Rush Street Interactive, Inc.

Second quarter revenue was $394 million, up 46% year over year, with adjusted EBITDA of $64.6 million, up 61% year over year and at a 16.4% margin. Gross margin was 35.5%, and net income was $29.3 million versus $28.8 million last year. North America MAUs grew 51% year over year to over 296 thousand, and Latin America MAUs grew 62% year over year to over 652 thousand. For 2026, management raised full-year revenue guidance to $1.56 billion to $1.6 billion and adjusted EBITDA guidance to $245 million to $265 million; at the midpoints, that implies $1.58 billion of revenue and $255 million of adjusted EBITDA. Management also said Q3 EBITDA is likely to be the low quarter due to higher marketing and Alberta launch costs, with Q4 expected to step up meaningfully.

Richard Todd Schwartz emphasized a casino-first strategy and said the company is taking share across core markets while maintaining disciplined execution. He highlighted the World Cup as a strong driver of acquisition and reactivation, especially in Latin America, and said the company is encouraged by early signs in Alberta. He also framed the CFTC prediction-market filing as preserving strategic flexibility rather than signaling a push into that market.

Kyle L. Sauers said gross margin was 35.5%, helped by faster growth in higher-margin markets but still pressured by Colombia’s temporary tax. Marketing expense was $48.6 million, or 12.3% of revenue versus 13.4% a year ago, and he said spending will increase more than previously planned in the second half, including roughly $7 million to $10 million more sequentially in Q3 versus Q2. Adjusted EBITDA was $64.6 million with 16.4% margins, net income was $29.3 million, and the company ended June 30 with $340 million in cash and no debt. He also noted $29 million of buybacks after the May secondary and a new $100 million repurchase authorization.

Analysts focused on World Cup customer retention, the scale and timing of incremental marketing spend, Alberta launch economics, and whether prediction markets or competitive activity are affecting sports betting. Management said it is too early to know the full LTV of World Cup-acquired customers, but early cross-sell into casino has been encouraging, especially in Latin America. They stressed that higher marketing spend is driven by attractive player economics, not a reaction to competitors, and said they have not seen a meaningful impact from prediction markets on their business. On Colombia, management confirmed the temporary tax remains part of guidance and that the constitutional court could still alter it.