The BetRivers parent reported $370.4 million in revenue and lifted its full-year outlook to as much as $1.54 billion, betting that an iCasino-led model can keep outpacing the wider US market.
Rush Street Interactive (RSI) raised its 2026 guidance on April 28, 2026 after posting record first-quarter results that show the operator’s casino-first wager is still gaining ground on bigger sports-betting rivals. Group revenue rose 41% year on year to $370.4 million — the fastest quarterly growth in four years — while adjusted EBITDA jumped 81% to $60.2 million. The Chicago-based BetRivers operator now expects 2026 revenue of $1.49 billion to $1.54 billion, with new market launches and Latin American scale driving the next leg of growth.
Key Facts:
• Q1 2026 revenue hit $370.4 million, up 41% year on year — Rush Street Interactive earnings release
• Adjusted EBITDA reached $60.2 million, an 81% jump versus Q1 2025 — RSI press release
• Full-year 2026 revenue guidance raised to $1.49 billion–$1.54 billion (31–36% growth) — RSI
• North American online casino monthly active users grew 62% year on year — CEO Richard Schwartz
• RSI shares climbed close to 20% in after-hours trading on April 28, 2026 — Casino.org
What just happened at Rush Street Interactive?
RSI, which runs the BetRivers and PlaySugarHouse brands in North America and RushBet across Latin America, beat consensus on every headline metric. Net income more than doubled to $26.2 million, and earnings per share of $0.14 came in two cents above the street. Total monthly active users climbed 51% to 839,000 — 296,000 in North America (+46%) and 543,000 in Latin America (+54%).
The mix matters too. Average revenue per MAU runs at about $317 in the US and Canada versus $54 in Latin America — RSI is monetising mature US players at premium rates while building a much larger funnel in emerging markets. Cash stood at $330.6 million on March 31, 2026.
Why does the iCasino tilt matter for the wider industry?
Most listed US gambling operators have anchored their growth pitches to sports betting volume. RSI has gone the other way, leaning into online casino — a higher-margin product where MAUs grew 62% in North America, accelerating from 51% growth in the fourth quarter of 2025. That contrast is sharpening as analysts trim Q1 expectations for the bigger sportsbook-led names: Wall Street recently cut its DraftKings and Flutter Q1 estimates after a softer US sports betting handle.
“We are pleased to report another strong quarter of results, setting new records once again for revenue, net income and adjusted EBITDA,” said Richard Schwartz, CEO of Rush Street Interactive. “We’ve now achieved accelerating year-over-year player growth in each of the last four quarters… In our North American online casino markets, MAUs grew an impressive 62%, surpassing the 51% growth we achieved in the fourth quarter of 2025.” (GlobeNewswire)
For consumers, the wider lesson is that operator economics increasingly favour iCasino acquisition pushes — heavier marketing, faster onboarding, and more cross-sell from sportsbook to slots. That dynamic is also drawing regulator attention, particularly toward the grey-area sweepstakes operators crowding the same category. RSI is fully licensed in every market it serves, but the broader regulated industry is competing with unlicensed alternatives — a pattern explored in our breakdown of how the sweepstakes casino legal loophole really works.
What happens next?
The next catalyst is geographic. RSI is preparing for an iGaming launch in Alberta on July 13, 2026 — making Canada’s fourth-largest province the first market outside Ontario to open up to private online casino competition. Schwartz told analysts the company is “preparing for an exciting new market launch in Alberta,” with full revenue contribution expected from Q3 onward.
Investors are also watching Brazil, where RushBet already operates and the federal regulator is still issuing definitive iGaming licences. Together, those markets underpin the high end of RSI’s $250 million EBITDA target. RSI shares climbed close to 20% in after-hours trading on April 28, before settling at a roughly 15% gain the following session.
FAQ
Q: Is Rush Street Interactive bigger than DraftKings or FanDuel?
A: No. RSI’s projected 2026 revenue of $1.49–$1.54 billion is a fraction of either rival, but its growth rate and EBITDA margins are now expanding faster.
Q: What is the BetRivers casino-first strategy?
A: Rather than spending heavily on sports betting market share, RSI prioritises online casino acquisition and retention, where margins are higher and player lifetime values are typically larger.
Q: When will Rush Street Interactive launch in Alberta?
A: The Alberta provincial regulator has set July 13, 2026 as the launch date for private operators, including RSI’s BetRivers brand.
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