Rush Street Interactive (RSI) has reported significant financial growth for 2024, with total revenue reaching $924.1 million, reflecting a 34% year-over-year increase. The online casino and sports betting operator also posted $6.5 million in net income for the fourth quarter, reversing a $5.5 million loss from the previous year. For the full year, RSI reported a net income of $7.2 million, a notable turnaround from the $60.1 million loss in 2023.
Fourth-quarter revenue rose 31% to $254.2 million, supported by an increase in monthly active users (MAUs) across key markets. In the United States and Canada, MAUs increased 28% to approximately 205,000, while Latin America saw a 71% jump, reaching around 348,000. Despite the rise in player activity, the average revenue per monthly active user (ARPMAU) remained steady at $346 in North America, though it declined slightly in Latin America from $42 to $39.
RSI’s adjusted EBITDA for Q4 surged 166% year-over-year to $30.6 million, contributing to a full-year adjusted EBITDA of $92.5 million—an increase of more than 1,000% compared to 2023. CEO Richard Schwartz noted RSI’s ability to expand its player base while maintaining industry-leading player values, emphasizing the company’s ongoing investment in technology and strategic partnerships.
Marketing Efficiency and Financial Stability Drive Results
Despite ramping up marketing efforts, RSI kept overall costs in check. The company allocated $43.1 million to advertising and promotions during the fourth quarter, marking a 24.5% increase from the previous year. However, full-year promotional spending decreased slightly by 1.6% to $155.8 million. This cost discipline, coupled with operational improvements, allowed RSI to achieve a stronger financial position by the end of 2024, with unrestricted cash and cash equivalents increasing by $61 million to reach $229 million.
Analysts took note of RSI’s financial performance, with JMP Securities highlighting that the company’s revenue forecast for 2025 exceeded initial market expectations. While the firm is expected to face some challenges, including the impact of Colombia’s newly implemented VAT tax on gambling, RSI’s long-term trajectory remains positive.
2025 Outlook: RSI Projects Continued Expansion
Looking ahead, RSI has set ambitious targets for 2025. The company expects annual revenue to fall between $1.01 billion and $1.08 billion, with the midpoint of this range representing a 13% increase from 2024. Adjusted EBITDA is projected to range between $115 million and $135 million, signifying potential 35% growth year-over-year.
These projections are based on RSI’s assumption that it will continue to operate under current tax structures in its existing jurisdictions. While the company has not announced any new market expansions, its strong presence across North and South America remains a key factor in its growth strategy. Schwartz expressed confidence in RSI’s ability to sustain its upward momentum, stating that investments in technology, strategic partnerships, and customer experience enhancements have positioned the company well for the future.