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Rush Street Interactive (RSI), owner of BetRivers, reported its strongest quarterly performance in Ontario in nearly two years, fueled by its online casino-focused model. Q3 results highlighted 24% revenue growth in the province, its best since late 2023, amid a slow sports season.
Overall, RSI achieved record revenue of $277.9 million USD ($388.6 million CAD) for the quarter, up 20% year-over-year, marking its 10th consecutive quarter of sequential growth. Adjusted EBITDA surged 54% to $36 million USD ($50 million CAD), driving net income to $14.8 million USD ($20.7 million CAD), compared to $3.2 million USD ($4.5 million CAD) last year.
Online Casino Focus Pays Off
Ontario’s regulated market, with more than $7 billion wagered monthly on iCasino platforms, has been central to RSI’s success. Online casino revenue climbed 34% year-over-year, with monthly active users up 34% to 225,000—the fastest quarterly growth in over four years. iCasino-specific growth reached 46%.
CEO Richard Schwartz said:
“What makes these results particularly compelling is the continued acceleration of our growth in North American online casino markets, where we see the highest player value and retention. We’ve seen accelerating year-over-year growth in our North American online casino player base every single month since March, indicating a strong underlying momentum that extends well beyond any seasonal factors.”
President and CFO Kyle Sauers added:
“We haven’t been shy about the fact that we feel like we have a very differentiated product and an advantage [in iCasino], and so that’s where our marketing investments should go. It’s clearly paying off.”
RSI also saw strong growth in Michigan (up 48%), New Jersey (up 37%), Pennsylvania (up 15%), and holds a monopoly in Delaware as the state’s only approved iCasino operator. It also operates a four-state pooled online poker network in the U.S.
Expansion Plans and Raised Guidance
Following its strong performance, RSI raised full-year revenue guidance to $1.11 billion USD ($1.55 billion CAD), up 20% year-over-year, and EBITDA to $150 million USD ($210 million CAD), up 62% year-over-year.
Schwartz noted the company’s plans to enter Alberta’s upcoming regulated iGaming market in 2026:
“We’re excited about our planned expansion into Alberta and anticipate launching in that market on day one when it goes live. This represents a significant online casino opportunity that leverages our proven success in similar markets, such as Ontario, where we continue to hit new quarterly revenue records. As we look toward the remainder of 2025 and beyond, I’m confident in our strategic positioning. Our focus on markets that include online casino, our proprietary and innovative technology platform, our marketing efficiency, and our operational excellence creates a sustainable competitive advantage that is difficult to replicate.”
RSI’s iCasino-first strategy continues to deliver record results, underscoring the growth potential in regulated North American markets.
Source: Canadian Gaming Business
