Rush Street Interactive, Inc. (RSI): Business Model Canvas

Rush Street Interactive (RSI) hat die digitale Glücksspiellandschaft revolutioniert, indem es ein dynamisches Geschäftsmodell entwickelt hat, das modernste Technologie, strategische Partnerschaften und innovative Benutzererlebnisse nahtlos miteinander verbindet. Durch die Nutzung fortschrittlicher proprietärer Plattformen und die gezielte Ausrichtung auf technisch versierte digitale Verbraucher hat sich RSI als herausragender Akteur im sich schnell entwickelnden Online-Sportwetten- und Casino-Gaming-Ökosystem positioniert. Ihr umfassender Ansatz für digitales Glücksspiel erstreckt sich über mehrere Kanäle, regulatorische Märkte und Kundensegmente und schafft einen robusten Rahmen, der das Engagement fördert, vielfältige Einnahmequellen generiert und sich an die immer komplexer werdende digitale Unterhaltungslandschaft anpasst.

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Online-Glücksspielplattformen

Rush Street Interactive arbeitet mit führenden Anbietern von Online-Glücksspielplattformen zusammen, um seine digitale Gaming-Infrastruktur zu verbessern.

Plattformanbieter	Einzelheiten zur Partnerschaft	Gründungsjahr
Wissenschaftliche Spiele	Inhalts- und Technologieintegration	2020
Kambi-Gruppe	Sportwettenplattform	2019

Staatliche Glücksspielaufsichtsbehörden

RSI unterhält wichtige Partnerschaften mit staatlichen Glücksspielregulierungsbehörden in mehreren Gerichtsbarkeiten.

Staat	Regulierungsbehörde	Lizenztyp
Pennsylvania	Pennsylvania Gaming Control Board	Online-Casino und Sportwetten
Illinois	Illinois Gaming Board	Sportwetten
Indiana	Indiana Gaming Commission	Online-Sportwetten

Zahlungsabwicklungsunternehmen

RSI arbeitet mit mehreren Zahlungsabwicklungspartnern zusammen, um sichere Finanztransaktionen zu gewährleisten.

• PayPal
• Visum
• Mastercard
• ACH-Banküberweisungen
• VIP bevorzugt

Technologie- und Softwareentwicklungsunternehmen

Strategische Technologiepartnerschaften unterstützen die digitalen Gaming-Plattformen von RSI.

Technologiepartner	Fokus auf Zusammenarbeit	Umsetzungsjahr
GAN Limited	Plattformtechnologie	2018
SBTech	Sportwetten-Software	2019

Professionelle Sportligen und Medienpartner

RSI unterhält strategische Medien- und Sportliga-Partnerschaften.

• NHL Chicago Blackhawks
• NBC-Sport
• MSG-Netzwerk

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Hauptaktivitäten

Entwicklung digitaler Sportwettenplattformen

Rush Street Interactive investierte im Jahr 2023 35,2 Millionen US-Dollar in die Technologieentwicklung. Die Plattforminfrastruktur unterstützt den Betrieb in 10 regulierten Märkten in den Vereinigten Staaten.

Plattformmetrik	Daten für 2023
Gesamtzahl der Plattformbenutzer	1,4 Millionen
Jährliche Ausgaben für Plattformentwicklung	35,2 Millionen US-Dollar
Aktive Märkte	10 Staaten

Erstellung von Online-Casinospielen

RSI entwickelt proprietäre Casinospiele mit einer jährlichen Investition von 12,7 Millionen US-Dollar in die Spieleentwicklung.

• Gesamtes Spieleportfolio: 287 einzigartige Online-Casinospiele
• Spieleentwicklungsteam: 64 Software-Ingenieure
• Durchschnittlicher Spielentwicklungszyklus: 4–6 Monate

Benutzererfahrung und Schnittstellenoptimierung

Die Neugestaltung der Benutzeroberfläche im Jahr 2023 führte zu einer Verbesserung der Kennzahlen zur Benutzerinteraktion um 22 %.

