Q2 2024 Rush Street Interactive Inc Earnings Call Transcript
Key Points
- Second quarter revenue was $220 million, up 34% year over year, marking a quarterly record.
- EBITDA improved significantly to $21.4 million, a $20 million increase year over year.
- iCasino revenue grew more than 40% year over year, and online sports betting revenue increased by over 25%.
- The company added a record number of first-time depositors in both the United States and Latin America while reducing marketing expenses.
- Revenue from markets outside of Illinois and Pennsylvania accounted for 59% of total revenue, the highest since going public.
- The new graduated tax rate in Illinois is expected to have an annual impact of less than $2 million on the company.
- Latin American ARPU was down 2% compared to the prior year period despite strong user growth.
- Marketing spend is expected to increase sequentially in the third and fourth quarters, reflecting higher investments for the Olympics and football season.
- The company exited the Connecticut market, which offsets some of the growth from new markets like Delaware.
- There are ongoing concerns about potential future lobbying efforts to alter the operating model in Delaware.
Good day, ladies and gentlemen, thank you for standing by. Welcome to the Rush Street Interactive second-quarter 2024 earnings conference call.
(Operator Instructions) Please note that this conference call is being recorded today, July 31, 2024. I will now turn the call over to Kyle Sauers, Chief Financial Officer. Kyle, you may proceed.
Thank you, operator, and good afternoon. By now, everyone should have access to our second-quarter 2024 earnings release that can be found under the heading Financials, Quarterly Results in the Investors section of the RSI website at rushstreetinteractive.com.
Some of our comments will be forward-looking statements within the meaning of the Federal Securities laws. Forward-looking statements are not statements of historical fact and are usually identified by the use of words such as will expect, should, or other similar phrases and are subject to numerous risks and uncertainties that could cause actual results to differ materially from
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