Rush Street Interactive said second-quarter revenue reached a record $393.8 million, up 46% from a year earlier, as adjusted EBITDA climbed 61% to a record $64.6 million. Net income also hit a quarterly record of $29.3 million, and online casino accounted for 72% of revenue.
According to the company, the quarter was driven by continued share gains in online casino and by sports betting markets that benefited from the World Cup. CEO Richard Schwartz said the casino-first strategy “continues to be the foundation of our business.”
Online casino revenue rose 40% year over year, while online sports betting revenue increased 64%. Covers reported that adjusted EBITDA margin was above 16%.
The company also reported broad user growth. North American monthly active users rose 51% year over year, and Latin America MAUs grew 62% year over year. One report put North American MAUs at about 296,000 and total quarterly MAUs at 949,000.
RSI has argued that its casino users are more valuable than sportsbook-only players. It estimates an iCasino customer generates more than four times the gross gaming revenue of a sportsbook-only customer, while a customer using both products generates nearly 12 times as much.
Covers reported that North American casino customers were 51% women, compared with 15% of sportsbook-only users, and that casino customers averaged 40.1 years old versus 37.4 for sportsbook players. It also reported a record number of first-time depositors for the fourth consecutive quarter.
The record quarter followed a strong opening quarter in which the company also posted all-time highs for revenue, adjusted EBITDA and net profit. RSI said it launched online casino and online sports in Alberta earlier in July and was encouraged by the early trends there.
For the full year, the company raised revenue guidance to $1.56 billion to $1.6 billion, implying growth of 38% to 41%, and lifted adjusted EBITDA guidance to $245 million to $265 million, implying growth of 59% to 72%. RSI said the outlook reflects assumptions about market maturation and competitive dynamics, includes only operations in live jurisdictions as of the press release date, and assumes a temporary emergency 16% tax decree in Colombia.