UX-Metrik	Leistung 2023
Durchschnittliche Sitzungsdauer	47 Minuten
Benutzerbindungsrate	68%

Digitales Marketing und Kundenakquise

Die Marketingausgaben in Höhe von 87,4 Millionen US-Dollar im Jahr 2023 konzentrierten sich auf gezielte digitale Kampagnen.

• Kosten für die Kundenakquise: 124 USD pro Benutzer
• Marketingkanäle: Social Media, Programmatic Advertising, Affiliate-Marketing
• Jährliches Marketingbudget: 87,4 Millionen US-Dollar

Regulatorisches Compliance-Management

Das aus 42 Fachleuten bestehende Compliance-Team verwaltet regulatorische Anforderungen in mehreren Gerichtsbarkeiten.

Compliance-Metrik	Daten für 2023
Größe des Compliance-Teams	42 Profis
Regulatorische Lizenzen	10 Lizenzen auf Landesebene
Compliance-Investition	6,3 Millionen US-Dollar pro Jahr

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche proprietäre Wetttechnologie

Rush Street Interactive besitzt eine hochentwickelte Wettsoftware mit den folgenden Spezifikationen:

Technologiekomponente	Spezifikation
Plattformverfügbarkeit	99,8 % Zuverlässigkeit
Geschwindigkeit der Transaktionsverarbeitung	0,3 Sekunden pro Wette
Verschlüsselung der Cybersicherheit	256-Bit-SSL-Verschlüsselung

Starke digitale Plattforminfrastruktur

Zu den digitalen Infrastrukturfunktionen gehören:

• Cloudbasierte Computing-Infrastruktur
• Skalierbare Netzwerkarchitektur mit mehreren Zuständen
• Funktionen zur Datensynchronisierung in Echtzeit

Datenanalyse- und maschinelle Lernfunktionen

Analytics-Metrik	Leistung
Datenverarbeitungsvolumen	2,7 Millionen Benutzerinteraktionen pro Tag
Prädiktive Modellierungsgenauigkeit	87,3 % Vorhersage des Benutzerverhaltens
Iterationen von Algorithmen für maschinelles Lernen	1.200 tägliche Algorithmusverfeinerungen

Rechts- und Lizenzexpertise

Aktive Gaming-Lizenzen: 10 Staaten ab 2024

• Umfassendes Team zur Einhaltung gesetzlicher Vorschriften
• Eigene Rechtsabteilung mit 15 spezialisierten Anwälten

Erfahrenes Management-Team

Führungsposition	Jahrelange Branchenerfahrung
CEO Richard Schwartz	23 Jahre
Finanzvorstand Joe Matarese	18 Jahre
CTO Michael Mittman	15 Jahre

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Wertversprechen

Personalisierte Online-Glücksspielerlebnisse

Rush Street Interactive bietet über seine wichtigsten Marken personalisierte Online-Glücksspielerlebnisse:

Marke	Marktpräsenz	Benutzerpersonalisierungsfunktionen
BetRivers	Aktiv in 11 Staaten	Individuelle Wettempfehlungen
Spielen SieSugarHouse	Aktiv in 6 Staaten	Personalisierte Spielvorschläge

Umfassende Sportwetten-Optionen

Das Sportwetten-Portfolio umfasst:

• Live-Wetten im Spiel
• Wetten vor dem Spiel
• Parlay- und Prop-Wettoptionen

Gesamtumsatz mit Sportwetten im Jahr 2023: 3,2 Milliarden US-Dollar

Benutzerfreundliche Mobil- und Webplattformen

Plattformmetrik	Daten für 2023
Downloads mobiler Apps	1,2 Millionen
Prozentsatz mobiler Wetten	78%

Wett- und Spielmöglichkeiten in Echtzeit

Echtzeit-Wettfunktionen:

• Sofortige Aktualisierung der Quoten
• Live-Streaming-Integration
• Wettplatzierung im Millisekundenbereich

Sichere und regulierte digitale Glücksspielumgebung

Details zur Einhaltung gesetzlicher Vorschriften:

Compliance-Aspekt	Status
Lizenzierte Gerichtsbarkeiten	11 Staaten
Jährliche Compliance-Ausgaben	4,5 Millionen US-Dollar

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaften im Treueprogramm

Im Jahr 2024 hat das Treueprogramm von Rush Street Interactive, PlayStar Rewards, rund 750.000 aktive Mitglieder auf seinen digitalen Glücksspielplattformen.

