CHICAGO — Rush Street Interactive Inc. walked away from its quietest seasonal quarter with its best results on record, a counterintuitive outcome that tells the story of what the BetRivers parent has built and what it is betting the next several years on.
The company, which operates in 15 U.S. states and across three Latin American markets, reported second-quarter 2026 revenue of $393.8 million on Tuesday, a 46% increase over the same period a year earlier and a figure that actually exceeded its record first quarter. Adjusted EBITDA climbed 61% to $64.6 million. Net income reached $29.3 million.
The second quarter is, by the sports calendar, the most challenging period for an online gambling company. The NFL regular season is months away. The NBA playoffs are finished. The Super Bowl and March Madness are distant memories. The industry’s conventional wisdom holds that sports betting drives the business and summer is when you conserve capital. Rush Street has been arguing against that logic for years with a phrase it returns to every quarter: the casino-first strategy. In the second quarter, the argument held up.
“We delivered another record quarter, setting all-time highs once again for revenue and Adjusted EBITDA,” Chief Executive Richard Schwartz said in the company’s earnings release Tuesday, “driven by continued share gains in online casino and our sports betting markets benefiting from the World Cup.”
Online casino contributed 72% of second-quarter revenue. That figure was supported by North American online casino monthly active users growing 64% year over year, outpacing the 51% rise in overall North American monthly active users. RSI is not just growing its casino business; it is growing the casino-engaged portion of its user base faster than the rest of it.
Total monthly active users reached 949,000 in the quarter, up 58% from a year earlier. The geographic composition of that figure carries its own story. Latin America, where RSI operates under the RushBet brand in Colombia, Mexico, and Peru, contributed 653,000 of those users, more than twice the 296,000 in North America. The average revenue per monthly active user runs in the opposite direction: North American users averaged $320 monthly against $55 in Latin America. But the Latin American growth trajectory is steep enough that the company treats the two markets as complementary.
The World Cup, which ran through the second quarter, gave the sports betting side of the operation an unusual seasonal boost. How much of that growth reflects the tournament’s one-time global audience versus the structural expansion of the company’s sportsbook is something RSI did not break out, according to the company’s second-quarter earnings filing with the Securities and Exchange Commission. That gap in disclosure matters because DraftKings Inc. and Flutter Entertainment’s FanDuel are both reporting in early August and will face the same question about sustainable handle growth in a summer that had an anomalous betting catalyst.
RSI raised its full-year 2026 revenue guidance to a range of $1.56 billion to $1.60 billion, implying year-over-year growth of between 38% and 41%. Its adjusted EBITDA guidance moved to a range of $245 million to $265 million. The new midpoint represents 63% growth over 2025, a profitability trajectory that stands apart from the capital-intensive customer acquisition models that dominated the industry’s expansion years.
BetRivers launched in Alberta, Canada, earlier this month. The company holds licenses in more U.S. states than any direct online-only competitor. What RSI does not have is the scale of DraftKings or the financial firepower of FanDuel’s Flutter parent. The Alberta launch signals that the company intends to grow its addressable market through regulated-market entries rather than heavy marketing expenditure in markets already contested by better-capitalized rivals.
Latin America presents a different kind of optionality. In Colombia, RSI has built itself into one of the top two operators by market share. Colombia also imposed a temporary 19% value-added tax on player deposits, which has suppressed net revenue relative to gross gaming revenue growth. The company has guided that Colombian revenue will accelerate once the tax expires at year’s end. How closely that forecast holds will be one of the more important second-half narratives for the stock. Mexico, where revenues have grown sharply over the past year, is where Schwartz has suggested the larger long-term opportunity may reside.
The comparison that frames RSI’s second quarter most sharply is not against DraftKings or FanDuel but against the brick-and-mortar operators whose Las Vegas and regional results reflect a different set of pressures. Caesars Entertainment attributed weaker Las Vegas volumes to visitor mix shifts in its final quarter as a public company. Churchill Downs posted record quarterly revenue of $980 million, partly on the strength of a one-time event, the Kentucky Derby. A digital operator does not need a single-day spike to post a record, which is a structural advantage and a structural limit: RSI cannot manufacture a Derby moment, but it also does not require one.
The stock rose 3.6% to $31.91 after the results were reported Tuesday afternoon.
What none of Tuesday’s disclosure resolved is the competitive question: whether RSI can sustain 46% annual revenue growth into a period when the World Cup tailwind is gone and when the industry’s attention has shifted to prediction markets, a product category in which neither RSI nor the larger operators have established a dominant position. The company’s quarterly earnings report details geographic performance but not the state-level breakdown that would let analysts assess where online casino growth is concentrated and where it has begun to plateau.
The casino-first argument worked through summer. Whether it keeps working through a more contested fall is the question the next earnings call will have to answer.
