BetRivers‘ performance in Ontario was a significant driver of what was an all-time record quarter in several key metrics for Rush Street Interactive (RSI).
Across all markets, the casino and sportsbook operator posted its ninth successive quarter of record revenue and adjusted EBITDA for the three months ended June 30, 2025.
Adjusted EBITDA soared 88% year over year to around $55.7 million CAD and revenue across all markets rose 22% to more than $372 million CAD, helping RSI to post a net income of $39.9 million CAD versus a net loss of $0.4 million CAD during the second quarter of 2024.
CEO Richard Schwartz said on an earnings call on July 30 that its Ontario revenues grew 25% year over year, the fastest annual growth rate RSI has seen in the province in a quarter since 2023.
The company also reported a record number of first-time depositors across North America, and monthly active users (MAUs) in Canada and the U.S. reached approximately 197,000, up 21% year-on-year. The average revenue per MAU in the U.S. and Canada hit $391 USD, a new quarterly high since the company went public. That is equivalent to $541 CAD. While it’s not an apples-to-apples comparison, that is well above the $303 CAD average revenue per MAU that was reported for June across all 50 iGaming Ontario-registered operators.
Dual threat in Ontario market
Ontario is one of a small handful of jurisdictions in North America in which commercial gambling operators are approved to offer both online sports betting and online casino.
Schwartz noted that RSI is a “casino-first” operator, and Ontario is certainly a casino-first market; nearly $6.4 billion CAD of the more than $7.2 billion CAD wagered across all iGO operators in June came on online casino, an all-time high proportion of 88% of wagering by dollar amount. Nearly 80% of Ontario operators’ gaming earnings came from iCasino, and the total online casino GGR of $243 million CAD was up 41.5% year over year.
iGO does not break down its numbers by operator, so we do not know BetRivers’ market share in Ontario.
“We’ve invested a lot of energy in Ontario,” Schwartz added. “Given the size of the population, the market size and the existence of both sports and casino, it’s an area we have been focusing on. It’s hard to tell whether our growth is at the expense of grey market operators that compete in the market. Obviously, those numbers aren’t published, so it’s hard to track exactly how they are being impacted.
“All we can do is focus on the fact that we’re in a really large market with upside for us and make sure we continue to innovate and find ways to grow our player base in that jurisdiction.”
Another two-pronged Canadian market awaits
RSI executives and analysts on the call noted that RSI continues to have a strong balance sheet, with $241 million USD cash on hand and no debt.
Chief Financial Officer Kyle Sauers noted that the biggest opportunity for the use of that money is when new markets open up, particularly those that will offer both online casino and sports betting.
Those are hard to come by in the U.S., but 2026 will bring the launch of Alberta, which many in the industry are expecting to broadly resemble Ontario by allowing numerous operators to acquire licenses to offer both online casino and sports wagering.
Schwartz reiterated that RSI is excited about its expansion plans, which include launching BetRivers in Alberta when the province opens its doors early in 2026. Alberta, he said, will provide the company with a significant opportunity to leverage its success with BetRivers in other North American online casino markets.
