The following is a summary of the Rush Street Interactive, Inc. (RSI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Rush Street Interactive reported a Q1 revenue of $217 million, up 34% year-over-year, and an EBITDA of $17 million, showcasing a $26 million improvement year-over-year.
Gross profit margin experienced growth, hitting 33.7% in Q1, primarily due to balanced growth across iCasino and online sports betting.
The projected full year revenue ranges between $810 million and $860 million, with a projected EBITDA of between $50 million and $60 million.
Business Progress:
Significant growth was observed in both new and mature markets, with considerable contribution from the markets other than Illinois and Pennsylvania.
The company saw positive signs in player acquisition and retention, marked by a noteworthy increase in North American and Latin American users.
Investments in Colombia and Mexico have been profitable, yielding substantial revenue growth.
Future focus shall be on developing unique gaming experiences and maintaining marketing efficiency with lowering CPAs, utilizing unique strategies such as the BetRivers Network.
The company plans on expanding to new markets such as Peru and is open to potential mergers and acquisitions to boost growth.
Additionally, substantial growth in the live dealer category, as well as profitability from Mexico, foresees a promising future for the company.
More details: Rush Street Interactive IR
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