Rush Street Interactive Q3 2026 Results: Revenue Rises 39% to $385.9 Million but Misses Estimates as Adjusted EBITDA Beats

Rush Street Interactive reported Q3 2026 results after the US market close on 28 October, with revenue up 39% to $385.9 million, slightly below Wall Street forecasts, and adjusted EBITDA up 73% to $62.2 million, comfortably above them. The Chicago-based operator of BetRivers in North America and RushBet in Latin America kept its full-year guidance unchanged.

The revenue figure fell about $2.7 million short of the $388.6 million consensus that StockStory compiled, and it was 2% lower than the $393.8 million RSI posted in the second quarter. Profit moved the other way. Analysts had expected adjusted EBITDA, the earnings measure RSI uses before interest, tax, depreciation and one-off items, of about $54.7 million.

Q3 2026 results at a glance

Profit grew much faster than revenue. The figures below come from the earnings release and quarterly report RSI filed with the US Securities and Exchange Commission (SEC).

The gap between total net income and the part attributable to RSI reflects the company's ownership structure: public shareholders own only part of the operating partnership, Rush Street Interactive LP, and the rest of the profit belongs to its other unit holders.

For the first nine months of 2026, revenue reached $1.15 billion, up from $809.5 million, and adjusted EBITDA $187.0 million, up from $109.5 million.

Estimates: a small miss on sales, a clear beat on profit

The result split cleanly against forecasts. Consensus figures vary by data provider; Earnings Whispers listed a higher revenue estimate of about $394.7 million before the report.

Part of the profit beat is not operational. General and administrative costs included a gain of about $4.3 million from converting Colombian pesos, chief financial officer Kyle Sauers said on the earnings call. Excluding it, adjusted EBITDA would have been $57.9 million, a 15% margin, still above the consensus figure.

Gross margin improved 240 basis points from a year earlier to 36.4%, according to the call. Adjusted sales and marketing spending was $54.7 million, or 14.2% of revenue.

North America versus Latin America

Latin America drove the growth. RSI's release does not split revenue by region, but Sauers told analysts that North American revenue grew 14% and Latin American revenue 218%. Both regions added players quickly, while spending per player moved in opposite directions.

MAUs are average monthly active users; ARPMAU is average revenue per monthly active user. Prior-year user counts are the rounded figures in RSI's Q3 2025 release.

Multiplying users by ARPMAU, Gamingo estimates that North America produced roughly $279 million in the quarter and Latin America about $106 million. RSI did not publish those figures.

In North America, the record user count came with lower average spend. Chief executive Richard Schwartz said in the release that "online casino remains the engine of our profitability," and online casino accounted for about 75% of group revenue. Sauers blamed the revenue shortfall on slower growth in North American online casino markets, not lost share, and said RSI gained share everywhere except Michigan, where newer privately held rivals competed harder.

In Latin America, Schwartz said players signed up during the World Cup stayed active across products. RSI operates RushBet in Colombia, Mexico and Peru, where it launched in 2024. Sports betting, close to 25% of revenue, grew about 70%, according to the call.

Guidance held, with October at the low end

RSI reiterated the full-year ranges it raised with its second-quarter results in July. There was no guidance change in this release.

The outlook covers only markets live at the time of the release and assumes current tax rates continue, including Colombia's temporary 16% gaming tax imposed by emergency decree. Management expects that rate to revert to 15% after 2026. Colombia has used temporary measures before, including a 19% VAT on online gambling in 2025.

Alberta, buybacks and balance sheet

Alberta, which closed its iGaming transition period on 13 October, went live for RSI in July. Schwartz said the company expects "the ramp to be gradual" there, and told analysts that first-time depositors were tracking above twice Ontario's level at the same stage, adjusted for population.

RSI ended September with $381.9 million in cash and equivalents and no debt, up from $336.3 million at the end of 2025. Its 10-Q shows $13.5 million spent on share repurchases in the quarter; Sauers said a further $11 million followed after 30 September, leaving $75 million of the $100 million program.

Management also said RSI has filed for licenses with the Commodity Futures Trading Commission (CFTC), the federal derivatives regulator, as it watches prediction markets, a sector now facing criminal charges in Utah against Kalshi.

Results season context

RSI's mix of slower US online casino growth and strong profit leverage fits the pattern of other operators reporting this week. Caesars' Q3 2026 results showed its digital unit growing while Las Vegas weakened, and MGM Resorts' Q3 2026 results included BetMGM revenue up 7%.

Status reviewed on 30 October 2026. Financial figures are from Rush Street Interactive's earnings releases and SEC filings; estimates are from StockStory and Earnings Whispers, and call remarks are from the published transcript. More business news and North America coverage.