Rush Street Interactive (RSI), the company behind the BetRivers brand, achieved its most impressive quarterly performance in Ontario in almost two years, largely due to its strategic focus on online casinos. In the third quarter, RSI reported a 24% increase in revenue in Ontario, marking its best performance since late 2023, despite a quiet sports betting season.
The company reached a record revenue total of $277.9 million USD ($388.6 million CAD) for the quarter, a 20% increase compared to the same period last year. This also marks the 10th consecutive quarter of sequential growth for RSI. The adjusted EBITDA rose sharply by 54% to $36 million USD ($50 million CAD), propelling net income to $14.8 million USD ($20.7 million CAD), a significant leap from $3.2 million USD ($4.5 million CAD) the previous year.
Ontario’s regulated market has been a cornerstone of RSI’s success, with more than $7 billion wagered monthly on iCasino platforms. Specifically, online casino revenue saw a year-over-year increase of 34%, and monthly active users grew by 34% to 225,000, indicating the fastest quarterly growth in over four years. The growth specific to iCasino reached an impressive 46%.
CEO Richard Schwartz emphasized that the acceleration of growth within North American online casino markets is particularly remarkable, highlighting the highest player value and retention in these segments. The company has observed consistent year-over-year growth in its North American online casino player base each month since March, reflecting strong momentum that surpasses any seasonal trends.
President and CFO Kyle Sauers shared that RSI has strategically invested in its distinct iCasino product, which they believe provides a competitive advantage. He expressed satisfaction that these marketing investments are yielding positive results.
RSI also experienced robust growth in other key states, including Michigan with a growth rate of 48%, New Jersey at 37%, and Pennsylvania at 15%. The company holds a unique position in Delaware as the sole approved iCasino operator and manages a four-state pooled online poker network within the U.S.
Following this robust performance, RSI has revised its full-year revenue guidance upwards to $1.11 billion USD ($1.55 billion CAD), representing a 20% increase year-over-year, with EBITDA expectations climbing to $150 million USD ($210 million CAD), up 62% from the previous year.
Schwartz expressed enthusiasm for RSI’s plans to venture into Alberta’s forthcoming regulated iGaming market in 2026. He stated that the company plans to launch on the first day the market goes live, viewing it as a significant opportunity for online casinos that can leverage the company’s proven success in similar markets like Ontario. As RSI looks ahead to the rest of 2025 and beyond, Schwartz remains confident in the company’s strategic positioning, highlighting its focus on online casino markets, proprietary technology, marketing efficiency, and operational excellence as key elements of a sustainable competitive edge.
However, some industry observers note the competitive landscape of the iGaming market, emphasizing that while RSI’s strategy is indeed paying off, the company must remain vigilant of evolving regulations and emerging competitors. The rapid growth in states like Michigan and New Jersey underscores the potential of these markets, but also signals increased competition as more operators seek to capitalize on similar opportunities.
The continued growth of RSI’s iCasino-first strategy highlights the considerable potential within regulated North American markets. With sustained investments in technology and marketing, RSI is well-positioned to navigate future challenges and maintain its leadership in the evolving iGaming landscape. As the company expands into new territories, maintaining this momentum will be crucial for sustaining long-term growth and profitability.
In conclusion, RSI’s performance in the third quarter is a testament to its effective strategy centered on online casinos. The company’s ability to harness opportunities in regulated markets like Ontario, combined with its ambitious plans for future expansion, positions it strongly within the competitive iGaming industry. While challenges remain, the company’s strategic foresight and operational excellence offer a promising outlook for continued success.
Erik Agary is a seasoned writer at True Games Reviews, specializing in gaming, casino games, and interactive entertainment. With a passion for all things digital, Erik dives deep into the latest trends and developments in the gaming world, offering insightful reviews and detailed analysis. His expertise spans across multiple gaming platforms, ensuring comprehensive coverage that resonates with both novice and experienced gamers alike.
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