Rush Street Soars on Record Profits, Bets Big on 2026 Growth

CHICAGO, IL – February 17, 2026 – Rush Street Interactive (NYSE: RSI) today announced a landmark fiscal year, shattering its own financial forecasts and posting record-breaking revenue and profitability for 2025. The online gaming and sports betting operator reported full-year revenue of $1.134 billion and issued an aggressive growth outlook for 2026, signaling strong confidence in its strategy amidst an intensely competitive global market.

The results paint a picture of a company successfully transitioning from a growth-at-all-costs mindset to one of sustainable, disciplined profitability. This performance, driven by significant user growth in both North America and Latin America, suggests that RSI's focus on operational efficiency and its "casino-first" approach is paying substantial dividends.

A Year of Record-Breaking Profitability

RSI's financial performance in 2025 marked a significant inflection point. The company reported a record quarterly revenue of $324.9 million for the fourth quarter, a 28% increase over the same period in 2024. This capped a full year where revenue grew 23% to $1.134 billion, exceeding the high end of the company's guidance.

More impressively, the top-line growth translated directly to the bottom line. Full-year net income surged to $74.0 million, a more than tenfold increase from the $7.2 million reported in 2024. Adjusted EBITDA, a key metric for profitability in the industry, reached a record $153.7 million for the year, a 66% year-over-year jump that also surpassed the high end of guidance. The fourth quarter alone contributed a record $44.1 million in Adjusted EBITDA.

"We are thrilled to report an extraordinary 2025, delivering record-breaking performance across virtually every key metric," said Richard Schwartz, Chief Executive Officer of RSI. "This exceptional performance reflects broad-based strength across all geographies and product verticals, as well as significant growth in our player base."

The robust profit figures underscore a broader industry trend where investors are increasingly prioritizing a clear path to profitability over sheer market share acquisition. With $336 million in unrestricted cash on its balance sheet, up $107 million for the year, RSI appears well-capitalized to fund its future growth initiatives.

The Engine of Growth: User Acquisition and Retention

Fueling the financial success was a dramatic expansion of RSI's user base. In the United States and Canada, total Monthly Active Users (MAUs) climbed to over 278,000 in the fourth quarter, a 37% year-over-year increase. The standout performer was the company's online casino vertical, where MAUs grew an impressive 51% year-over-year. Management noted this was the second-fastest rate of organic growth in this segment in over four years, achieved without the benefit of launching in new jurisdictions.

This points to the success of RSI's "casino-first" strategy, which emphasizes a differentiated and engaging online casino product. While the North American market, with competitors like DraftKings reporting nearly $2 billion in Q4 revenue, remains fiercely competitive, RSI's focus on the high-margin casino segment appears to be a key differentiator. The Average Revenue per Monthly Active User (ARPMAU) in the U.S. and Canada stood at a healthy $331.

The growth story was equally compelling in Latin America, where the RushBet brand operates. Despite navigating regulatory challenges, MAUs in the region grew 47% to over 493,000. While the ARPMAU is lower at $32, the sheer volume of users highlights the massive market opportunity.

"What makes our 2025 results particularly compelling is that they stem from systematic improvements we’ve made across nearly every aspect of our business - from customer acquisition and retention strategies to technological innovation and operational excellence," Schwartz commented. "Our continued focus on providing a player-first experience has allowed us to grow and differentiate our brand."

A Disciplined Approach in a Competitive Arena

Perhaps the most telling metric in RSI's report is its marketing efficiency. In an industry notorious for its high customer acquisition costs, RSI managed to hold its adjusted sales and marketing expense to 14% of revenue for the full year. This represents a significant improvement of 290 basis points from the 16.9% spent in 2024, demonstrating the "powerful operating leverage" that the company has built into its model.

This disciplined spending stands in contrast to the promotional wars often seen in newly regulated markets. By leveraging its proprietary technology platform and focusing on player retention, RSI is proving it can grow its user base and revenue without breaking the bank on marketing, a strategy that directly contributes to its expanding profit margins. The company's operating margin for the fourth quarter improved to 8.8%, up from 4.8% in the prior-year period, further evidencing this increased efficiency.

Navigating Global Tides and Charting the Course for 2026

Looking ahead, RSI's management expressed strong confidence, initiating 2026 revenue guidance between $1.375 billion and $1.425 billion, which would represent 21% to 26% growth. More significantly, it projects Adjusted EBITDA to be between $210 million and $230 million, a year-over-year increase of 37% to 50%, signaling expectations for continued margin expansion.

This optimism is rooted in several factors, including an anticipated market launch in Alberta, Canada, and plans to increase investment in proprietary casino game development. The guidance also accounts for navigating a complex global regulatory landscape. In Colombia, a key Latin American market, a recent shift in tax policy is viewed as a major positive. The government moved a 19% VAT from player deposits to Gross Gaming Revenue (GGR), a change that makes the market significantly more sustainable for operators after a challenging 2025.

However, the company also faces potential headwinds. Mexico, another important growth market, is reportedly planning to increase taxes on gaming operators in 2026. RSI's guidance states that it incorporates "prudent assumptions about market maturation and competitive dynamics," acknowledging the challenges that lie ahead.

"Looking ahead to 2026, we have tremendous confidence in our growth trajectory and our ability to continue executing on our strategy," Schwartz stated. "We remain committed to delivering exceptional player experiences while creating long-term value for our shareholders and are confident in our ability to sustain this momentum."