The BetRivers operator lifted second-quarter revenue 46% to a record $393.8 million and raised its full-year guidance, as an online-casino-led approach and a 58% jump in active users drove record profit.
The BetRivers operator lifted second-quarter revenue 46% to a record $393.8 million and raised its full-year guidance, as an online-casino-led approach and a 58% jump in active users drove record profit.
Rush Street Interactive (RSI), the operator of the BetRivers and PlaySugarHouse brands, reported record second-quarter 2026 results, with the earnings call and detailed disclosures following on 30 July. Revenue reached $393.8 million, up 46% from $269.2 million in the same quarter of 2025, a new quarterly high for a company that has positioned itself as a mid-sized challenger rather than a market-share leader.
Profitability rose faster than the top line. Adjusted EBITDA hit a record $64.6 million, up 61% year on year from $40.2 million, and net income reached a record $29.3 million, against $28.8 million a year earlier, for earnings of $0.09 per share. The widening gap between revenue and earnings growth points to improving operating leverage, a metric investors have used to separate the online-gambling operators that can fund themselves from those still burning cash to buy customers.
According to the company, the quarter was driven by its casino-first approach. Monthly active users rose 58% year on year to roughly 949,000 across its markets in the United States and Latin America, where RSI runs regulated operations including in Colombia and Mexico. The emphasis on online casino, a higher-margin product than sports betting, has been central to RSI's pitch that it can grow profitably without matching the marketing budgets of the FanDuel and DraftKings duopoly.
On the strength of the quarter, RSI raised its full-year 2026 guidance, lifting expected revenue to a range of $1.52 billion to $1.60 billion and adjusted EBITDA to between $245 million and $265 million. The market responded positively, with the shares up about 3.35% in after-hours trading to $31.80 after the results beat consensus revenue estimates.
The Casino-First Model Is Quietly Winning the Profitability Argument
The most consequential feature of these numbers is that adjusted EBITDA grew faster than revenue, and did so from an online-casino-weighted base. For years the US online-gambling narrative has been dominated by sports betting and the scale economics of the two market leaders. RSI's results are a reminder that iGaming, where it is legal, is the more profitable engine, and that an operator does not need to lead the market to make money from it. The counter-consideration is that RSI's iGaming exposure is concentrated in a handful of states that have legalised online casino, a list that has barely grown in two years. Its trajectory therefore depends as much on other states following than on its own execution, which is already strong. For now, the casino-first thesis is being validated in the accounts rather than the pitch deck.
Raised Guidance Is a Confident Signal in a Cautious Earnings Season
RSI's decision to lift full-year guidance stands out in a reporting season where larger rivals have sounded more careful. It arrives days after BetMGM guided towards the lower end of its ranges and deferred a headline profit target, and as operators across the sector weigh the cost of competing with fast-growing prediction markets. Against that backdrop, a mid-sized operator raising both revenue and profit expectations suggests its niche is proving more durable than the majors' broad-market positions. The risk is that a single strong quarter, helped by favourable sport results or seasonal casino strength, can flatter a full-year outlook. RSI has now strung together enough record quarters that the pattern looks structural rather than lucky, but the real test will be whether the growth holds once the post-World Cup betting surge fully unwinds.
