RSI Q2 Revenue Hits Record $269M as Profitability Skyrockets 88%
Rush Street Interactive (RSI) delivered a record-breaking performance in the second quarter of 2025, with revenue climbing 22% to $269.2 million. The company’s profitability soared, with adjusted EBITDA jumping 88% to $40.2 million, marking its ninth consecutive quarter of sequential improvement.
A Story of Profitable Growth
RSI’s impressive results were driven by strong, broad-based performance across its business. The company flipped from a net loss of $0.3 million in Q2 2024 to a net income of $28.8 million in the same period this year. This highlights a clear shift from growth at all costs to a sustainable, profitable operating model.
“I’m excited to report that we’ve delivered another exceptional quarter with records across the board,” said Richard Schwartz, CEO of RSI.
“Our impressive record Adjusted EBITDA growth of 88% year-over-year was driven by strong, broad-based performance across our business, with online casino revenue growing 25% and online sports betting up 15%.”
More Users, More Value
The financial growth was underpinned by a significant increase in active users. In the U.S. and Canada, monthly active users (MAUs) grew 21% year-over-year to 197,000. The company saw even more explosive growth in Latin America, where MAUs surged by nearly 42% to 403,000.
Crucially, RSI is also getting more value from each player. The average revenue per monthly active user (ARPMAU) in the U.S. and Canada hit a new company record of $391.
This demonstrates that RSI is not just acquiring new players but is also effectively retaining and monetizing its existing customer base.
Strategic Execution Delivers Big Wins
RSI’s strategic focus on iCasino markets is paying massive dividends, particularly in Delaware. Since taking over as the state’s exclusive iGaming operator, RSI has grown the market’s annual gross gaming revenue (GGR) run-rate to over $146 million, more than seven times the best quarter of the previous operator.
The company is also successfully diversifying its revenue streams. For the first time, revenue from markets outside of its original strongholds of Illinois and Pennsylvania accounted for 65% of total revenue. This shows RSI’s ability to compete and win in new and diverse markets.
One of the most impressive aspects of RSI’s quarter was its disciplined marketing spend, which was essentially flat compared to the previous year. This indicates that the company’s growth is being driven by product quality and operational efficiency, not by expensive, unsustainable promotions.
The company’s strategic focus on iCasino, where it is a top-four operator by net revenue, continues to be the engine of its profitability.
The launch of its new BetRivers Poker platform, with shared liquidity across four states, further strengthens this focus. Based on its strong first-half performance, RSI has raised its full-year 2025 guidance, now expecting revenue between $1.05 billion and $1.10 billion and adjusted EBITDA between $133 million and $147 million.
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