Rush Street Interactive (RSI), the operator behind BetRivers, reported a sharp increase in third-quarter profit but failed to meet revenue expectations for the first time in four years. The company’s financial update highlights slowing growth in the North American iGaming sector, even as Latin American expansion continues at a rapid pace.
Profit Up, Revenue Growth Slows
RSI’s adjusted EBITDA rose 73% year-on-year to $62.2 million, surpassing analyst forecasts by 13%. However, revenue climbed 39% to $385.9 million, just short of the consensus estimate of about $388 million. GAAP net income nearly doubled, reaching $28.7 million. This marks the first time since 2020 that RSI has missed revenue forecasts, despite continued growth in both casino and sports betting segments.
Regional Trends: North America Versus Latin America
Online casino operations accounted for 75% of RSI’s revenue, growing 32% compared to the previous year. Sports betting revenue jumped 70%. North America saw a modest 14% revenue increase, while Latin America posted a dramatic 218% rise. Despite a 34% increase in North American monthly active users, revenue per user fell 15% to $309, reflecting broader industry trends. Management described the slowdown as affecting the entire sector, rather than being limited to specific player groups.
Guidance Maintained Amid Cautious Outlook
The company reaffirmed its 2026 revenue and adjusted EBITDA guidance, but indicated that current trends suggest results may fall toward the lower end of projections. Analysts noted this is the first time since early 2025 that RSI did not raise its guidance midpoint. Quarterly revenue growth also decelerated from 46% in Q2 to 39% in Q3, although margins improved and the company reported $382 million in cash with no debt.
Why This Matters for the Industry
RSI’s results underscore a shift in the North American iGaming market, with slowing growth raising questions for operators, affiliates, and suppliers. The company’s strong performance in Latin America highlights the region’s increasing importance as a growth driver. For affiliates and partners, changing revenue per user figures and market dynamics could affect acquisition and retention strategies. The potential expiry of Colombia’s temporary gaming tax in 2027 may also impact future profitability for operators active in that market.
Key takeaways
- RSI reported a 73% increase in adjusted EBITDA but missed revenue forecasts for the first time in four years.
- North American growth slowed, while Latin America saw a significant revenue surge.
- The company maintained its 2026 guidance but signaled results may trend toward the lower end.
- Industry-wide moderation in online casino growth could impact operator and affiliate strategies.