Listen To Article
Adjusted EBITDA for the period was negative $12.5m, compared to negative $12.2m in the prior-year period. Net loss for Q3 2022 was $22.7m, compared to a net loss of $18.9m during Q3 2021.
“We posted a solid third quarter, as our efficient approach to marketing and robust platform continue to perform well,” said RSI CEO Richard Schwartz.
“Despite a lower than normal online casino hold rate and currency headwinds during the quarter, which we believe collectively impacted our quarterly revenue by an estimated $6m, we generated record revenues for the fourteenth straight quarter and progressed towards our profitability goals and our target of being Adjusted EBITDA positive for the second half of 2023.”
RSI noted that Real-Money Monthly Active Users in the US and Canada for Q3 2022 grew 31% to 130,000, while unrestricted cash and cash equivalents on the balance sheet were $195m with no debt outstanding as of 30 September 2022.
Schwartz continued: “In terms of activity, we continue to see very strong volumes in markets where we operate both online casino and sports betting, as we are able to execute on the enhanced profitability offered by the online casino vertical in these markets.
“Internationally, we are seeing strong results from both Colombia and Ontario and we are excited to begin increasing marketing efforts in Mexico. We remain focused on building a strong foundation in our new markets that will provide stable, long-term growth opportunities while keeping an eye on future profitability.”
