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BetRivers parent Rush Street Interactive reported iGaming revenue grew 39% in the third quarter but acknowledged the slowing growth.
CEO Richard Schwartz emphasized the importance of the online casino segment during the earnings call.
“Our casino-first strategy and strong performance in Latin America were the two cornerstones of our third quarter results, supported by the consistent execution across the entire business,” Schwartz said. “Online casino remains a large and attractive category, and we continue to see meaningful opportunities for further growth ahead.”
Record customer growth in North America and Latin America
RSI finished the third quarter with a net income of $28.7 million, an increase of 93% compared to the prior year period. The company’s monthly active users in North America grew 34% year over year to a record of more than 300,000.
RSI’s online casino operations continued to be the primary growth segment, accounting for 75% of the company’s total revenue.
Other earnings highlights:
- Adjusted EBITDA grew to $62.2 million, a 73% year-over-year increase.
- Sports betting revenue jumped 70%, fueled by World Cup activity and Latin America growth.
- The quarter ended with $382 million in cash on hand and no debt.
Prediction markets remain a watch item
During the call, RSI executives indicated that the company is a “casino-first” operator, not a prediction markets firm. For RSI, prediction markets are viewed as a regulatory development to monitor rather than as part of a near-term growth strategy.
Schwartz said that a “sports first approach isn’t something we do in regulated markets, [and] it isn’t something we plan to do in the prediction markets.”
However, RSI is watching prediction markets closely and even filed for a designated contract market (DCM) license with the Commodity Futures Trading Commission in May.
“As you know, we have filed for our licenses with the CFTC, so we’re prepared for any potential outcomes at the regulatory level or as the legal landscape evolves,” Schwartz stated. “We want to make sure we’re not caught flat-footed.”
Increased emphasis on marketing for BetRivers
RSI marketing expenses in the third quarter increased to $54.7 million, accounting for 14.2% of revenue. The company noted that this increased investment was supported by favorable acquisition costs.
“We continue to see attractive returns on spend, with cost to acquire players still at the lowest rates we’ve seen,” President and CFO Kyle Sauers said. “Even with new player expected values being lower than in previous years, we are still well within our anticipated payback periods.”
RSI executives also discussed the company’s recent launch in Alberta, noting that first-time depositors and daily active users are tracking at over two times the levels seen during its Ontario launch on a population-adjusted basis.
Looking ahead, the company reiterated its full-year 2026 guidance, expecting revenue between $1.56 billion and $1.6 billion.