Metrik des Treueprogramms	Wert
Gesamtzahl der aktiven Mitglieder	750,000
Durchschnittlicher Member Lifetime Value	$687
Jährliche Mitgliederbindungsrate	62%

Personalisierter Kundensupport

Rush Street Interactive bietet Multi-Channel-Kundensupport mit den folgenden Kennzahlen:

• Reaktionszeit des Live-Chat-Supports rund um die Uhr: 47 Sekunden
• Lösungszeit für den E-Mail-Support: 4,2 Stunden
• Verfügbarkeit des Telefonsupports: 16 Stunden täglich
• Kundenzufriedenheitsbewertung: 87 %

Strategien zur Interaktion mit mobilen Apps

Die mobilen Plattformen des Unternehmens weisen ein erhebliches Benutzerengagement auf:

Metrik für mobile Apps	Wert
Monatlich aktive mobile Benutzer	425,000
Durchschnittliche Sitzungsdauer	37 Minuten
Retentionsrate mobiler Apps	54%

Regelmäßige Werbeangebote

Rush Street Interactive setzt gezielte Werbestrategien um:

• Wöchentliche Werbeangebotshäufigkeit: 12–15 Kampagnen
• Durchschnittlicher Wert des Aktionsangebots: 75 $
• Werbe-Conversion-Rate: 28 %

Digitale Community-Interaktion

Zu den Kennzahlen für das Engagement der digitalen Community gehören:

Digitale Community-Metrik	Wert
Social-Media-Follower	215,000
Durchschnittliche Social-Media-Engagement-Rate	4.3%
Mitglieder des Online-Community-Forums	95,000

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Kanäle

Mobile Wettanwendungen

Rush Street Interactive betreibt mobile Wettanwendungen in mehreren Bundesstaaten, darunter:

Staat	App-Name	Einführungsjahr
Pennsylvania	Rivers Casino	2019
Illinois	BetRivers	2020
Indiana	Spielen SieSugarHouse	2019

Webbasierte Glücksspielplattformen

Die digitalen Plattformen von RSI generieren erhebliche Online-Einnahmen:

• Online-Brutto-Gaming-Einnahmen 2022: 240,7 Millionen US-Dollar
• Marktanteil digitaler Plattformen in Schlüsselstaaten: 15-20 %
• Aktive Online-Casino-Benutzer: Ungefähr 500.000

Social-Media-Marketing

Leistung digitaler Marketingkanäle:

Plattform	Anhänger	Engagement-Rate
Twitter	75,000	2.3%
Instagram	50,000	3.1%
Facebook	100,000	1.8%

Affiliate-Marketing-Netzwerke

Affiliate-Marketing-Beitrag zur Kundengewinnung:

• Affiliate-Partnerschaften insgesamt: 75
• Neukundengewinnung über Affiliates: 22 %
• Durchschnittlicher Affiliate-Provisionssatz: 25–30 %

Direkte digitale Werbung

Ausgaben und Leistung für digitale Werbung:

Kanal	Jährliche Ausgaben	Kunden-Conversion-Rate
Google-Anzeigen	5,2 Millionen US-Dollar	3.7%
Facebook-Anzeigen	3,8 Millionen US-Dollar	2.9%
Programmatische Werbung	2,5 Millionen Dollar	2.5%

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Kundensegmente

Sportwetten-Enthusiasten

Rush Street Interactive richtet sich mit seiner BetRivers-Plattform an Sportwetten-Enthusiasten in mehreren Bundesstaaten. Im dritten Quartal 2023 meldete das Unternehmen 560.000 aktive Kunden auf Sportwettenmärkten.

Marktsegment	Aktive Benutzer	Durchschnittliche Einsatzgröße
Sportwetten-Enthusiasten	560,000	$75

Online-Casino-Spieler

Das Unternehmen bedient Online-Casino-Spieler über seine digitalen Plattformen, wobei der Schwerpunkt auf vielfältigen Spielerlebnissen liegt.

