Rush Street Interactive (RSI) marked a successful start to 2026, achieving significant milestones in its first quarter as its focus on iGaming yielded impressive results. For the period ending March 31, 2026, the operator of BetRivers reported several record figures:
– Record quarterly revenue of $370.4 million, a 41% increase from $262.4 million a year earlier.
– Record net income of $26.2 million, rising 134% year-over-year from $11.2 million.
– Record adjusted EBITDA of $60.2 million, reflecting an 81% increase from $33.2 million in the prior year.
– Year-over-year North American revenue growth of 26%.
– Year-over-year online casino revenue growth of 39%.
– Year-over-year online sports betting revenue growth of 47%.
Additionally, RSI saw a 51% year-over-year increase in monthly active users (MAUs), reaching approximately 839,000 by the end of the quarter. About 296,000 of these users were based in North America, showing a 46% increase from the previous year, with online casino markets driving a 62% rise in MAU growth. The average revenue per MAU in the U.S. and Canada stood at $317.
Citizens analyst Jordan Bender noted that RSI's results are poised to be the strongest reported by any gaming company for the first quarter of 2026.
The growth in online casino offerings continues to propel RSI's success. CEO Richard Schwartz commented on an earnings call, emphasizing that the company's sustained focus on online casino as its primary value driver, complemented by sports betting and poker, is crucial for its growth. He stated, "The casino-first approach continues to be a fundamental differentiator of our business model, focused on online casino as our primary value driver with sports betting and poker serving as important complementary products. This strategic choice delivers meaningful advantages in player economics. Our casino players engage more consistently, demonstrate higher lifetime values, and exhibit superior retention characteristics."
According to an earnings deck, RSI ranks among the top four iGaming operators by net revenue in Michigan, Pennsylvania, and West Virginia, and fifth in Mexico. Schwartz also mentioned that the company estimates it has gained around 90 basis points in North American iGaming market share sequentially within the online casino sector.
While BetRivers contends with larger competitors such as DraftKings, FanDuel, and BetMGM, Schwartz highlighted an advantage in their relative obscurity. He stated, "I think one of the benefits for us, even though we’re growing much faster than the industry, is that there are a lot of players who still don’t know who BetRivers is in North America. There’s a lot of opportunity for us to go after players who maybe haven’t played iCasino before."
RSI’s adjusted sales and marketing expenses for the quarter were 12.5% of its revenue, totaling $46.2 million. Schwartz noted that the marketing team is continually optimizing spending and messaging.
Currently, RSI operates real-money mobile and online services in 15 U.S. states, holding a monopoly in Delaware, and is also present in Ontario, Colombia, Mexico, and Peru. The company looks forward to a significant expansion with the Canadian province of Alberta launching online sports betting and iGaming on July 13. BetRivers has applied for an operator’s license and began pre-registration for users in Alberta in February. Schwartz remarked on this opportunity, saying, "This represents a significant expansion opportunity for our business. We expect to begin investing in marketing and brand building ahead of our launch in Alberta. We’re taking a deliberate, measured approach to market entry, focusing on building a sustainable business with strong unit economics. This disciplined approach has served us well in other markets, and we’re confident it will drive long-term value in Alberta as well."
Additionally, executives expressed interest in expanding BetRivers into Maine, where the state has legalized an iGaming market expected to become operational soon.
In light of these achievements, RSI has updated its full-year 2026 revenue and adjusted EBITDA guidance. Revenue is now projected to be between $1.49 billion and $1.54 billion, reflecting a year-over-year growth of 31% to 36%. Adjusted EBITDA is anticipated to range from $230 million to $250 million, equating to a growth of 50% to 63%. This guidance assumes that BetRivers launches in Alberta in July and that tax structures in existing markets remain unchanged.
