Rush Street Interactive, Inc. (RSI), a leading online gaming and entertainment company, reported total revenue of $1.134 billion for the year ended December 31, 2025, a 23% increase compared to $924.1 million in 2024. This growth was primarily driven by continued expansion in existing markets and entry into new markets, such as Peru. Online casino and sports betting revenue increased by $210.4 million, while social gaming revenue rose by $0.3 million, partially offset by a $0.4 million decrease in retail sports betting revenue.
The company's costs of revenue also increased by 23%, reaching $741.7 million in 2025, up from $602.0 million in the previous year. This increase was directly correlated with the company's expansion and revenue growth. Sales and marketing expenses saw a modest increase of 4%, totaling $164.7 million in 2025, compared to $158.6 million in 2024. General and administrative expenses decreased by 5% to $100.7 million, while depreciation and amortization expenses increased by 24% to $40.0 million. RSI reported net income of $74.0 million for 2025, a significant improvement compared to the $7.2 million net income in 2024.
A notable factor impacting RSI's financial results was a $107.0 million increase in the change in tax receivable agreement (TRA) liability, reaching $107.8 million in 2025. This increase was associated with the initial recognition of a TRA liability upon realization of future tax benefits associated with the TRA. Interest income, net, increased by 24% to $9.3 million, attributed to higher cash balances in interest-bearing accounts. The company also reported an income tax benefit of $85.1 million for 2025, compared to an income tax expense of $24.6 million in 2024, primarily due to the release of a valuation allowance. Adjusted EBITDA increased from $92.5 million in 2024 to $153.7 million in 2025.
Operationally, RSI continues to focus on expanding its market presence and enhancing its platform. The company is prepared to enter the regulated online casino and sports betting market in Alberta, Canada, once that market goes live. RSI also intends to continue investing in its offerings, including the introduction of its online poker offering, and in its personnel to broaden product development capabilities and innovation. As of February 17, 2026, RSI had a global workforce of approximately 912 employees and contractors, with approximately 35% of its people working in technical roles. The company's strategy includes seeking strategic transactions such as acquisitions and partnerships to accelerate technology plans, obtain exclusive content, expand customer reach, or add efficiencies.
About Rush Street Interactive, Inc.
Rush Street Interactive is a leading online gaming company specializing in real-money casino and sports betting across the U.S., Canada, and Latin America. It offers proprietary platforms, innovative products, and a diverse portfolio of online and retail services. The company targets a broad demographic, leveraging strategic market entry, brand differentiation, and customer engagement to compete in a rapidly growing, regulated global industry.
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