Rush Street Grows Revenue 39% as US Online Casino Growth Cools

Rush Street Interactive grew third-quarter revenue 39%, but North American revenue rose only 14% and October trends point to the low end of its guidance. Management is pinning its hopes on new online casino states.

• Rush Street Interactive reported third-quarter revenue of $385.9 million, up 39%, and adjusted EBITDA of $62.2 million, up 73%
• North American revenue rose 14% and Latin American revenue 218%, while online casino, 75% of the total, grew 32%
• North American monthly active users reached a record 300,572, up 34%, but average revenue per user in the region fell 15% to $309
• RSI kept the 2026 revenue guidance it set with its July results, but says October trends put revenue closer to the low end
• Chief Executive Richard Schwartz named Virginia, Ohio, Indiana and Washington DC as near-term online casino prospects, and said prediction markets are helping the case

Players Grew Faster Than Revenue in North America

Rush Street Interactive (NYSE: RSI), which operates the BetRivers and RushBet brands, reported third-quarter revenue of $385.9 million, up 39% but below the second quarter's record $393.8 million, according to its earnings release filed with the US Securities and Exchange Commission on 28 October. Net income rose to $28.7 million from $14.8 million. Adjusted EBITDA reached $62.2 million, a 16.1% margin, but President and Chief Financial Officer Kyle Sauers told analysts this included a gain of about $4.3 million from converting Colombian pesos into dollars; without it the figure was $57.9 million.

RSI kept its 2026 guidance of $1.56 billion to $1.60 billion in revenue and $245 million to $265 million in adjusted EBITDA. Sauers said October trends put revenue closer to the low end and adjusted EBITDA near the midpoint, a range that includes the currency gain.

Online casino supplied 75% of revenue and grew 32%, Sauers said, while online sports betting grew 70%, driven mainly by Latin America and the World Cup. Revenue in North America, which RSI defines as the United States and Canada, grew 14%. Monthly active users there rose 34% to a record 300,572, but average revenue per monthly active user fell 15% to $309, from $365 a year earlier and $320 in the second quarter, according to the investor presentation. Sauers said new players are worth less than in previous years but still within RSI's payback periods. Adjusted marketing spend rose 44% to $54.7 million.

Latin America Growth Rests Partly on a Weak Comparison

Latin American revenue grew 218%, with active users up 46% to 607,308, below the second quarter's World Cup peak of 652,637. Average revenue per user more than doubled to $58, which Sauers attributed partly to the end of bonusing RSI offered a year earlier to offset Colombia's VAT on deposits, and partly to a stronger peso.

Schwartz said Colombia's 2027 budget, approved on 20 October, includes no new gaming taxes, so the temporary 16% excise tax imposed by emergency decree is expected to revert to 15% at the end of 2026. Colombia's online betting market grew strongly through the World Cup. In Alberta, launched on 13 July, Schwartz said first-time depositors and daily active users are running at more than twice Ontario's levels at the same stage, adjusted for population.

The Slowdown Is in the Market, by RSI's Account

Schwartz said North American online casino and sports markets "saw a more measured pace of growth", broadly across player cohorts. Sauers said RSI gained share everywhere except Michigan, where newer private entrants competed harder, and that the gap to the middle of the revenue range was mainly North American online casino growth, "more about the market than it is the share". BetMGM grew iGaming net revenue 6% to $483 million in the same quarter, as its monthly actives fell 3%. RSI's 14% regional growth across both products outpaces that, but it came from adding players, each worth less, while marketing rose 44%. Sauers said October's online casino growth looks much like September's.

RSI's 2027 Case Depends on State Budgets

Schwartz said only about 12% of the US population has access to regulated online casino. He called Virginia a near-term opportunity after companion bills passed both chambers in 2026 without a final compromise, said either Ohio governor candidate could offer a path, and pointed to Washington DC this year and to Indiana. He said federal Medicaid cuts will pressure Illinois and New York budgets from 2027. RSI controls none of these legislatures, and Virginia shows how late such bills can stall. Sauers said RSI's North American growth in 2027 is more likely to come from player numbers than from higher value per player.

Prediction Markets Have Become Part of the Lobbying Pitch

Schwartz said prediction markets are raising lawmakers' awareness of the need to protect state revenue, a potential catalyst for legislation. RSI has filed for licences with the Commodity Futures Trading Commission (CFTC), he said, and recent CFTC communications appear to move away from casino-style products on prediction markets, which he called positive for regulated online casino. The argument turns a competitive threat into a reason for states to act.

RSI is still outgrowing BetMGM, but in North America it is adding players who are each worth less. Sauers expects 2027 to follow the same pattern, which leaves a new online casino state as its clearest route to better economics.