Rush Street Raises Outlook as User Growth Drives Record Revenue
Second-quarter revenue reached $393.8 million as the online gambling operator lifted its full-year forecast.
Rush Street Interactive (RSI), an online casino and sports-betting operator, posted record second-quarter revenue as user growth accelerated across North America and Latin America. Revenue rose 46% from a year earlier, building on growth of 41% in the first quarter and 28% in the fourth quarter of 2024.
The expansion carried through to profitability. Adjusted EBITDA rose 61% to a record $64.6 million, while the adjusted EBITDA margin widened to about 16.4% from 14.9% a year earlier, extending a four-quarter margin-improvement trend.
Revenue increased from $269.2 million a year earlier and rose 6.3% sequentially. Net income edged up to a record $29.3 million from $28.8 million a year earlier, though diluted earnings fell to $0.10 a share from $0.12. Adjusted earnings increased to $0.15 a share from $0.11.
Monthly active users climbed 58% to about 949,000, including a 13% sequential increase. North American users held at about 296,000 from the first quarter, while their year-over-year growth accelerated to 51%. Online-casino user growth in the region accelerated for a fourth consecutive quarter.
Latin America supplied the sequential user increase, with monthly active users rising 20% from the first quarter to about 653,000. Average revenue per monthly active user in the region increased to $55 from $30 a year earlier, pairing stronger monetization with faster customer growth.
North American average revenue per monthly active user remained under pressure, falling to $320 from $391 a year earlier despite a small sequential increase. The user gains therefore remained the primary driver of recent revenue growth. Online casino accounted for 72% of second-quarter revenue, and World Cup-related sports betting also contributed to the record results.
Rush Street raised its 2024 revenue forecast to $1.56 billion to $1.60 billion from $1.49 billion to $1.54 billion, lifting the midpoint by $65 million. It now projects adjusted EBITDA of $245 million to $265 million, up $15 million at both ends of the previous range.
The outlook includes jurisdictions operating as of July 29. Alberta online casino and sports betting launched earlier in July and showed encouraging early trends. The company also spent $28.8 million to repurchase and retire Class A shares during the first half, adding capital returns as it entered the new market.