Table of Contents
Founded in 2012 by gaming veterans Neil Bluhm, Greg Carlin, and Richard Schwartz, RSI delivers real-money gaming through its flagship brands BetRivers, PlaySugarHouse, and RushBet. The company operates in 15 U.S. states plus Ontario, Colombia, Mexico, and Peru. As of 2025, RSI generates over $1 billion in annual revenue.
Under CEO Richard Schwartz’s leadership since August 2021, the company achieved profitability and delivered ten consecutive quarters of sequential revenue growth through Q3 2025. RSI operates through two main geographic segments: North America (U.S. and Canada) and Latin America. The company’s proprietary technology platform powers all operations. RSI went public in December 2020 through a SPAC merger with dMY Technology Group at a $1.78 billion valuation.
Company History
RSI was founded in 2012 as a subsidiary of Rush Street Gaming. The company launched PlaySugarHouse in New Jersey in 2016. This made RSI one of the first regulated online casino operators in the U.S. In 2018, RSI became the first U.S. gaming company to launch regulated operations in Latin America through its RushBet brand in Colombia. The company pioneered Pennsylvania’s online sportsbook market in 2019. RSI completed its public listing on the NYSE in December 2020. Today the company employs over 800 people across offices in Chicago, Bogota, Medellin, and Tartu.
CEO Profile
Richard Schwartz became CEO in August 2021 after co-founding RSI and serving as President since 2012. He holds degrees from UC Berkeley and UC Hastings College of the Law. Before RSI, Schwartz led online gaming operations at WMS Industries where he launched the Jackpot Party casino brand. Under his leadership as CEO, RSI achieved its first full-year profitability in 2024 with $7.2 million net income after a $60.1 million loss in 2023. Adjusted EBITDA surged 1,033% to $92.5 million in 2024. Schwartz was named Leader of the Year at the 2021 SBC Awards North America.
Key Business Segments & Revenue Streams
RSI operates primarily through online casino and sports betting across two geographic segments. North America includes 15 U.S. states and Ontario, Canada, generating revenue through BetRivers and PlaySugarHouse brands. Online casino represents the largest revenue driver with 25% growth in Q2 2025. Sports betting contributes additional revenue with 15% growth in the same period. Latin America operates under the RushBet brand in Colombia, Mexico, and Peru with over 415,000 monthly active users as of Q3 2025. The company also generates smaller revenue from social gaming with free-to-play offerings. RSI’s proprietary technology platform reduces third-party costs and enables rapid market expansion.
Financial Profile
RSI demonstrated strong financial improvement in 2024 and 2025. Revenue grew 34% to $924 million in 2024 from $691 million in 2023. The company achieved profitability for the first time in 2024 with $7.2 million net income. Adjusted EBITDA margins expanded significantly to 10% in 2024 from just 1.2% in 2023. Through the first nine months of 2025, revenue reached $809 million, up 22% year-over-year. The company maintains a debt-free balance sheet with $229 million cash as of December 2024. RSI’s efficient customer acquisition strategy keeps marketing costs below 30% of revenue. Geographic diversification reduces regulatory risk with North America representing approximately 70% of revenue and Latin America 30%.
Financial Data
Core Financial Metrics (Last 3 Years)
| Metric | 2023 | 2024 | 2025 (9 Months) |
|---|---|---|---|
| Revenue | $691.2 M | $924.1 M | $809.5 M |
| Net Income/(Loss) | ($60.1 M) | $7.2 M | $54.8 M |
| Adjusted EBITDA | $8.2 M | $92.5 M | $114.4 M |
| EBITDA Margin | 1.2% | 10.0% | 14.1% |
| Net Debt/(Cash) | ($168 M) | ($229 M) | ($246 M) |
Revenue by Region (Last 3 Years)
| Region | 2023 Contribution | 2024 Contribution | 2025 Trend |
|---|---|---|---|
| North America (U.S. & Canada) | ~70% | ~70% | Strong growth |
| Latin America (Colombia, Mexico, Peru) | ~30% | ~30% | Rapid expansion |
| MAUs – North America | 160,000 | 205,000 | 225,000 |
| MAUs – Latin America | 204,000 | 348,000 | 415,000 |
Latest Financial Report
RSI reported Q3 2025 results on October 29, 2025. Revenue reached $277.9 million, up 20% year-over-year. This marked the tenth consecutive quarter of sequential revenue growth. Net income was $14.8 million compared to $3.2 million in Q3 2024. Adjusted EBITDA jumped 54% to $36 million. Monthly active users in North America grew 34% to 225,000. Latin America users increased 30% to 415,000. The company raised full-year 2025 guidance to $1.10-$1.12 billion revenue and $147-$153 million adjusted EBITDA.
12-Month Earnings Summary
For the trailing twelve months ending September 2025, RSI generated approximately $1.02 billion in revenue, representing 27% growth. The company posted positive net income of approximately $55 million compared to losses in prior years. Adjusted EBITDA reached approximately $114 million with a 14% margin. Online casino revenue drove most growth with 25% expansion year-over-year. Sports betting added 15% growth. Geographic expansion into Peru and strong performance in Delaware, Michigan, and West Virginia fueled results. The company maintains its debt-free balance sheet with over $240 million cash.
References
- Q3 2025 Results – Rush Street Interactive Investor Relations
- FY 2024 Results – GlobeNewswire
- Q2 2025 Results – GlobeNewswire
- Q1 2025 Results – GlobeNewswire
- Q3 2025 Analysis – iGaming Future
- Richard Schwartz CEO Appointment – Business Wire
- SPAC Merger Announcement – GlobeNewswire
- Rush Street Interactive Corporate Website
