Rush Street Interactive delivered year-over-year revenue growth in Q2, with management attributing results to strong execution of its casino-first strategy and successful customer engagement during the World Cup period. CEO Richard Todd Schwartz noted that 72% of revenue was generated by online casino products, supported by increased cross-sell from newly acquired sports bettors. Marketing spend efficiency and growth in Latin America also played significant roles, but management acknowledged that part of the quarter’s upside was aided by unusually strong sports betting outcomes, particularly in Colombia and North America.
Is now the time to buy RSI? Find out in our full research report (it’s free for active Edge members).
Rush Street Interactive (RSI) Q2 CY2026 Highlights:
- Revenue: $393.8 million vs analyst estimates of $367.7 million (46.3% year-on-year growth, 7.1% beat)
- Adjusted EPS: $0.15 vs analyst estimates of $0.15 (in line)
- Adjusted EBITDA: $64.62 million vs analyst estimates of $60.22 million (16.4% margin, 7.3% beat)
- The company lifted its revenue guidance for the full year to $1.58 billion at the midpoint from $1.52 billion, a 4.3% increase
- EBITDA guidance for the full year is $255 million at the midpoint, above analyst estimates of $246.8 million
- Operating Margin: 11.7%, up from 9% in the same quarter last year
- Market Capitalization: $3.28 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Rush Street Interactive’s Q2 Earnings Call
- Bernard McTernan (Needham): Asked about the long-term value of World Cup-acquired customers. CFO Kyle L. Sauers replied it’s too early for definitive data, but early cross-sell results to casino are encouraging and above prior event benchmarks.
- Zachary Silverberg (Wells Fargo): Requested color on future U.S. state legalizations and market opportunities. CEO Richard Todd Schwartz discussed educating legislators and highlighted fiscal pressures as drivers for potential legalization in states like Virginia, DC, Indiana, and Ohio.
- Jed Kelly (Oppenheimer): Inquired about trends in player acquisition costs and the source of North American user growth. Sauers confirmed that acquisition costs continue to decline, with most new users coming from casino-focused campaigns and markets.
- Daniel Politzer (JPMorgan): Sought details on the CFTC prediction market license filing and iGaming competition. Schwartz explained the filing is to preserve strategic flexibility, while Sauers noted that competition is rising but RSI continues to gain share in core markets.
- Joseph Stauff (Susquehanna): Asked how player growth translates to per-user revenue (ARPMAU) over time. Sauers explained that as player cohorts mature, their value increases and retention improves, with iCasino offering a faster payback than sports betting.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be tracking (1) the pace of user growth and retention following the World Cup and Alberta launch, (2) marketing return on investment as spending accelerates in the second half of the year, and (3) developments in regulatory and tax environments, particularly in Colombia. The impact of product cross-sell and competitive dynamics in both North and Latin America will also be key focus areas.
Rush Street Interactive currently trades at $28.39, down from $30.77 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).
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