $17 million, respectively. This was accomplished by growing both our iCasino and Online Sports businesses by over 35% year-over-year, in large part by acquiring new players more efficiently while simultaneously increasing the number and value of our users.”
RSI’s North American assets turn in imposing results in Q1 2024
Rush Street Interactive ( NYSE:RSI ) currently offers real-money mobile and online operations in 15 states. Besides the US, RSI operates online casinos and online sports betting products in Canada and Latin America.
The company said its North American assets yielded impressive results in the first quarter, ending March 31, 2024.
During Q1 2024, RSI’s net loss was $2.2 million, compared to $24.5 million during the same time last year.
Furthermore, adjusted EBITDA was $17.1 million compared to an adjusted EBITDA loss of $8.7 million during Q1 2023, an improvement of $25.8 million. These impressive results follow RSI’s Q4 2023 performance , which also saw the BetRivers produce record gains in both online gambling verticals.
Monthly Active Users (MAU) in the US and Canada were approximately 176,000,  up 20% year-over-year.  Meanwhile, in Latin America (which includes Mexico) MAU reached 224,000, an annual increase of 72%.
The Average Revenue per Monthly Active User (ARPMAU) in the US and Canada was $355 during the first quarter of 2024, an annual rise of 9% . In Latin America, the number grew 4% year over year.
Adjusted advertising and promotions expense during Q1 2024 was $37.8 million, a 23% decrease from $49.4 million during Q1 2023.
The company also revealed that, as of March 31, 2024, unrestricted cash and cash equivalents were $191 million.
RSI reveals solid positioning in North America online casino markets
Of the company’s total $102.5 billion in the total addressable market in the US, Canada and Latin America, US online casinos were $58.0 billion , while $29.3 billion comes from online sports betting.
RSI products are live in five US online casino markets. These include:

Delaware
Pennsylvania
West Virginia
Michigan
New Jersey

In Delaware, RSI recently become the exclusive online casino operator for the Delaware State Lottery . Delaware is one of the company’s fresh markets, where it has kept setting new gross gaming revenue records since the beginning of the year. January 2024 taxable revenue from online slots and online table games was $3.4 million, showing a 65.1% year-over-year increase . Net revenue from Delaware online casinos continued to grow in February and March.
Meanwhile, during Q1 2024, RSI’s three most prominent online casino markets in North America — Michigan, New Jersey and Pennsylvania — each had their highest annual revenue growth rates in the last two years.
In Pennsylvania, RSI ranks No. 3 of 15 operators. In Michigan and West Virginia, the company is currently ranked No. 4 on the list of active operators. As for New Jersey, the company ranks sixth of 25 operators.
RSI’s core Latin America markets include Colombia and Mexico, while the company sees expansion opportunities in Brazil, Peru, Ecuador, Chile and Argentina.
Schwartz said in the earnings call:
“Our next likely market launch will be Peru, which we anticipate to be later this summer. We are finalizing our plans and strategy, and we are very excited about this opportunity. As a reminder, Peru is about two-thirds of the population in Colombia, with a slightly higher GDP per capita.”
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