Rush Street Interactive Adjusted EBITDA Rises 73% in Third Quarter
United States.- 30 October 2026 | www.zonadeazar.com Rush Street Interactive (RSI), the international online casino and sports betting operator behind brands including BetRivers, has reported its third-quarter 2026 financial results, generating revenue of US$385.9 million, representing 39% year-on-year growth.
The company also achieved Adjusted EBITDA of US$62.2 million, an increase of 73%, exceeding analysts’ expectations.
However, revenue fell slightly short of market forecasts, while slower growth across North America’s online casino sector raised questions about the industry’s near-term outlook.
Revenue Increases by 39%
During the three months ended 30 September 2026, RSI recorded improvements across its principal financial indicators.
The results included:
- Revenue: US$385.9 million, compared with US$277.9 million in 2025.
- Adjusted EBITDA: US$62.2 million, up 73%.
- Net income: US$28.7 million, an increase of 93%.
- Monthly active users: 907,881, up 42%.
The results demonstrate substantial commercial expansion and improved profitability.
Nevertheless, revenue growth moderated from the 46% recorded during the second quarter.
RSI Exceeds Profitability Expectations
Adjusted EBITDA of US$62.2 million exceeded analyst expectations of approximately US$55 million.
The result was 13% above the consensus estimate.
However, the company recorded a US$4.3 million one-off foreign exchange gain within general and administrative expenses.
According to Citizens JMP, excluding this benefit reduces the Adjusted EBITDA outperformance to approximately 6%.
Consequently, part of the better-than-expected profitability reflected a non-recurring factor.
Revenue Falls Short of Forecasts
Although RSI achieved significant revenue growth, it did not meet market expectations.
Quarterly revenue of US$385.9 million was below the approximately US$388 million consensus cited by Citizens JMP.
The investment firm described the result as Rush Street Interactive’s first revenue miss in four years.
The development reflects a moderation in growth, particularly across the company’s North American operations.
Management believes that slower online casino growth is affecting the wider industry.
Online Casino Accounts for 75% of Revenue
Online casino gaming remains Rush Street Interactive’s largest source of revenue.
During the quarter, the segment generated approximately 75% of total revenue, increasing 32% year-on-year.
Meanwhile, online sports betting revenue rose 70%.
The figures indicate that both segments continue expanding, although at different rates.
Online casino remains central to group profitability, while sports betting contributes to overall commercial growth.
North America Shows Signs of Slower Growth
RSI’s North American revenue increased 14% year-on-year, considerably below the growth recorded in Latin America.
Monthly active users reached 300,572, representing a 34% increase.
However, average revenue per monthly active user fell 15% to US$309.
The figures indicate a larger customer base accompanied by lower average revenue per user.
Chief Financial Officer Kyle Sauers acknowledged that online casino growth moderated during the quarter.
Statements From CEO Richard Schwartz
Richard Schwartz, Chief Executive Officer of Rush Street Interactive, emphasised that slower online casino growth was not concentrated among particular customer groups.
According to Schwartz, the moderation has been broadly distributed across the industry.
The executive also highlighted RSI’s ability to increase revenue and profitability while continuing to invest in marketing and commercial development.
The company believes its operating scale supports profitability despite a more moderate market growth environment.
Latin America Delivers 218% Revenue Growth
Latin America was one of the quarter’s strongest performers.
Regional revenue increased 218% year-on-year, significantly exceeding growth in North America.
Monthly active users reached 607,308, an increase of 46%.
Average monthly revenue per active user stood at US$58.
The company highlighted continued customer activity among players acquired during the FIFA World Cup.
Their engagement after the tournament contributed to sustained regional growth.
Colombia Could Support 2027 Profitability
Colombia’s tax environment represents an important factor in RSI’s financial outlook.
According to management, Colombia’s 2027 budget does not include a new gambling tax.
Consequently, the temporary 16% levy introduced through an emergency decree is scheduled to expire at the end of 2026.
Unless further legislation is introduced, the applicable tax framework is expected to revert to its previous structure.
Analysts believe this development could significantly improve profitability in Colombia during 2027.
Analysts Estimate Potential US$50 Million Benefit
Financial institutions have published different estimates of the potential impact of Colombia’s tax changes.
Citizens JMP estimated that avoiding a further tax increase could contribute approximately US$40 million to Adjusted EBITDA in 2027.
Stifel estimated that the expiry of the temporary levy could improve its Adjusted EBITDA forecasts for 2027 and 2028 by more than US$50 million.
These figures are analyst projections rather than confirmed financial results.
Their realisation will depend on future tax legislation and operating performance.
RSI Reaffirms Full-Year 2026 Guidance
Despite slower revenue growth, Rush Street Interactive maintained its financial targets for the full year.
The guidance includes:
- Revenue: US$1.56 billion to US$1.60 billion.
- Adjusted EBITDA: US$245 million to US$265 million.
Kyle Sauers explained that October trading trends suggested revenue would finish closer to the lower end of the guidance range.
However, Adjusted EBITDA remained on track to finish near the midpoint.
The company did not reduce its financial targets, although it also refrained from raising its guidance.
Strong Balance Sheet With No Debt
At the end of September 2026, Rush Street Interactive held approximately US$382 million in cash and cash equivalents.
The company also reported no outstanding debt.
This financial position provides flexibility to develop operations, invest in technology and expand internationally.
Adjusted gross margin improved to 36.4%, an increase of 240 basis points.
The combination of revenue growth, cash reserves and a debt-free balance sheet remains one of RSI’s principal financial strengths.
Industry Impact and Next Steps
The third-quarter results demonstrate strong financial performance for Rush Street Interactive, although revenue growth has begun to moderate.
The 73% increase in Adjusted EBITDA and 93% rise in net income contrast with the company’s modest revenue shortfall against market expectations.
Latin America remains the main driver of expansion, while North America’s online casino segment shows signs of slower growth.
With revenue of US$385.9 million and Adjusted EBITDA of US$62.2 million, Rush Street Interactive maintains its 2026 guidance while focusing on North American growth trends and potential Colombian tax benefits in 2027.
Edited by: @fonta
