Rush Street Q3 Revenue Up 20% While Net Profit Loss Is Also Up
Rush Street Interactive (RSI), the online casino and sports betting company, has released its third-quarter results for this year which saw a 20% rise in revenue to $148 million from $122.9 million, but the net loss for the operator was also up to $22 million, compared to the same period year on year.
The Q3 figures for this year saw RSI report the Adjusted EBITDA saw a loss of $12.5 million, similar to 2021 figures of an Adjusted EBITDA loss of $12.2 million for the same quarter.
The CEO at RSI said that the net profit loss figures were affected by currency fluctuations in the last quarter and estimated this had added nearly $6 million to the rise in net profit loss.
He also stated that the company had performed as expected, and RSI is still on target to meet its forecast of profitability in the middle of next year.
The online platform of the operator has seen a strong performance during the third quarter with good revenue from both the casino and sports betting parts of the business.
During Q3 this year RSI signalled one of the business highlights was the partnership with La Liga, the Spanish football league, which saw the betting operator become an exclusive sportsbook partner in South America.
Going forward RSI has stated that the company is gearing up to launch its sportsbook over the next year in the US States of Maryland and Ohio.
We posted a solid third quarter, as our efficient approach to marketing and robust platform continue to perform well. Despite a lower than normal online casino hold rate and currency headwinds during the quarter, which we believe collectively impacted our quarterly revenue by an estimated $6 million, we generated record revenues for the fourteenth straight quarter and progressed towards our profitability goals and our target of being Adjusted EBITDA positive for the second half of 2023.
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