Rush Street Interactive: World Cup, Alberta, and the Accelerating Casino-First Machine
Record Q2 revenue and EBITDA, a raised guide, and a deliberate push on marketing—how RSI is converting event-driven user spikes into durable, casino-led growth.
RSI · Earnings Call · 2026-07-29
A World Cup windfall, and what’s behind it
Rush Street Interactive reported a standout second quarter: revenue of $394 million, up 46% year-over-year, and adjusted EBITDA of $64.6 million, up 61% — both records. Management was quick to credit the World Cup, which delivered not just near-term volume but a meaningful influx of new players, many of whom are being cross-sold into online casino. As CEO Richard Schwartz noted on the call, “We generated revenue of $394 million up 46% year over year. And adjusted EBITDA of $64.6 million up 61% year over year.” — Richard Todd Schwartz, Chief Executive Officer · 2026-07-29 The key detail is that >25% of World Cup-era first-time depositors have already engaged with casino, a 50% improvement over the Copa America two years ago. That’s the flywheel RSI has been building—sports brings them in, casino keeps them and monetizes them.
The player acquisition economics remain exceptionally favorable. Monthly active users in North America grew 51% year-over-year, with online casino MAUs up 64%. In Latin America, MAUs grew 62% to over 652,000, and the Latin America region delivered 195% revenue growth for the quarter. The company managed this while keeping CAC down—management repeatedly stressed that acquisition costs are at their lowest levels since pre-IPO, enabling them to invest further into growth.
The 2 areas that I would just focus on clearly is that we have a large percentage of the population in America, North America, are not yet legal for online casino and it is Alberta just launching on July 13th and represents a really meaningful new opportunity for us.
Marketing spend: a deliberate acceleration
What’s changed most versus prior quarters is the explicit commitment to increase marketing investment in the second half. CFO Kyle Sauers elaborated: “because our efficiency continues to improve, even as we have been scaling up, we now expect to spend more on marketing than previously planned in the second half.” — Kyle L. Sauers, Chief Financial Officer · 2026-07-29 In Q&A, he quantified this as a sequential step-up of $7–10 million in Q3, inclusive of the Alberta launch costs. This is a notable pivot—management has historically been disciplined with marketing, but they now see clear ROI in scaling spend further.
The Alberta launch itself is tracking at roughly 2x the first-time depositors and daily active users that Ontario saw at the same point after launch, on a population-adjusted basis. As in Ontario, the transition from an unlicensed market will take time, but the early signal is strong. Investors should expect Q3 EBITDA to be the low watermark for the year as the company absorbs these launch costs and ramps marketing.
This marketing spend increase is not a reaction to competitors—management was explicit that it’s driven purely by player economics. But it comes at a time when the competitive landscape in North American iGaming is intensifying, with new entrants and peers focusing more on casino. RSI has responded by gaining share for four straight quarters.
Prediction markets: optionality, not imminence
The other notable development is RSI’s application for a CFTC designated contract market license. Management framed this as preserving flexibility: “we continue to operate with a casino first focus and do not intend to lean into the crowded sports focused prediction market space.” — Richard Todd Schwartz, Chief Executive Officer · 2026-07-29 They want the optionality to pivot if the regulatory landscape shifts, but they don’t see prediction markets as a near-term threat. Indeed, on the call they noted no measurable impact on their OSB business or on marketing costs. This is a careful, strategic posture—unlike some peers who are diving in headfirst.
The company also addressed the Colombian tax overhang. The new presidential administration is expected to be more pro-business, and there is a constitutional court path that could reverse the 16% GGR tax. The guidance still assumes the tax persists through year-end, but a favorable ruling would be incremental upside.
Guidance and the fundamental trajectory
RSI raised full-year revenue guidance to $1.56–1.60 billion (38–41% growth) and adjusted EBITDA to $245–265 million (59–72% growth). That embeds the increased marketing spend, intended to sustain the user growth momentum. The company’s fundamentals continue to improve: Revenue has moved from $35 million in early 2020 to $370 million in Q1 2026, with the latest quarter’s 46% growth accelerating from already-strong levels. Gross margins expanded to 35.5% as the mix shifts toward higher-margin markets, and the balance sheet remains pristine with $340 million cash and zero debt, while a new $100 million buyback program adds to shareholder returns.
In prior quarters, management had already laid out the playbook: acquire players at low cost, cross-sell to casino, and let the cohort economics mature. As Kyle Sauers said back in April, “We're filling the top of the funnel faster than we ever have, 3 straight quarters of record first-time depositors.” — Kyle Sauers, President · 2026-04-28 That engine is now firing on all cylinders. On Alberta, he reminded investors of the Ontario precedent: “We expect it to be competitive, just like Ontario has been competitive.” — Kyle Sauers, President · 2026-04-28 The early Alberta data suggests RSI is already punching above that benchmark.
The stock has had a volatile ride—up 58% in 11 weeks, then down 25% from its July peak—but the fundamental story is one of accelerating profitability and a growing moat in casino-first iGaming. The World Cup has provided a springboard, and the company is investing decisively to convert that spike into a durable competitive advantage.