Rush Street Interactive Reports 39% Revenue Growth.

Rush Street Interactive (RSI) reported a 39% year-over-year increase in third-quarter revenue, reaching $385.9 million. Adjusted EBITDA also climbed 73% to $62.2 million, while the BetRivers operator maintained its full-year revenue forecast of $1.56 billion to $1.6 billion.

However, President and CFO Kyle Sauers said recent trading trends point towards the lower end of that guidance. He attributed the outlook mainly to slower growth in the North American online casino market, adding that the change reflects broader market conditions rather than a loss of market share.

CEO Richard Schwartz also noted that North American online casino and sports betting markets experienced a more moderate pace of growth during the quarter. He said publicly available state data indicates that the slowdown affected the wider industry.

Sauers explained that RSI’s growth slowed between July and August, followed by a smaller change from August to September. October performance, he added, has so far remained similar to September.

The company did not identify a specific reason for the slowdown. Sauers said lower activity appeared across different player groups. He also noted that RSI accounts for approximately 8% to 9% of the online casino market, limiting its ability to draw conclusions about the entire sector.

Online Casino Revenue Remains Rush Street’s Main Growth Driver

Despite the slower market, RSI executives said the company continues to increase its market share. Online casino contributed 75% of total revenue and recorded 32% year-over-year growth, making it the company’s main driver of profitability.

RSI reported market share gains across all its North American markets except Michigan. Schwartz and Sauers attributed the exception to increased competition from newer privately held operators. Market analysts have linked the competitive pressure to the launches of bet365 and Hard Rock in the state this year.

Player activity also reached new highs. Monthly active users in North America increased 34% to a record 300,572. However, average revenue per user declined 15% to $309.

Schwartz said newly acquired players generally generate lower expected revenue than customers brought in one or two years ago. He described this shift as a normal development as regulated markets mature.

RSI continues to invest in customer acquisition. Marketing expenses increased 44% to $54.7 million, representing 14.2% of revenue. Sauers said acquisition costs are currently at their lowest levels for the company, while player payback periods remain within target.

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Looking ahead to 2027, Sauers expects marketing expenditure to grow at a significantly slower rate than in 2026. He expects future expansion to depend mainly on attracting more players rather than increasing revenue per customer, unless a new state market opens unexpectedly.

The company also reported its weakest U.S. and Latin American sports betting hold of the year in September.

Rush Street Identifies Potential Online Casino Expansion Markets

Schwartz said only around 12% of the U.S. population currently has access to regulated online casino gaming. However, he expressed optimism that more states could open their markets in 2027.

He highlighted several jurisdictions that could present expansion opportunities:

• Virginia: Companion online casino bills passed both legislative chambers in 2026, but lawmakers failed to reach a final agreement.
• Ohio: Schwartz sees potential for online casino legislation regardless of which gubernatorial candidate takes office.
• Indiana: Recent Republican primary results have created a more favourable political environment for online casino expansion, according to Schwartz.
• Washington, D.C.: The RSI CEO described the U.S. capital as a possible near-term opportunity, potentially before the end of 2026.
• Illinois and New York: Schwartz suggested that pressure on state budgets, including Medicaid funding cuts under the One Big Beautiful Bill Act, could encourage lawmakers to consider online casino revenue as a potential funding source.

While RSI continues to deliver strong financial growth, the company’s outlook reflects a changing North American iCasino market. Its future performance will depend on player acquisition, competition and the possibility of new state-level market openings.