Key Moments:
- Rush Street Interactive (RSI) posted $277.9 million USD ($388.6 million CAD) in quarterly revenue, a 20% year-over-year increase
- Ontario online casino revenue climbed 34% year-over-year, with active users reaching 225,000 during the quarter
- RSI raised its full-year revenue guidance to $1.11 billion USD ($1.55 billion CAD) and expects EBITDA of $150 million USD ($210 million CAD)
Strong Growth Anchored by Ontario Performance
Rush Street Interactive, which operates BetRivers, delivered its highest Ontario quarterly figures in nearly two years, largely propelled by its emphasis on online casino offerings. Third quarter results showed 24% revenue growth in the province – RSI’s strongest showing since late 2023 – even as the sports season remained relatively slow.
The company reported record-breaking consolidated revenue at $277.9 million USD ($388.6 million CAD), representing a 20% increase compared to the previous year. This marks the tenth straight quarter of sequential revenue growth for RSI. Adjusted EBITDA rose 54% to reach $36 million USD ($50 million CAD), supporting an increase in net income to $14.8 million USD ($20.7 million CAD), up from $3.2 million USD ($4.5 million CAD) in the year-ago period.
Online Casino Model Drives Momentum
Ontario’s regulated online casino market, where over $7 billion is wagered each month, has been a significant catalyst for RSI’s rise. Online casino revenue rose 34% year-over-year in the province, driven by a 34% growth in monthly active users, reaching 225,000 – the fastest quarterly increase in over four years. Growth specific to iCasino products hit 46% during the same timeframe.
| Metric | Q3 Amount | Year-over-Year Change |
|---|---|---|
| Revenue | $277.9M USD ($388.6M CAD) | +20% |
| Adjusted EBITDA | $36M USD ($50M CAD) | +54% |
| Net Income | $14.8M USD ($20.7M CAD) | Up from $3.2M USD ($4.5M CAD) |
| Ontario iCasino Revenue | Not specified | +34% |
| Monthly Active Users (Ontario) | 225,000 | +34% |
| iCasino Growth (Ontario) | Not specified | +46% |
Leadership Comments on Strategy
CEO Richard Schwartz stated:
“What makes these results particularly compelling is the continued acceleration of our growth in North American online casino markets, where we see the highest player value and retention. We’ve seen accelerating year-over-year growth in our North American online casino player base every single month since March, indicating a strong underlying momentum that extends well beyond any seasonal factors.”
President and CFO Kyle Sauers added:
“We haven’t been shy about the fact that we feel like we have a very differentiated product and an advantage [in iCasino], and so that’s where our marketing investments should go. It’s clearly paying off.”
Expansion and Updated Guidance
RSI continues to expand its presence in other U.S. states, with revenue increasing 48% in Michigan, 37% in New Jersey, and 15% in Pennsylvania. The company remains the exclusive iCasino provider in Delaware and operates a pooled four-state online poker network in the U.S.
Following strong results, the company increased its full-year revenue forecast to $1.11 billion USD ($1.55 billion CAD), which signals a 20% year-over-year rise, and raised its expected EBITDA to $150 million USD ($210 million CAD), up 62% from last year.
On future opportunities, Schwartz said:
“We’re excited about our planned expansion into Alberta and anticipate launching in that market on day one when it goes live. This represents a significant online casino opportunity that leverages our proven success in similar markets, such as Ontario, where we continue to hit new quarterly revenue records. As we look toward the remainder of 2025 and beyond, I’m confident in our strategic positioning. Our focus on markets that include online casino, our proprietary and innovative technology platform, our marketing efficiency, and our operational excellence creates a sustainable competitive advantage that is difficult to replicate.”
Outlook
With its online casino-first strategy continuing to yield record-breaking quarters, RSI highlights the significant growth potential in North America’s regulated gaming sector.
- Author
Daniel Williams