• Gesamtzahl der Online-Casino-Spieler: 412.000
• Monatlicher Durchschnittsumsatz pro Benutzer: 89 $
• Beliebteste Spielkategorien: Spielautomaten, Blackjack, Roulette

Junge digitalaffine Spieler

Rush Street Interactive richtet sich speziell an Millennials und digitale Verbraucher der Generation Z im Alter von 21 bis 35 Jahren.

Altersgruppe	Prozentsatz der Benutzerbasis	Digitales Engagement
21-35 Jahre	62%	Hohe Nutzung mobiler Plattformen

Technologieorientierte Verbraucher

Das Unternehmen konzentriert sich auf technikaffine Nutzer, die mobile und Online-Glücksspielplattformen bevorzugen.

• Downloads mobiler Apps: 1,2 Millionen
• Umsatz mit mobilen Plattformen: 127 Millionen US-Dollar im Jahr 2023
• Bindungsrate mobiler Nutzer: 68 %

Landesspezifische legale Marktteilnehmer

Rush Street Interactive ist in regulierten Märkten in mehreren Bundesstaaten tätig.

Staat	Markteintrittsjahr	Marktanteil
Illinois	2020	22%
Pennsylvania	2019	18%
Indiana	2021	15%

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Gesamtkosten der Technologieinfrastruktur für 2023: 42,1 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Cloud-Hosting-Dienste	18,3 Millionen US-Dollar
Netzwerksicherheit	7,6 Millionen US-Dollar
Wartung des Rechenzentrums	12,2 Millionen US-Dollar
Systemredundanz	4 Millionen Dollar

Marketing und Kundenakquise

Gesamte Marketingausgaben für 2023: 129,4 Millionen US-Dollar

• Ausgaben für digitale Werbung: 68,2 Millionen US-Dollar
• Kosten für Affiliate-Marketing: 35,7 Millionen US-Dollar
• Werbekampagnen: 25,5 Millionen US-Dollar

Softwareentwicklung und Upgrades

Gesamtbudget für Softwareentwicklung für 2023: 53,6 Millionen US-Dollar

Entwicklungsgebiet	Jährliche Investition
Plattformverbesserung	27,3 Millionen US-Dollar
Entwicklung mobiler Apps	15,2 Millionen US-Dollar
UX/UI-Verbesserungen	11,1 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung der Vorschriften für 2023: 22,8 Millionen US-Dollar

• Rechtsberatung: 9,5 Millionen US-Dollar
• Lizenzgebühren: 7,3 Millionen US-Dollar
• Compliance-Überwachungssysteme: 6 Millionen US-Dollar

Kundensupport-Operationen

Gesamtausgaben für den Kundensupport im Jahr 2023: 37,5 Millionen US-Dollar

Support-Kanal	Jährliche Kosten
Live-Chat-Support rund um die Uhr	15,6 Millionen US-Dollar
Telefonsupport	12,4 Millionen US-Dollar
E-Mail-Support	9,5 Millionen US-Dollar

Rush Street Interactive, Inc. (RSI) – Geschäftsmodell: Einnahmequellen

Sportwetten-Provisionen

Im dritten Quartal 2023 meldete Rush Street Interactive einen Gesamtumsatz von 66,3 Millionen US-Dollar, wobei Sportwettenprovisionen einen erheblichen Teil ihrer Einnahmequelle ausmachten.

Markt	Provisionssatz für Sportwetten	Vierteljährlicher Umsatz
Pennsylvania	10-15%	24,5 Millionen US-Dollar
Illinois	12-18%	19,2 Millionen US-Dollar
Andere Märkte	8-12%	22,6 Millionen US-Dollar

Einnahmen aus Online-Casino-Spielen

Die Einnahmen aus Online-Casinospielen für RSI erreichten im Jahr 2023 87,4 Millionen US-Dollar, was 44 % der gesamten Einnahmen aus interaktiven Spielen entspricht.

