Rush Street Interactive, Inc. Earnings Recaps
RSI shares fell 10.0% after the earnings release. Despite strong reported growth, investors may have focused on management’s note that North American online gaming growth moderated, while Latin American MAUs eased from the World Cup-driven Q2 peak; the supplied transcript does not include updated financial guidance.
Key takeaways
- Q3 revenue was $385.9 million, up 39% year over year; adjusted EBITDA was $62.2 million, up 73%.
- Online casino generated 75% of revenue. North American MAUs rose 34% year over year to a record quarterly high above 300,000.
- Latin American MAUs increased 46% year over year to more than 607,000, but were below Q2’s World Cup-driven peak. LatAm revenue held at its Q2 record and grew more than 200% year over year.
- Management described North American online casino and sports market growth as more measured, with moderation broad-based across player cohorts.
- RSI said Colombia’s 2027 budget included no new gaming taxes; it expects the gaming tax to return to 15%, while assuming the 16% excise tax remains through 2026 and expires at year-end.
Shares dropped 12.8% following the earnings report as disappointing forward-looking signals emerged despite solid top-line growth, with cautious remarks on regulatory uncertainties and no upward revision to full-year guidance weighing on investor sentiment.
Key takeaways
- Revenue grew 46% year over year to $394 million, driven primarily by online casino, which accounted for 72% of total revenue.
- Adjusted EBITDA increased 61% year over year to $64.6 million, reflecting operational leverage.
- Monthly active users grew 51% in North America and 62% in Latin America, with World Cup-related user engagement particularly strong in Latin America (+80% MAUs post-World Cup).
- Highest sports hold ever recorded in Colombia and North America during Q2, boosted by the World Cup and NBA playoffs.
- Management maintained full-year guidance assuming a 16% GGR tax in Colombia, signaling no easing of regulatory headwinds; uncertainty around tax and budgetary reviews clouds outlook.
Rush Street Interactive shares surged 15.2% after Q1 results, as record revenue and EBITDA growth, accelerating user metrics, and raised forward guidance significantly outpaced investor expectations.
Key takeaways
- Q1 revenue reached a record $370 million, up 41% year-over-year.
- Adjusted EBITDA came in at a record $60 million, marking 81% year-over-year growth.
- Monthly active users (MAUs) in North America grew 46% to 296,000, and Latin America MAUs rose 54% to 543,000.
- Company reported record new first-time depositors, beating its previous highs by a wide margin.
- Management raised revenue and EBITDA guidance, now factoring in the Alberta market launch scheduled for July.
Rush Street Interactive reported a robust Q3 2025, achieving record revenue of $277.9 million, driven by strong growth in online casino markets and increased player engagement.
Key takeaways
- Revenue surged 20% year-over-year, marking the 10th consecutive quarter of sequential growth.
- Adjusted EBITDA rose by 54% year-over-year to $36 million, highlighting the company's operating leverage.
- Monthly Active Users (MAUs) in North America increased 34% year-over-year, with a record 225,000 active users contributing to this growth.
- Exceptional performance in online casino markets saw MAU growth of 46% year-over-year, driven by strong player acquisition and retention strategies.
- Continued momentum in Latin America as MAUs rose 30% year-over-year, with Mexico revenue exceeding 100% growth.
Rush Street Interactive reported a record second quarter for 2025, achieving a 22% year-over-year revenue increase and an impressive 88% growth in adjusted EBITDA, driven by strong performance across its online casino and sports betting segments.
Key takeaways
- Revenue hit $269 million, reflecting robust growth mainly fueled by a 25% increase in online casino revenue and a 15% jump in online sports betting.
- Monthly active users (MAUs) surged to 197,000 in North America, a year-over-year growth of 21%, while Latin America's MAUs reached 403,000, up 42%.
- Adjusted EBITDA margins improved significantly, underscoring operational efficiency and consistent performance across multiple markets.
- The company is raising its full year revenue and EBITDA guidance, indicating confidence in sustained growth despite potential headwinds from higher taxes.