Rush Street Interactive, which owns BetRivers, PlaySugarHouse, and Rush Bet, released its official 2023 Q4 earnings report on Wednesday with positive results.
Fourth quarter revenue was up 17% year-over-year, reaching $194 million, while Rush Street's full-year 2023 revenue was $691 million. This was also up 17% compared to the company's 2022 revenue, revealing a successful year for one of the biggest online casino and sports betting companies in the United States.
While a net loss of $5.5 million was recorded during the fourth quarter of 2023, this pales in comparison to the $31.1 million net loss filed for the fourth quarter of 2022.
“We concluded 2023 with a fourth quarter that produced records in both revenues and adjusted EBITDA," RSI CEO Richard Schwartz stated. This included the exclusive launch of BetRivers’ online casino and sportsbook operations in Delaware on Dec. 27.
“With a substantial cash balance and no debt, our financial wherewithal provides us the luxury of continuing to execute on our long-term strategy and investing appropriately in new markets," Schwartz added. "Our strong launch in Delaware exemplifies our ability to identify and grow new and exciting markets, including the opportunities we are pursuing across the Americas.”
Customer growth
Rush Street Interactive’s increase in earnings during 2023 also impacted the number of monthly users across their mobile and retail sportsbooks and casinos. In the U.S. and Canada, there were roughly 160,000 monthly active users, a 7% increase. Average revenue per monthly active user in these two countries resulted in $345 million during the fourth quarter of 2023, up 5% year-over-year.
In Latin America, including Mexico, there were roughly 204,000 monthly active users, a staggering 33% increase year-over-year. This increased usage also spiked fourth quarter revenue to $42 million, up 28% year-over-year compared to the fourth quarter in 2022.
Rush Street Interactive markets and jurisdictions
Founded in 2012 in Chicago by a group of gaming industry individuals, RSI is an online gaming and sports entertainment company with markets focused specifically in the United States, Canada, and Latin America.
It owns three different brands, BetRivers, PlaySugarHouse, and RushBet, and it was among the earliest entrants in many regulated jurisdictions within its active markets. This includes states such as Pennsylvania, Illinois, New Jersey, New York, Ohio, Delaware, Michigan, Indiana, Virginia, Colorado, Maryland, Iowa, West Virginia, Arizona, and Louisiana. International markets include Ontario, Canada, Colombia, and Mexico.
Offering various online casino games and sports betting options in the United States through its online gaming platforms, RSI has earned many rewards within the online gaming and sports entertainment industries since 2021. The increase in revenue is indicative of these accolades and its customer growth in three different countries suggests RSI will only continue to grow its influence in the upcoming years.
