Company: RSI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001793659-25-000168
Chunk: 74

Company: Rush Street Interactive, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 74
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952)11,696 (121,648)n/mNet income (loss)$40,041 $(2,491)$42,532 n/m*n/m means not meaningful

Revenue. Revenue increased by $93.8 million, or 21%, to $531.6 million for the six months ended June 30, 2025 as compared to $437.8 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into new markets, which launched late in the second quarter of 2024. The increase reflects higher period-over-period online casino and sports betting revenue of $93.9 million and social gaming revenue of $0.3 million, which was partially offset by a decrease of retail sports betting revenue of $0.4 million. 

Costs of Revenue. Costs of revenue increased by $56.0 million, or 19%, to $345.0 million for the six months ended June 30, 2025 as compared to $289.0 million for the same period in 2024. The increase was mainly due to and directly correlated with, our expansion and continued growth as noted above. Gaming taxes, market access costs, operating expenses and payment processing costs contributed $21.8 million, $18.7 million, $6.4 million and $4.2 million, respectively, to the period-over-period increase in costs of revenue. Personnel costs contributed to the remainder of the period-over-period increase. Costs of revenue as a percentage of revenue decreased to 65% for the six months ended June 30, 2025 as compared to 66% for the same period in 2024.

Sales and Marketing. Sales and Marketing expense increased by $3.9 million, or 5%, to $79.3 million for the six months ended June 30, 2025 as compared to $75.3 million for the same period in 2024. The increase was primarily driven by higher marketing personnel costs and share-based compensation expense, which was partially offset by reduced marketing spend resulting from management’s strategy to rationalize marketing spend as the North American and Latin American online gaming industries continue to mature. Sales and marketing expense as a percentage of revenue decreased to 15% for the six months ended June 30, 2025 as compared to 17% for the same period in 2024.

General and Administrative. General and administrative expense decreased by $4.3 million, or