Rush Street Interactive Reports Record Q4 Revenue Growth

Rush Street Interactive reported fourth quarter results that underline continued growth across core North American markets, even as leadership keeps a cautious stance on emerging betting models and prepares for entry into Alberta.

Good to Know

• Q4 revenue reached $324.9 million, up 28% year over year and a new quarterly high.
• Online casino monthly active users across United States and Canada climbed 51% from last year.
• Gross margin landed at 34.4% as focus remained on higher-margin jurisdictions and cost discipline.

Momentum built steadily rather than coming from sudden expansion. Leadership pointed out that 2025 delivered record revenue of $1.13 billion without contribution from any newly launched markets, a signal that performance leaned heavily on optimization of existing operations rather than geographic growth.

CEO Richard Schwartz highlighted the scale of that achievement, saying:

“As I reflect on our performance in 2025, this has been a record year, hitting new highs across virtually every metric. In 2025, without the benefit of any new markets, we achieved record revenue of $1.13 billion, representing 23% year-over-year growth and exceeding the high end of our raised guidance range.”

Sequential progress has now extended to 11 straight quarters of revenue gains. Earnings fell short of analyst projections but still jumped 150% compared with the same quarter one year earlier, showing how margin strategy and player engagement continue to offset competitive pressure in online gambling, digital sportsbook, and iGaming sectors.

Operational strategy centered on efficiency. Management leaned into markets with stronger economics while tightening spending, a combination that helped sustain profitability metrics even as promotional intensity across the broader online betting landscape remained elevated.

Conversation during the earnings call also turned to prediction markets and financial-style event contracts, an area drawing attention from operators, regulators, and trading platforms. Rush Street Interactive maintained a measured position rather than rushing into adoption.

Schwartz said:

“When you’re betting on the underlying event, the underlying event is a game being played for stakes. I think it’s harder to justify that as being the type of market that’s regulated there.”

Legal clarity remains a concern. Courts, regulators, and lawmakers continue to debate how event-based contracts fit within gambling or financial frameworks, leaving many traditional operators watching developments before committing capital or technology resources.

Schwartz added:

“So having said that, you know, I think obviously a lot of courts are going back and forth. You’ll continue to see that. I saw the Ninth Circuit came out with a ruling earlier this afternoon. And so we’re gonna kind of continue monitoring the stakeholders’ views, including regulators, legislators, and anyone else involved here to kind of make sure that we’re on top of the opportunities, but I certainly that that there’s a lot more to come in this area.”

Expansion plans are still moving forward in Canada. Alberta represents the next major opportunity, with BetRivers already opening preregistration ahead of an expected regulated market launch. Early access campaigns tied into sponsorship of CBC Radio-Canada coverage of the 2026 Winter Games, marking the third Olympic collaboration between the broadcaster and BetRivers.

Regulatory preparation in the province appears active. Schwartz described authorities as “moving at a very determined pace” and suggested that “a Q2 opportunity is within the possibility towards the end of the quarter.”

Industry observers view Alberta as one of the most closely watched upcoming regulated iGaming launches, particularly as operators seek stable growth channels beyond saturated United States jurisdictions such as New Jersey, Pennsylvania, and Michigan. Alberta could mirror Ontario success if framework design balances taxation, licensing scale, and channelization goals.

Strong engagement in online casino remained a central driver of performance. Growth in that vertical often delivers higher margins than sportsbook activity, reinforcing strategy focused on digital casino content, proprietary platforms, and cross-sell between betting and gaming products.

Stock activity also drew attention earlier in the month when Schwartz sold $4.4 million worth of shares on Feb. 4. Financial results helped calm speculation, with record quarterly revenue underscoring confidence in long-term fundamentals.

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