Rush Street Interactive CEO Richard Schwartz is bullish on the future following another strong quarter for the Chicago-based online casino and sportsbook.
Key Takeaways
- Q4 2025 revenues of $324.9 million set another quarterly record.
- North American online casino monthly average users (MAU) increased 51% compared to Q4 2024.
- Rush Street is still cautiously monitoring the prediction market landscape.
On Feb. 4, Schwartz sold $4.4 million of company stock, but Rush Street’s Q4 earnings report should alleviate any nervousness among investors.
Rush Street announced on Tuesday that its Q4 revenues came in at $324.9 million, up 28% year over year and setting a new quarterly record. It also marked the 11th consecutive quarter of sequential revenue growth. While earnings came in lighter than analysts’ expectations, they increased 150% over the same quarter a year earlier. Meanwhile, the company’s continued focus on high-margin markets and disciplined cost controls produced gross margins of 34.4%.
Total monthly active users in the U.S. and Canada were up 51% year over year in online casino.
Rush Street’s CEO was understandably pleased.
“As I reflect on our performance in 2025, this has been a record year, hitting new highs across virtually every metric, Schwartz said. “In 2025, without the benefit of any new markets, we achieved record revenue of $1.13 billion, representing 23% year-over-year growth and exceeding the high end of our raised guidance range.”
Phil Hellmuth, affectionately known as the “Poker Brat” and winner of a record 17 World Series of Poker bracelets, weighed in on Rush Street’s solid report. Granted, Hellmuth is one of Rush Street’s brand ambassadors.
Monster day for $rsi @BetRivers!!
— phil_hellmuth (@phil_hellmuth) February 18, 2026
[This is not investment advice, I own a ton of Rush Street Interactive stock]
Congrats to the rsi team and CEO/ Co-Founder Richard Schwartz on another stellar quarter and a great 2025!
From today’s earnings report:
2026 Outlook and Guidance… pic.twitter.com/uqv1enPfKq
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Monitoring prediction markets
Schwartz made it clear during Q3 that the company would not be an early adopter of the financial contract-based model, but he was predictably asked about prediction markets during the conference call.
He said Rush Street continues to monitor the terrain and prides itself on being “nimble,” but the company still has obvious reservations given the current legal landscape.
“When you’re betting on the underlying event, the underlying event is a game being played for stakes. I think it’s harder to justify that as being the type of market that’s regulated there,” Schwartz said.
“So having said that, you know, I think obviously a lot of courts are going back and forth. You’ll continue to see that. I saw the Ninth Circuit came out with a ruling earlier this afternoon. And so we’re gonna kind of continue monitoring the stakeholders’ views, including regulators, legislators, and anyone else involved here to kind of make sure that we’re on top of the opportunities, but I certainly that that there’s a lot more to come in this area.”
Alberta on deck
Schwartz was also asked about the timing of Rush Street’s upcoming launch in Alberta.
Earlier this month, BetRivers opened preregistration, giving Alberta players the opportunity to sign up for early access and an exclusive offer ahead of the province's anticipated regulated iGaming market launch.
The preregistration launch coincided with BetRivers' sponsorship of CBC/Radio-Canada's broadcast of the 2026 Winter Games. This is the third Olympic Games in which BetRivers has collaborated with CBC, Canada's Olympics rights holder.
Schwartz said regulators were “moving at a very determined pace” and felt that “a Q2 opportunity is within the possibility towards the end of the quarter.”