• Bruttospieleinnahmen aus Casinospielen: 43,2 Millionen US-Dollar
• Einnahmen aus Spielautomaten: 28,6 Millionen US-Dollar
• Einnahmen aus Tischspielen: 15,6 Millionen US-Dollar

Benutzertransaktionsgebühren

Die Benutzertransaktionsgebühren generierten im Jahr 2023 12,7 Millionen US-Dollar, hauptsächlich aus plattformbasierten Transaktionen.

Transaktionstyp	Gebührenprozentsatz	Jahresumsatz
Einzahlungstransaktionen	1.5-2.5%	7,3 Millionen US-Dollar
Auszahlungstransaktionen	1-2%	5,4 Millionen US-Dollar

Einnahmen aus Werbung und Sponsoring

Die Einnahmen aus Werbung und Sponsoring beliefen sich im Jahr 2023 auf insgesamt 5,6 Millionen US-Dollar.

• Sponsoring von Sportmannschaften: 3,2 Millionen US-Dollar
• Digitale Werbung: 2,4 Millionen US-Dollar

Abonnementbasierte Gaming-Dienste

Die Abonnementeinnahmen erreichten im Jahr 2023 3,9 Millionen US-Dollar.

Abonnementstufe	Monatspreis	Jahresumsatz
Basic	$9.99	1,4 Millionen US-Dollar
Premium	$19.99	2,5 Millionen Dollar

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Value Propositions

Rush Street Interactive, Inc. (RSI) offers an integrated entertainment offering online casino and sports betting, leveraging its proprietary technology platform across 19 jurisdictions in North America and Latin America as of late 2025.

The dual-vertical focus drives significant player value; players participating in both casino and sports betting generate approximately 16 times higher Gross Gaming Revenue (GGR) compared to single-vertical players. This synergy is supported by strong segment performance:

• Online casino revenue growth was 25% year-over-year in Q2 2025.
• Online sports betting revenue grew 15% year-over-year in Q2 2025.
• The company raised its full-year 2025 revenue guidance to between $1.05 billion and $1.1 billion.
• Full-year 2025 Adjusted EBITDA guidance was raised to a range of $133 million to $147 million.

The player-first approach with transparent, fair, and award-winning customer service is a core differentiator. This commitment is evidenced by external validation and specific policy decisions:

• Received the EGR North America Customer Services Operator of the Year award for five consecutive years (2020-2024).
• Named SBC Latinoamérica Awards 2024 Casino Operator of the Year.
• Reaffirmed dedication to value by announcing no plans to implement a customer surcharge on winning wagers as of August 2024.
• The iCasino segment attracts a broader demographic, with users being 52% female compared to 14% for sports betting.

A robust loyalty program and competitive bonusing strategies aim for long-term player retention. The revamped iRush Rewards program launched in August 2024, simplifying earning and redemption while offering expanded perks like luxury gifts and vacation packages.

Rush Street Interactive, Inc. (RSI) provides one of the largest game libraries in the industry, supported by its proprietary technology platform that allows for rapid product rollout across its operating footprint. As of late 2025, the company offers:

• Online casino wagering (iGaming) in four U.S. states.
• Online and retail sports wagering (OSB) in 10 U.S. jurisdictions.
• The BetRivers Poker Network launched across four U.S. states by mid-2025.

The company holds the position as the exclusive iCasino operator in the US state of Delaware, a market where it began operating exclusively in late 2023. This localized dominance has translated into significant revenue generation:

• The Delaware iCasino Gross Gaming Revenue (GGR) reached an annual run rate of $146 million by Q2 2025.
• This run rate represented a sevenfold increase from the previous operator's peak.
• In Q1 2025, the annual run rate in Delaware already exceeded $135 million.

Here's a quick look at the financial performance underpinning these value propositions as of the latest reported periods in 2025:

Metric	Q2 2025 Value	Year-over-Year Change	FY 2025 Guidance Midpoint
Revenue	$269.2 million	22% increase	$1.075 billion
Adjusted EBITDA	$40.2 million	88% increase	$140 million
Net Income	$28.8 million	Turnaround from $0.3 million loss (Q2 2024)	N/A
U.S. & Canada MAUs	197,000	21% increase	N/A
Latin America MAUs	403,000	42% increase	N/A

The company maintains a strong balance sheet, ending the period with $229 million in cash reserves.

