Company: RSI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001793659-25-000193
Chunk: 45

Company: Rush Street Interactive, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 directly comparable GAAP measure, for the periods indicated:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,($ in thousands)2025202420252024Net income$14,846 $3,239 $54,887 $748 Interest income, net(2,555)(2,049)(6,435)(5,525)Income tax expense (benefit) 7,177 5,274 (102,775)16,970 Depreciation and amortization10,188 8,471 29,506 23,127 Share-based compensation expense6,379 8,458 21,290 26,574 Tax receivable agreement expense— — 113,037 — Adjusted EBITDA$36,035 $23,393 $109,510 $61,894 

Key Components of Revenue and Expenses

Revenue

We currently offer real-money online casino, online sports betting and/or retail sports betting in 16 U.S. states, Colombia, Ontario, Canada, Mexico and Peru. We also provide social gaming (where permitted), where users can earn or purchase virtual credits to enjoy free-to-play games.

Our revenue is predominantly generated from our U.S. and Canada operations, with the remaining revenue being generated from our Latin America (including Mexico) operations. We generate revenue primarily through the following offerings:

Online Casino

Online casino offerings typically include the full suite of games available in bricks-and-mortar casinos, such as table games (i.e., blackjack and roulette), slot machines and poker games. For these offerings (other than online poker), similar to bricks-and-mortar casinos, we generate revenue through hold, or gross winnings, as customers play against the house. For our poker game offerings, like land-based card rooms that are typically incorporated in land-based casinos, we are generally not exposed to the risks of game play or the outcome of the game as players are not playing against the house but are instead playing against each other on a peer-to-peer basis. We generate revenue through rake, or a small commission taken from the total wagers placed on the hand, which is generally subject to a cap, and through tournament entry fees. Like bricks-and-mortar casinos, there is volatility with online casino, but as the number of bets placed increases, the revenue retained from bets placed becomes easier to predict. Our experience has been that online casino revenue is less volatile than sports betting revenue.

Our online casino offering consists of