CEO Schwartz hails strong momentum helping Rush Street Interactive push through Q2 headwinds
Summary
Rush Street Interactive reported record Q2 results: revenue of $269.2m (up 22% year-on-year), adjusted EBITDA of $40.2m (up 88%) and net income of $28.8m versus a $0.3m loss in Q2 2024. This was the ninth consecutive quarter of quarter-on-quarter revenue and EBITDA growth, prompting RSI to raise full-year guidance to $1.05–1.1bn in revenue and $133–147m in EBITDA.
Strong North American performance (notably Delaware iCasino and growth in Michigan and West Virginia) and rapid expansion in Mexico helped offset headwinds from a temporary 19% VAT on player deposits in Colombia. RSI used bonusing to protect players, keeping net revenue flat in Colombia despite GGR rising by more than 70%.
Source
Key Points
- • Q2 revenue $269.2m (+22% YoY); adjusted EBITDA $40.2m (+88% YoY).
- • Net income $28.8m vs a $0.3m loss in Q2 2024; ninth straight quarter of quarter-on-quarter revenue and EBITDA growth.
- • RSI raised 2025 guidance: revenue $1.05–1.1bn; EBITDA $133–147m.
- • Temporary 19% VAT in Colombia hit net revenue despite >70% GGR growth; company used bonusing to absorb impact for players.
- • North America highlights: Delaware iCasino generated $102m GGR in 12 months; MAUs up 21% in Q2 to ~197,000; ARPMAU $391.
- • Mexico revenue +125% YoY and +40% vs Q1; LatAm MAUs +42% to 403,000, though ARPMAU fell from $38 to $30 due to bonusing.
- • RSI cites a total addressable market (TAM) of $145bn (US $109.8bn, Canada $6.6bn); LatAm TAM projected $28.9bn by 2028 with expansion targets including Chile, Ecuador and Argentina; Brazil remains a cautious opportunity.
- • Shares closed up 25.53% on the day and are up 101.4% over the past 12 months.
Why should I read this?
Short version: RSI is firing on all cylinders. If you follow iGaming operators, investor moves or LatAm expansion, this matters — revenues and profitability are rising despite a chunky Colombian tax, and Mexico looks set to be the next breakout market. We read the detail so you don’t have to.
Context and relevance
These results highlight a wider industry pattern: operators that focus on regulated markets, product depth and player value can withstand regional regulatory shocks (for example temporary taxes) by leaning on promotions and geographic diversification. RSI’s raised guidance and TAM outlook signal confidence in North American and LatAm growth corridors, which is relevant to competitors, regulators and investors tracking market-share shifts and possible entries (notably Brazil).
Author style
Punchy: the numbers are significant — RSI’s momentum outweighs short-term policy pain, making this a must-note quarter for market watchers and investors.