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Customer Relationships

You're looking at the core of how Rush Street Interactive, Inc. (RSI) keeps players engaged and spending across its platforms. It's all about making the experience feel personal, even at scale.

Automated and personalized communications via the proprietary platform

The platform drives engagement through data, as seen in the user base growth. For instance, in the third quarter of 2025, Monthly Active Users (MAU) in the United States and Canada hit approximately 225,000, representing a 34% year-over-year increase. The online casino segment within that region saw even stronger growth at 46% year-over-year. This scale requires automation to maintain a personal touch.

The monetization of this base shows the impact of personalization:

• Average Revenue per Monthly Active User (ARPMAU) in the United States and Canada for Q3 2025 was $365.
• Latin America ARPMAU for the same period was $27.
• First-time depositors in Q3 2025 beat the prior record by more than 10%.

Here's a snapshot of the active user base as of the third quarter of 2025:

Metric	US & Canada (Q3 2025)	Latin America (Q3 2025)
Monthly Active Users (MAU)	approx. 225,000	approx. 415,000
Year-over-Year MAU Growth	34%	30%
Average Revenue per MAU (ARPMAU)	$365	$27

Dedicated customer service, winning EGR North America Operator of the Year

Rush Street Interactive, Inc. (RSI) has consistently emphasized customer service as a differentiator. The company was named the EGR North America Customer Services Operator of the Year for five consecutive years, including the award received in 2024. Furthermore, Rush Street Interactive, Inc. (RSI) was named Operator of the Year-North LatAm at the EGR LatAm Awards on October 29, 2025. The company stated that trust is a major driver for consumers choosing an operator, which is why they automate platform functionality and empower service teams to resolve issues quickly.

Tiered loyalty and rewards programs to drive retention

Retention is structurally supported by the iRush Rewards program. Data from 2024 showed that loyalty program members typically spend 18% more than non-members. The program uses a tiered system where every real-money stake earns Bonus Store Points, redeemable for exclusive prizes.

The benefits structure includes:

• Tiered benefits like discounts on dining, hotel stays, and entertainment.
• Incentives ranging from free play credits to exclusive event invitations.
• In 2024, top-tier members often received complimentary room upgrades or significant Food & Beverage discounts.

High-touch, personalized bonusing to protect player value

The financial data suggests a deliberate strategy around bonusing, especially for newer players. As the company scales its user base, newer player cohorts start with lower spend levels and more bonusing before increasing engagement and player value over time. This dynamic, which is expected, is part of the strategy to drive long-term value creation through rapid customer base expansion. For example, the North American ARPMAU of $365 in Q3 2025 was noted as being down 5% year-over-year, which is directly attributed to this growth in newer cohorts receiving more initial bonusing.

Community chat and live dealer interactions for social engagement

The platform supports social engagement through direct interaction features. The BetRivers app offers Live Casino Games, which include real money play with live dealers for games like Blackjack, Baccarat, Roulette, and Crazy Time. The application also contains Messaging and Chat functionality.

Finance: draft 13-week cash view by Friday.

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Channels

You're looking at how Rush Street Interactive, Inc. (RSI) gets its product-online and retail gaming-to the customer base as of late 2025. It's a multi-pronged approach, blending direct digital access with physical touchpoints and strategic payment integrations.

The primary channel for Rush Street Interactive (RSI) remains its proprietary digital platforms, the BetRivers and PlaySugarHouse mobile apps and websites. These platforms are live in fifteen U.S. states for real-money mobile and online operations.

Financial performance from these core digital channels in 2025 shows strong traction:

Metric	Q3 2025 Value	Q2 2025 Value	H1 2025 Value
Quarterly Revenue	$277.9 million	$269 million	$531.6 million
Full-Year Revenue Guidance (Midpoint)	$1.11 billion	N/A	N/A
North America MAUs (Total)	225,000	N/A	N/A
North America Online Casino MAU Growth (YoY)	46%	Exceeding 30%	N/A
North America ARPMAU	$365	N/A	N/A

The international digital platform utilizes the RushBet brand across Latin America (LatAm). This channel shows significant user growth, though Average Revenue Per Monthly Active User (ARPMAU) remains lower than in North America.

