RSI considers Latam expansion as Q1 revenue hits record level
RushBet and BetRivers parent company reports $262m in revenue, while CEO Richard Schwartz says previous experience in Latam means expansion could be facilitated more smoothly
Rush Street Interactive (RSI) has reported Q1 revenue of $262.4m, up 21% year on year (YOY), as management said “consistency and durability” were the key to continued growth.
Revenue for the first three months of 2025 jumped from last year’s return of $217.4m to represent a new record for the PlaySugarHouse, RushBet, and BetRivers parent company.
Adjusted EBITDA leapt 95% YOY from $17.1m to $33.2m, while net profit swung from a previous $2.2m loss to $11.2m in the black.
The operator, which is live across the US, Canada, and Latam, also saw its adjusted sales and marketing expenses creep up by 3% to $38.8m.
In the US and Canada, monthly active users for the quarter amounted to around 203,000, representing a 17% YOY jump.
Average revenue per monthly active user (ARPMAU) in those markets increased 3% against Q1 2024, up to $368.
RSI also noted that across the business, online casino revenue increased 25% and online sports betting revenue was up 11% YOY.
RSI, which has been successful with an igaming-first approach, claimed in its investor deck that it is a top four online casino operator in Pennsylvania, West Virgina, and Michigan.
In Delaware, where it holds the monopoly rights to the market, RSI said online casino revenue alone during Q1 skyrocketed 115% YOY, while online sports betting revenue was up 39% to $6.2m.
In Latam, where RushBet is live in Colombia, Mexico, and Peru, average monthly actives were up 61% YOY to around 354,000. ARPMAU did slip, however, from $44 to $36.
The Chicago-based company revealed that potential expansion to Brazil, Argentina, Chile, and Ecuador could be possible in the future.
In Colombia, where a 19% emergency tax on player deposits had been implemented, bosses said they were able to maintain GGR near all-time highs through higher bonusing.
Speaking on potential Latam expansion during the subsequent analyst call following the earnings’ release, RSI CEO Richard Schwartz said the company’s interest had been piqued.
He added: “There are other Latam markets we have focused our attention on and have been evaluating ways to enter those markets.
“We haven’t announced anything, and so I won’t be able to share anything with you today, but certainly, as you can imagine, once you have a great brand, a great platform, a great team […] local knowledge and experience in those regions, it becomes a lot easier for us to be able to be successful.
“There are great opportunities ahead in that region, but we’re being very selective and making sure we don’t move faster than we need to because there’s still a lot of growth in existing markets that we’re operating in.”
Looking ahead, RSI has said its full-year 2025 revenue should land between $1.01bn and $1.08bn, with the midpoint representing 13% YOY growth. Adjusted EBITDA should hit between $115m and $135m.