Rush Street Interactive, Inc.

What they do

RSI runs real-money online casino, online sports betting and retail sports betting under the BetRivers and PlaySugarHouse brands in the U.S. and Canada, and the RushBet brand in Latin America. It also offers social gaming using virtual credits. As of the Q2 2026 10-Q, it operates real-money offerings in 16 U.S. states and five international markets: Alberta, Colombia, Mexico, Ontario and Peru.

Revenue drivers

• Online casino — Real-money online casino is the largest product line, representing 72% of revenue in Q2 2026 per the CEO's remarks, and management attributes share gains to a casino-first strategy.
• North America — North American operations generated about 296,000 of roughly 949,000 total MAUs in Q2 2026, with ARPMAU of $320, implying revenue of roughly $284 million at current user counts.
• Latin America (including Mexico) — Latin America contributed about 653,000 MAUs in Q2 2026, with ARPMAU of $55, driven by RushBet; this implies revenue of roughly $108 million at current user counts.
• Sports betting and retail — Online sports betting benefits from event-driven spikes such as the World Cup, and RSI also operates or supports retail sports betting at bricks-and-mortar partner locations under partner or own brands.

Recent performance

Q2 2026 revenue was a record $393.8 million, up 46% from $269.2 million in Q2 2025, per the 8-K earnings release filed 2026-07-29. Net income was a record $29.3 million, essentially flat versus $28.8 million a year earlier, and Adjusted EBITDA was a record $64.6 million, up 61% from $40.2 million. Total MAUs were approximately 949,000, up 58%, with North American MAUs up 51% to about 296,000 and Latin American MAUs up 62% to about 653,000. Adjusted sales and marketing expense was $48.6 million, or 12.3% of revenue.

Strategy

Management describes a casino-first strategy and cites continued share gains in online casino. The company is expanding into newly regulated markets, having launched online casino and online sports betting in Alberta in July 2026, and it is raising full-year 2026 revenue and Adjusted EBITDA guidance. RSI aims to be first to market where real-money online gaming is newly legalized, using its proprietary platform and either a full-suite or customized service model. It operates in 16 U.S. states and five international markets as of the latest 10-Q.

Risks

• Intense competition — The 10-K states competition in online casino, online sports betting and retail sports betting is intense, and failure to attract and retain customers could hurt growth.
• Regulatory and licensing — Failure to comply with regulatory requirements or obtain a license could impair operations and cause financial institutions, platforms or vendors to stop providing services.
• Tax changes — RSI is subject to taxation in numerous jurisdictions, and changes or new interpretations of tax laws could result in additional liabilities; guidance assumes the temporary emergency 16% tax decree in Colombia.
• History of losses — The 10-K notes RSI had a history of losses until fairly recently and could start to incur losses again in the future.

Outlook

For full-year 2026, management guides to revenue of $1,560 to $1,600 million, representing 38% to 41% growth, and Adjusted EBITDA of $245 to $265 million, representing 59% to 72% growth. These ranges assume only operations in live jurisdictions as of July 29, 2026, and continued operation under similar tax structures, including the temporary emergency 16% tax decree in Colombia. The CEO cited a strong start in Alberta and meaningful long-term opportunities.