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Rush Street Interactive (RSI) investor relations material
Rush Street Interactive Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 revenue of $277.9 million, up 20% year-over-year, marking the tenth consecutive quarter of sequential revenue growth, driven by strong online casino performance and player acquisition in high-value markets.
Net income for Q3 2025 was $14.8 million, up from $3.2 million in Q3 2024, reflecting improved operational performance.
Adjusted EBITDA reached $36.0 million, up 54% year-over-year, highlighting significant operating leverage and efficiency.
North American monthly active users (MAUs) grew 34% year-over-year to 225,000, with online casino MAUs up 46%; Latin America MAUs reached 415,000, up 30% year-over-year.
Achieved a record in first-time depositors, exceeding the previous high by over 10% while reducing marketing spend.
Financial highlights
Q3 2025 revenue: $277.9 million (Q3 2024: $232.1 million); net income: $14.8 million (Q3 2024: $3.2 million); Adjusted EBITDA: $36.0 million (Q3 2024: $23.4 million).
Online casino revenues grew 34% year-over-year; online sports betting contracted 16% due to elevated bonusing in Colombia.
Gross margin was 34%, improved by mix shift to higher-margin markets but offset by player-friendly sports outcomes and increased gaming taxes.
Marketing expense was $38.1 million, down 1% year-over-year and representing less than 14% of revenue, with cost to acquire players in North America down over 10%.
Average revenue per MAU in US/Canada: $365; in Latin America: $27–$31.
Outlook and guidance
Raised full-year 2025 revenue guidance to $1.1–$1.12 billion, up $35 million at the midpoint, representing 20% year-over-year growth.
Full-year Adjusted EBITDA expected between $147–$153 million, up $10 million at the midpoint, a 62% year-over-year increase.
Guidance includes only currently live markets and assumes similar tax structures; continued marketing leverage and G&A discipline expected.
Anticipates strong Q4 due to seasonal strength and accelerating market trends, with planned expansion into Alberta.
Sufficient liquidity is anticipated to fund operations and capital needs for at least the next 12 months.
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