BetRivers owner Rush Street Interactive (RSI) had its best quarterly performance in Ontario in nearly two years this summer, as its online casino-centric model helped it thrive during the slow sports season.
RSI reported its results for Q3 of the calendar year on Wednesday, and the topline conclusion from a Canadian perspective was that its 24% revenue growth in Ontario was its best quarter since the last three months of 2023.
While BetRivers offers both online sports betting and online casino in Ontario’s regulated market, RSI CEO Richard Schwartz reiterates often that the company is set up as an iCasino-first operator. In a market like Ontario’s, where more than $7 billion is wagered on online casino platforms per month at the last count, the potential is vast, and RSI is cashing in.
RSI’s overall revenue in all markets reached a record $277.9 million USD ($388.6 million CAD) last quarter, up 20% year-over-year. That was the company’s 10th consecutive quarter of sequential revenue growth, which executives said was driven by very strong player acquisition and player engagement across its higher-value markets, Ontario included.
Adjusted EBITDA soared 54% year over year to $36 million USD ($50 million CAD), leading RSI to a net income of $14.8 million USD ($20.7 million CAD) compared to $3.2 million USD ($4.5 million CAD) this time last year.
Online casino focus pays off
The gains were even greater in online casino, with revenue up 34% from Q3 2024. RSI’s monthly active users have risen 34% over the last 12 months to 225,000, the fastest quarterly user growth rate in over four years, all from a much larger base of players. For iCasino specifically, that year-over-year growth is 46%.
“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,” Schwartz said on a company earnings call on Oct. 29. “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.”
“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,” added President and Chief Financial Officer Kyle Sauers. “It’s clearly paying off.”
RSI also offers both online casino and online sports betting in Michigan, where the company grew 48% last quarter, New Jersey (up 37%) and Pennsylvania (up 15%). It holds a monopoly in Delaware as the small state’s only approved iCasino operator and also runs a four-state pooled online poker network in the U.S.
RSI raises expectations as it awaits Alberta
As a result of the impressive growth in North America, RSI raised its full-year revenue and EBITDA guidance for the second quarter in a row, this time to midpoints of $1.11 billion USD ($1.55 billion CAD, up 20% year-over-year) and $150 million ($210 million CAD, up 62% year-over-year), respectively.
That guidance does not include potential new market launches, such as Alberta’s upcoming regulated iGaming market which is expected to follow Ontario by allowing approved operators to offer both online sports betting and online casino. Schwartz said the company fully intends to be live in that province as soon as it opens, whenever in 2026 may be.
“We’re excited about our planned expansion into Alberta and anticipate launching in that market on day one when it goes live,” he added. “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.”
