Rush Street Interactive, Inc. Q4 FY2024 earnings call

• CEO Richard Schwartz expressed gratitude to the team, noting 2024 was the best year ever with records in revenue, profitability, etc. • Broad-based growth across products and geographies, with North America and Latin America showing strong MAU and ARPMAU growth. • Marketing efforts yielding positive results with targeted and data-driven campaigns. • Focus on customer-centric approach, in-house technology investment, and operational efficiency to drive margins.

Fourth quarter revenue was $254.2 million, up 31% year-over-year, with full year 2024 revenue at $924.1 million, up 34% year-over-year. Growth was balanced across iCasino and sports, and geographies. North America online grew 29% with MAUs at an all-time record of 205,000, ARPMAU $346. Latin America saw MAUs increase 71% to 348,000, ARPMAU $39. Gross profit margin in Q4 was 36.5%, full year 35.0%, an improvement of over 200 basis points from prior year.

• 2025 revenue guidance: $1.01 billion to $1.08 billion (midpoint $1.045 billion, +13% YOY). • 2025 adjusted EBITDA guidance: $115 million to $135 million (midpoint $125 million, +35% YOY). • Guidance includes impact of Colombian tax decree, with potential upside if tax is repealed or shortened. • Excludes other tax changes in markets and new markets not yet live.

• Colombian tax decree constitutionality challenges and potential impact on guidance. • Other potential tax changes in markets not included in current guidance. • Impact of unregulated sweepstakes casinos circumventing gaming laws and affecting regulated markets.

Q: Follow-up on guidance and Colombian tax, quantifying Colombia's impact and if guidance bakes in other tax changes?

A: Kyle Sauers explained Colombia's impact is included in guidance ranges, with upside if tax is reversed; guidance excludes other tax changes in markets. Richard Schwartz added on tax landscape and need for state revenue.

Q: Thoughts on sweepstakes, its impact and industry response?

A: Richard Schwartz stated sweepstakes products circumvent laws, have negative impact, and industry should push for enforcement of regulated frameworks.

Q: M&A opportunities and buybacks given cash position?

A: Kyle Sauers said buybacks are opportunistic, Richard Schwartz mentioned active assessment of M&A options to add value for shareholders