Content on this page may include affiliate links. If you click and sign up/place a wager, we may receive compensation at no cost to you.
BetRivers shows substantial growth in 2024 Q2 report
Rush Street Interactive reports a 34% revenue increase in Q2 2024, highlighting growth in BetRivers’ online sportsbook and iGaming platforms across key markets.
Rush Street Interactive, the company that operates BetRivers in 15 markets across the United States, released its 2024 second quarter results earlier this week. The report highlighted continued growth for the online sportsbook and casino company.
The most recent report is evidence that the company is on the right strategic path, according to Rush Street Interactive CEO Richard Schwartz.
“We have consistently exceeded expectations and this quarter is no exception,” Schwartz said.
Revenue up 34% year-over-year
For the months of April, May and June, Rush Street Interactive reported revenue of $220.4 million. This figure is up 34% from the $165.1 million reported in the first quarter of 2023. First half revenue reached $437.8 million, which is up 33% from the first half of 2023.
While revenue is a great way to evaluate any company, a deeper look at BetRivers’ analytics highlights just how impressive its growth has been.
The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew to $21.4 million, a record-high which is $20 million higher than it was at this time last year. This has caused the sportsbook’s expectations for the year to jump all the way to $64-$72 million. This midpoint is up $13 million from previous projections which were $51-$59 million.
Rush Street Interactive expects full year revenue for 2024 to be between $860 and $900 million, which would raise the previous expected midpoint by $45 million. This would represent a 27% revenue increase year-over-year.
Arguably the most impressive number is the company’s net loss. The company reported a net loss of just -$0.3 million, a vast improvement from the -$16.7 million mark the company reported at this time last year. This is the closest BetRivers has come to reporting a positive net income for a quarter.
What’s more, the company announced it spent 10% less this quarter on advertising and promotions. The massive growth came without additional expenditure.
Sportsbook changes
When looking at the United States and Ontario, the monthly user account for BetRivers increased by 24%. The sportsbook reported a 25% increase in profits.
BetRivers made some tweaks to their product over the past few weeks, and the results have been noticeable. The company introduced a new same game parlay engine, added a promotional squares game and offered a prop central feature. As a result, NBA same-game parlays increased 55% year-over-year and action on MLB props rose 70%.
Unique player acquisitions increased by 50% in the second quarter of the year.
The company also pointed out that the two international soccer tournaments, European Championships and Copa America, played a major part in the increase in customer base and revenue.
iGaming continues to grow
Rush Street Interactive reported that their iGaming product revenues rose 40% compared to the first quarter of 2023.
The company claims it is a top-four online casino operator in Michigan, Pennsylvania and West Virginia. It ranks eighth in New Jersey. By those metrics; the company is a top-eight provider in the four biggest online casino markets in the country.
New Jersey, Michigan and Pennsylvania saw the highest revenue growth in two years during the first quarter of 2024, and grew even more in Q2.