Rush Street Interactive (RSI) reported favorable financial results to end last fiscal year.
The online gaming and sports entertainment company reported $254.2 million in revenue in Q4 2024, a 31% increase year-over-year. RSI posted $6.5 million in net income during the quarter compared to a net loss of $5.5 million in Q4 2023. The Chicago-based company reported an adjusted EBITDA of $30.6 million in Q4 2024, By comparison, RSI’s adjusted EBITDA in Q4 2023 closed at $11.5 million, marking a $19.1 million increase.
RSI reported favorable customer growth in Q4 2024 with monthly active users in the U.S. and Canada reaching roughly 205,000, a 28% uptick compared to the same period the year prior. Monthly active users in Latin America grew by 71% year-over-year to 348,000.
RSI has acquired more customers behind its presence in new markets. In 2024, it secured a deal with the Delaware Lottery to bring its BetRivers sports betting and iGaming operations to the state. In 2025, it is poised to continue to acquire new customers with the launch of BetRivers in Washington State. RSI launched its gaming brand in Washington after securing a partnership with the Swinomish Indian Tribal Community.
BetRivers operates a brick-and-mortar sportsbook at the Swinomish Casino & Lodge.
Strong year for Rush Street Interactive
RSI has also reported a substantial increase in full-year revenue compared to 2023.
In 2024, revenue for RSI reached $924.1 million, up from $691.2 million in 2023. Full-year net income closed at $7.2 million in 2024 compared to a net loss of $60.1 million in 2023.
The company’s adjusted EBITDA reached $92.5 million in 2024. By comparison, RSI’s adjusted EBITDA in 2023 was $8.2 million. As of December 31, 2024, RSI had $229 million in cash and cash equivalents, up from $61 million for the same period the year prior.
Investments in marketing
RSI has also made efforts to expand its reach in a competitive U.S. gaming market.
“On the marketing side, we continue to stay disciplined and refine our spend,” said CFO Kyle Sauers during a Q4 earnings call. “We are spending more in markets where we see better opportunity for returns and we will continue to be flexible with those investments.”
Q4 2024 marked the highest marketing spend for RSI in the last seven fiscal quarters with spend reaching $43.1 million amounting to approximately 17% of revenue. Full-year adjusted advertising and promotion was $155.8 million, down from $158.4 million in 2023.
“Looking ahead to 2025, we expect you’ll see continued discipline from our marketing efforts,” added Sauers. “We won’t be shy about making investments when we see the opportunities, we do expect to get incremental leverage over our marketing spend again.”
RSI projects full-year revenue in FY2025 to range between $1 billion and $1.1 billion. The company estimates its adjusted EBITDA to be between $115 million and $135 million.
RSI estimates only include regulated gaming markets where it currently holds a license.
