Rush Street Interactive (RSI) continued its strong trajectory in the first quarter of 2026, setting several new quarterly records as its iGaming-first approach paid great dividends.
For the three months ended March 31, 2026, the BetRivers operator posted:
- Quarterly record revenue of $370.4m, up 41% year over year from $262.4m
- Quarterly record net income of $26.2m, up 134% YOY from $11.2m
- Quarterly record adjusted EBITDA of $60.2m, up 81% YOY from $33.2m
- YOY North American revenue growth of 26%
- YOY online casino revenue growth of 39%
- YOY online sports betting revenue growth of 47%
In addition, RSI reported monthly active users (MAUs) grew 51% from Q1 2025 to reach approximately 839,000. Around 296,000 of those were in North America, an increase of 46% year-over-year, driven by 62% year-over-year MAU growth in online casino markets. Average revenue per MAU in the U.S. and Canada was $317.
Citizens analyst Jordan Bender wrote in a note that the firm believes RSI’s results will be the strongest reported by any gaming company for Q1 2026.
Online casino continues to drive RSI gains
Chief Executive Officer Richard Schwartz said on an earnings call Tuesday that the results, which are the latest high point in a run of sequential bottom-line growth, show that the company’s focus on online casino is paying off.
“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,” Schwartz said on the April 28 call. “This strategic choice delivers meaningful advantages in player economics. Our casino players engage more consistently, demonstrate higher lifetime values, and exhibit superior retention characteristics.”
In an earnings deck, RSI noted that it ranks as a top-four iGaming operator by net revenue in all of Michigan, Pennsylvania, West Virginia, as well as fifth in Mexico. Schwartz added on the call that RSI estimates that it grew its North American iGaming market share sequentially by around 90 basis points in the online casino markets in which it operates.
Does BetRivers benefit from flying under the radar?
In many of its markets, BetRivers competes with operators that may be described as bigger hitters; think DraftKings, FanDuel, and BetMGM.
Sauers suggested that might be a good thing for his company.
“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,” Sauers said. “There’s a lot of opportunity for us to go after players who maybe haven’t played iCasino before.”
Sauers also referenced a data point from RSI’s financials that shows that the company’s adjusted sales and marketing expense in the quarter was 12.5% of its revenue, at $46.2m. “Our marketing team just continues to optimize where we spend and what the messaging looks like,” he added.
Alberta awaits for BetRivers, Maine too?
RSI currently offers real-money mobile and online operations in 15 U.S. states, including its monopoly position in Delaware, as well as the regulated online gambling province of Ontario, Colombia, Mexico and Peru.
It will be boosted further by the Canadian province of Alberta launching online sports betting and iGaming at the same time on July 13. BetRivers has applied for an operator’s license and began pre-registering users in that market in February.
“This represents a significant expansion opportunity for our business,” Schwartz added. “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.”
Executives have also confirmed the company’s interest in pursuing opportunities for BetRivers to launch in Maine, when that state launches the iGaming market that it legalized this year.
RSI raises FY 2026 guidance
As a result of its continued growth and its latest quarterly records, RSI raised its full-year 2026 revenue and adjusted EBITDA guidance.
Revenue is now expected to be between $1.49bn and $1.54 bn, which would represent year-over-year growth of 31% to 36%. AEBITDA is projected to be in the range of $230m to $250m, which would equate to year-over-year growth of between 50% and 63%.
That guidance includes the assumption that BetRivers goes live in Alberta in July and that tax structures in RSI’s existing markets remain status quo.
