Rush Street Interactive Hits Record $1.13B Revenue in 2025
Rush Street Interactive (NYSE: RSI) has reported record fourth-quarter and full-year 2025 financial results, marking a clear inflection toward sustained profitability and operating leverage across regulated online gaming markets in the Americas.
The company generated fourth-quarter revenue of $324.9 million, a 28% year-over-year increase and its highest quarterly total to date. Net income rose to $19.1 million, nearly tripling from the prior-year period, while Adjusted EBITDA climbed 44% to a record $44.1 million, reflecting expanding margins alongside continued top-line growth.
Full-Year 2025: Revenue Scale Meets Margin Expansion
For the full year, RSI delivered $1.134 billion in revenue, exceeding the high end of guidance and representing 23% annual growth. Net income surged to $74 million, compared with $7.2 million in 2024, underscoring a decisive improvement in bottom-line performance.
Adjusted EBITDA reached $153.7 million, up 66% year-over-year, significantly outpacing revenue growth and signaling increasing operating leverage within the business model.
Marketing efficiency improved materially. Adjusted sales and marketing expenses declined to 14% of revenue, down from 16.9% in 2024, highlighting stronger acquisition economics and more disciplined capital deployment. The shift indicates RSI is moving beyond growth-at-any-cost expansion toward sustainable profitability in mature U.S. markets.
The company ended the year with $336 million in unrestricted cash, up $107 million year-over-year, reinforcing balance sheet strength and strategic flexibility.
User Growth Remains Core Performance Driver
Player growth continued to fuel momentum across regions:
- North America MAUs: 278,000+, up 37% year-over-year
- Online casino segment: Fastest growth rate in more than four years
- Latin America MAUs: 493,000+, up 47% year-over-year
The acceleration across both U.S. online casino and Latin American markets demonstrates RSI’s ability to scale within competitive regulated jurisdictions while maintaining engagement in emerging markets.
Importantly, earnings growth is now outpacing user growth, a key signal that platform scalability and retention strategies are translating into stronger monetization.
CEO Commentary
Richard Schwartz, CEO of RSI, emphasized broad-based strength across geographies and product verticals:
“What makes our 2025 results particularly compelling is that they stem from systematic improvements across nearly every aspect of our business – from acquisition and retention to technological innovation and operational excellence.”
He added that RSI remains confident in sustaining its growth trajectory into 2026.
2026 Outlook Signals Further Margin Expansion
RSI introduced full-year 2026 guidance projecting revenue between $1.375 billion and $1.425 billion, implying 21%–26% growth. Adjusted EBITDA is expected between $210 million and $230 million, representing projected growth of 37%–50%.
The outlook incorporates existing live jurisdictions and prevailing tax frameworks, including regulatory headwinds in Latin America. Management’s projections indicate confidence that operational efficiencies will continue to drive margin expansion at a faster pace than revenue growth.
Strategic Positioning in Regulated iGaming
Rush Street Interactive operates across multiple regulated markets in the United States, Canada, and Latin America through its brands BetRivers, PlaySugarHouse, and RushBet. Its proprietary technology platform integrates online casino and sportsbook offerings tailored to local regulatory requirements.
The company’s 2025 performance reflects a broader structural shift within regulated iGaming: competitive leadership is increasingly defined not by market entry alone, but by disciplined scaling, marketing efficiency, and consistent EBITDA expansion.
Entering 2026, RSI appears positioned as a profitability-focused operator with growing operational leverage, strengthened cash reserves, and sustained user expansion characteristics that distinguish maturing public operators in today’s competitive North American and Latin American gaming markets.
Source : Rush Street Interactive, Inc.
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