Another Quarter Of Beat & Raise Earnings For BetRivers Parent
Summary
Rush Street Interactive (RSI), parent company of BetRivers, posted its 10th consecutive quarter of revenue growth. Q3 revenue rose 20% year-on-year to $277.9 million, while adjusted EBITDA increased 54% to $36 million. The company raised its 2025 adjusted EBITDA guidance to a $150 million midpoint on expected revenue of $1.11 billion, reflecting strong momentum in North American online casino markets and continued expansion efforts in Latin America despite tax headwinds.
Key Points
- RSI delivered its 10th straight quarter of revenue growth; Q3 revenue $277.9m (+20% YoY).
- Adjusted EBITDA reached $36m (+54%); 2025 guidance raised to a $150m midpoint.
- North American online casino monthly active users rose 46%; Michigan +48%, New Jersey +37%.
- Ontario online casino revenue grew 24%; Pennsylvania up 15% — notable across markets of varying maturity.
- Delaware net revenue climbed 74% after BetRivers became the exclusive operator; Q3 gross revenue run rate topped $160m.
- Average revenue per monthly active user fell 5% as newer cohorts ramp up and receive bonusing.
- Latin America issues: a 19% VAT on Colombian deposits is being absorbed to protect market share; Mexico may raise gaming taxes toward 50% from 30%.
- RSI remains committed to LatAm expansion but is cautious on predictions products to avoid risking state licences.
Context and Relevance
The report highlights how online casino growth is now a major revenue engine for US-facing operators. RSI’s beat-and-raise underscores the payoff from focusing on product differentiation and user experience. However, regulatory and tax developments in Latin America are meaningful margin risks and could alter near-term profitability if enacted.
Why should I read this?
Short and blunt: RSI smashed the quarter, lifted guidance and is scaling online casinos fast — so if you follow gambling stocks, market-share shifts or regulatory risk in LatAm, this is worth a quick look. We skimmed the numbers so you didn’t have to.
Author’s take
Punchy: This isn’t a one-off — it’s a pattern. RSI’s platform and product focus are driving growth across both mature and newer markets, but tax headwinds in LatAm and a conservative stance on predictions mean upside comes with clear risks. Investors and competitors should pay attention.