Investors have rallied behind RSI, propelling the stock to new heights as the company continues to capitalize on favorable industry trends and strong operational performance. The 52-week high serves as a testament to the growing investor confidence in RSI's strategic direction and its potential for sustained growth in the competitive online gaming and betting landscape. InvestingPro subscribers have access to 18 additional exclusive insights and detailed valuation metrics for RSI, helping investors make more informed decisions in this dynamic market. InvestingPro subscribers have access to 18 additional exclusive insights and detailed valuation metrics for RSI, helping investors make more informed decisions in this dynamic market. Investors have rallied behind RSI, propelling the stock to new heights as the company continues to capitalize on favorable industry trends and strong operational performance. The 52-week high serves as a testament to the growing investor confidence in RSI's strategic direction and its potential for sustained growth in the competitive online gaming and betting landscape.
In other recent news, Rush Street Interactive (RSI) reported record-breaking results for Q3 2024, with revenues soaring to $232 million, a 37% increase year-over-year. The company's adjusted EBITDA also saw a substantial rise to $23 million, an over fivefold increase from the previous year. These figures highlight RSI's consistent growth, marking the 15th consecutive quarter of revenue increase since going public.
In light of these robust results, RSI has revised its 2024 revenue guidance upwards by 3% and EBITDA guidance by a significant 24%. The company now projects its EBITDA to be 110% above initial expectations for the year.
Recent developments also include a substantial growth in Monthly Active Users (MAUs) in both North America (28%) and Latin America (122%). Furthermore, RSI announced a share buyback program of up to $50 million and reported a strong cash position with $216 million in unrestricted cash and no debt.
Despite facing challenges with low hold rates in North American sports betting, RSI has experienced its highest growth rate in over three years, particularly in Latin America. The company is also exploring expansion into new markets, with a focus on Latin America and Canada, and is open to potential acquisitions.
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