Rush Street Interactive posted a record year in 2025, crossing $1.13 billion in revenue and pairing top-line growth with higher profitability, as the operator continued to lean on iGaming strength and more efficient marketing.
The results shift RSI’s story from pure expansion to a mix of scaling and operating discipline across North America and Latin America.
Full-year results set new highs
RSI reported full-year 2025 revenue of $1.134 billion, up 23% year over year, with net income of $74.0 million. Adjusted EBITDA rose to $153.7 million, up 66%, landing above the company’s prior guidance range.
The fourth quarter also set records. Revenue reached $324.9 million, up 28%, while adjusted EBITDA was $44.1 million, up 44%. The quarter included net income of $19.1 million.
Online casino continues to carry the model
RSI’s mix still benefits from online casino, which tends to deliver steadier margin than sports betting. The company reported total monthly active users in the United States and Canada of more than 278,000 in Q4, up 37% year over year, with online casino MAUs up 51%.
Average revenue per monthly active user in the United States and Canada was $331 in the quarter, reflecting a model where user growth and product depth can lift revenue without forcing a matching increase in promotional intensity.
Latin America scale builds a second engine
RSI also reported Latin America MAUs of more than 493,000 in Q4, up 47% year over year, with ARPMAU of $32. That gap versus North America is normal, but the player base scale gives RSI volume that can support long-run operating leverage.
Latin America also serves a strategic purpose. It diversifies revenue away from US seasonality and creates a broader footprint that can absorb market-specific shifts in promotional competition.
Cash position rises as spend stays contained
Adjusted sales and marketing expense was 14% of revenue in both Q4 and the full year, reflecting tighter spend control even as revenue grew. RSI ended 2025 with $336 million in unrestricted cash and cash equivalents, up $107 million over the year.
That combination, growth plus restraint, is the core signal in these results. RSI is still expanding, but it is doing so with a balance sheet and earnings profile that looks increasingly durable.
