Rush Street Reports $262M Q1 Revenue With 21 Percent Growth YOY

Rush Street Interactive kicked off 2025 with strong results, led by double-digit growth in both revenue and iGaming performance. The company reported gains across its U.S. and Latin American markets as it builds on momentum from 2024.

Good to know

• RSI reported Q1 2025 revenue of $262 million, up 21% from the same period last year.
• Net income reached $11.2 million after a loss of $2.2 million in Q1 2024.
• iGaming revenue increased 25% year-over-year, helping offset sportsbook-related setbacks.

Online betting and iGaming operator Rush Street Interactive announced $262 million in revenue for Q1 2025, up from $217.4 million last year. Adjusted EBITDA nearly doubled, rising 95% year-over-year to $33.2 million. The company also flipped its bottom line from a $2.2 million loss in Q1 2024 to $11.2 million in net income for the latest quarter.

CEO Richard Schwartz credited the performance to product focus and efficient player engagement. “We have started 2025 with strong momentum, building on our success from recent years,” Schwartz said. “These strong results are driven by our commitment to innovation and enhancing the quality of our player experience, alongside efficient acquisition and retention of high-value players.”

The Chicago-based company operates under the BetRivers and SugarHouse brands in 15 U.S. states, and powers retail sportsbooks at five casinos. Its presence spans major markets like Pennsylvania, New York, and Illinois.

Monthly active users across the U.S. and Canada grew 17% year-over-year to 203,000 in Q1 2025. Latin America showed even stronger growth, up 61%. Revenue per user in North America rose slightly to $368, while the Latin American figure dropped to $36.

RSI also bought back $5.2 million in Class A stock as part of its $50 million repurchase plan and increased sales and marketing expenses to $38.8 million, a 3% year-over-year bump.

Despite some profit pressure from high tax rates in Colombia and player-friendly results in the Super Bowl and NCAA tournament, sportsbook revenue still climbed 11% from Q1 2024. Schwartz pointed to the Philadelphia Eagles’ Super Bowl win as one key hit, due to the company’s strong user base in Pennsylvania, South Jersey, and Delaware.

iGaming delivered the largest contribution to growth, rising 25% year-over-year. RSI said 15 of its 16 online markets in North America showed gains. Markets outside Illinois and Pennsylvania now account for 64% of revenue, the highest share since the company went public. Delaware led with 80% growth, followed by 40% in Michigan and 27% in New Jersey.

Looking ahead, RSI reaffirmed its full-year guidance, projecting 2025 revenue between $1.01 billion and $1.08 billion, with adjusted EBITDA expected to range from $115 million to $135 million.

Schwartz remains optimistic about U.S. iGaming expansion. “We believe that iGaming legalization will gain momentum in the coming years,” he said.

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