Rush Street Interactive Delivers Blowout Revenue in Q1 2026 Results 

Rush Street Interactive’s (RSI) Q1 2026 earnings beat across the board, on revenue, EPS, and EBITDA. Net revenue was 12% ahead of forecasts at $370.4 million, EPS $0.14 vs $0.11 expected, and EBITDA $60.2 million vs. the $48 million consensus estimates.

The 41% year-over-year revenue growth is the fastest expansion rate the company has seen in four years, driven primarily by its “casino-first” strategy and massive user acquisition in Latin America.

Rush Street Interactive looks like a company at an enviable inflection point, where rapid revenue growth is translating into significant bottom-line gains. 

Management is demonstrating that it can scale revenue while holding down marketing costs. Sales and marketing expenses dropped to 12.5% of revenue, down from 14.8% a year ago.

Alberta Opportunity is More Growth Rocket Fuel for RSI 

The upcoming transition of the Alberta iGaming market from a government-run monopoly to a regulated, competitive marketplace for private operators is a big opportunity for Rush Street. 

With a launch date set for July 13, 2026, analysts are modeling Alberta as a major tailwind for the second half of the year. The province’s regulatory structure is expected to mirror Ontario’s, where RSI has already seen high-margin success.

Similar to Ontario, Alberta will allow private companies (such as RSI’s BetRivers brand) to offer online casino games and sports betting legally.

The Canadian province has established a competitive 20% tax on net iGaming revenue, leaving 80% for operators—a structure that is highly attractive to commercial gaming companies.

On the earnings call, CEO Richard Schwartz commented on the Alberta prospects, saying: 

Looking ahead, we are getting closer to launching in Alberta. The regulator has set July 13th as the launch date. We’re executing well, growing our player base rapidly and profitably, and preparing for an exciting new market launch that we believe will look very similar to the success we’ve seen in Ontario.”

North America iCasino Revenues up 62% YoY

Elsewhere, monthly active users (MAUs) in North American online casino markets grew 62% year-over-year. This is a critical metric because online casino players typically have a 3.7x higher lifetime value (LTV) than sports betting-only players.

Meanwhile, in Latin America, regulatory tailwinds are helping the bottom line, too. The removal of the 19% VAT in Colombia has enabled RSI to reinvest those funds into player acquisition, resulting in a 134% revenue surge in the LatAm region this quarter. MAUs rose 54% across the region, to 543,000.

Schwartz was upbeat about what he posits as the company’s ‘Casino-First’ advantage:

Our continued momentum demonstrates the strength of our casino-first strategy… We’re scaling revenue off a much larger base at very strong growth rates while improving profitability at about double that pace. This strategic choice delivers meaningful advantages in player economics that compound over time, creating a virtuous cycle.”

Rush Street Interactive’s strong results have allowed it to raise full-year guidance, as confirmed by CFO Kyle Sauers on the call:

“We achieved record first-time depositors this quarter, beating our previous records set in each of the last two quarters by a wide margin. The combination of record new player acquisition with improving marketing efficiency is what allowed us to raise our full-year 2026 revenue guidance to between $1.49 and $1.54 billion.”

Analysts Raise Price Targets for Rush Street Interactive

JPMorgan analyst Daniel Politzer noted that other digital gaming operators had reported rising costs per acquisition and slower user growth, attributing some of that pressure to the rise of prediction markets. 

He and other analysts asked if RSI was seeing similar pressure or if “prediction companies” might become a larger threat as their technology matures. In response, Schwartz noted that prediction markets primarily focus on what he described as “event contracts” (sports, politics, and news events).

He stated:

Prediction markets today are primarily benefiting from sports event contracts, which is not an area of high priority for us. Our growth is being driven by our casino-first strategy, which caters to a different player profile.”

Several analysts raised their price targets (PTs) for RSI following the earnings report. The general sentiment among Wall Street firms appears to be that RSI is among the ‘best-in-class’ operators for efficiency and growth in the iGaming space.

The most notable PT movement came from Citizens (Jordan Bender), which raised its price target to $27.00 (from $25.00) after the call. 

Citizens noted that RSI likely delivered the “strongest quarter reported by any gaming company” in the current period. On the numbers just released, it is hard to argue with that conclusion.

Rush Street Interactive (RSI) Quarterly Results: 2025 – 2026

Quarter	Metric	Actual Result	Consensus Forecast	Beat / Miss (%)
Q1 2026	Net Revenue	$370.40M	$330.42 M	🟢 +12.1%
	EPS	$0.14	$0.11	🟢 +27.3%
	Adj. EBITDA	$60.20M	$48.00 M	🟢 +25.4%
Q4 2025	Net Revenue	$324.90M	$304.80 M	🟢 +6.6%
	EPS	$0.08	$0.11	🔴 -27.3%
	Adj. EBITDA	$44.15M	$42.56 M	🟢 +3.7%
Q3 2025	Net Revenue	$277.90M	$266.40 M	🟢 +4.3%
	EPS	$0.09	$0.07	🟢 +28.6%
	Adj. EBITDA	$36.04M	$31.74 M	🟢 +13.5%
Q2 2025	Net Revenue	$269.20M	$249.65 M	🟢 +7.8%
	EPS	$0.11	$0.06	🟢 +83.3%
	Adj. EBITDA	$40.20M	$34.50 M	🟢 +16.5%
Q1 2025	Net Revenue	$262.40M	$257.00 M	🟢 +2.1%
	EPS	$0.09	$0.07	🟢 +28.6%
	Adj. EBITDA	$33.20M	$30.20 M	🟢 +9.9%