RSI reports $262.4m of revenue for Q1 2025, net income of $11.2m

Rush Street Interactive (RSI) has published the figures behind its Q1 2025 performance, including a 21% increase from the prior year period in total revenue to $262.4m and a net income of $11.2m throughout the period. 

The operator also reported a quarterly record in adjusted EBITDA for the first quarter of 2025 with a total of $33.2m, nearly doubling the amount generated during Q1 2024 and growing by 95% year-over-year. The $11.2m Q1 2025 net income figure represents growth of approximately $13m from a $2.2m net loss produced throughout the first quarter of 2024. 

“We have started 2025 with strong momentum, building on our success from recent years. Our first quarter revenue increased by 21% year-over-year to $262m, and our adjusted EBITDA reached a record $33m, nearly double that of Q1 2024,” RSI CEO Richard Schwartz said. 

“These strong results are driven by our commitment to innovation and enhancing the quality of our player experience, alongside efficient acquisition and retention of high-value players. The consistency and durability of our business, particularly in online casino, is reflected in our execution and performance and is the foundation of the optimism we have for sustaining our momentum going forward.”

RSI reportedly expects revenue for the full year ending December 31, 2025 to fall between $1.01-$1.08bn, reiterating the midpoint of the prior guidance, while adjusted EBITDA is estimated to generate between $115-$135m. At the midpoint of the range, revenue of $1.045bn represents 13% year-over-year growth when compared to the $924m of revenue generated throughout 2024.

Good to know: Churchill Downs Incorporated reported its financial results throughout the first quarter of 2025 on April 23, including a record net revenue of $642.6m despite the company’s net income having decreased by 5% year-over-year

The increases in revenue, net income and adjusted EBITDA for the first quarter of 2025 were generated in spite of 14.8% year-over-year growth in operating expenses for RSI, resulting in a total of $247.8m. Costs of revenue accounted for nearly $170.9m of operating expenses for Q1 2025, while sales & marketing and general & administrative generated expenses of $42.1m and $25.3m, respectively. 

RSI’s income from operations for the first quarter of 2025 were reported to be just under $14.6m, equating to a significant increase of over 851.5% from the prior year period. Following the release of RSI’s Q1 2025 financial results, the company’s stock price closed at $12.13 per share, falling by 1.86% after opening April 30 at $12.28 per share. 

Kirk Geller

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.