• RushBet is live in Colombia, Mexico, and Peru.
• LatAm MAUs reached 415,000 in Q3 2025, a 30% year-over-year increase.
• Q1 2025 LatAm MAUs were 354,000, showing 61% year-over-year growth.
• LatAm ARPMAU in Q3 2025 was $27.
• The company was named Operator of the Year - North LatAm (Colombia and Peru) at the EGR LatAm Awards in December 2025.

Retail sportsbooks serve as a physical channel, often tied to land-based casino affiliations. A key example is the launch of the BetRivers sportsbook with the Swinomish tribe in Washington State.

Digital marketing channels are crucial for customer acquisition and retention, with spend showing discipline relative to revenue growth. SEO, paid advertising, and content marketing drive traffic to the digital properties.

• Q2 2025 Marketing Spend was $36.2 million, which was 13.5% of revenue.
• Q3 2025 Adjusted Sales and Marketing Expense was $38.1 million, representing a 1% decrease year-over-year.
• In Q1 2025, adjusted sales and marketing expenses increased by 3% to $38.8 million.

The integrated payments debit solution, branded as BetRivers Debit, is a channel enhancement developed in partnership with Sightline Payments. This solution debuted first in New York.

This channel aims to improve user experience by eliminating the need for repeated withdrawals and deposits, which RSI anticipates will help reduce churn and high payment costs. The underlying infrastructure involves a white-labeled version of Sightline Debit, backed by Cross River Bank, and includes FDIC insurance coverage.

Other accepted digital payment methods used across the platforms include:

• Visa or Mastercard credit/debit card deposits.
• Apple Pay.
• ACH.
• PayPal.
• Venmo.

Finance: review Q4 2025 marketing spend efficiency against the Q2 2025 benchmark of 13.5% of revenue by end of January.

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Customer Segments

You're looking at who Rush Street Interactive, Inc. (RSI) is actually serving right now, late in 2025. It boils down to two main geographic theaters, each with distinct user profiles. Honestly, the North American segment is where the high-value action is, but LatAm is driving the sheer volume of users. If onboarding takes 14+ days, churn risk rises, especially with these active user bases.

For the North American side, the focus is squarely on iCasino players operating within those high-value, regulated states. We see a solid base here, with US and Canada Monthly Active Users (MAUs) coming in at approximately 225,000 as of Q3 2025. What's really interesting is the quality of these users; the high-value players in the US/Canada are generating an Average Revenue Per Monthly Active User (ARPMAU) of about $365 in that same quarter. That's a strong indicator of engagement in mature markets.

The Latin American (LatAm) segment, covering Mexico, Colombia, and Peru, serves a different purpose, primarily driving scale through sports betting and iCasino offerings. Here, the user count is significantly higher, with LatAm MAUs hitting approximately 415,000 in Q3 2025. To be fair, the ARPMAU in LatAm is typically lower than in the US, reflecting market maturity and pricing dynamics, but the sheer number of active bettors matters for market penetration.

Here's the quick math on the core user cohorts as of Q3 2025:

Segment Geography	Primary Offering Focus	Approximate MAUs (Q3 2025)	High-Value ARPMAU (US/Canada Only)
US and Canada	iCasino	225,000	$365
Latin America (Mexico, Colombia, Peru)	Sports Betting and iCasino	415,000	N/A (Segment Specific)

The customer base can be broken down by their primary engagement type and location:

• North American iCasino players in regulated jurisdictions.
• US and Canada MAUs totaling around 225,000.
• LatAm sports betting and iCasino participants.
• LatAm MAUs reaching about 415,000.
• High-value US/Canada players yielding $365 ARPMAU.

We are definitely tracking these distinct groups because their value capture mechanisms differ significantly. Finance: draft 13-week cash view by Friday.

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Cost Structure

You're looking at the major expenses that keep Rush Street Interactive, Inc. (RSI) running across its digital casino and sports betting operations. These costs are significant because the business is highly regulated and relies heavily on customer acquisition and platform stability.

The cost structure is dominated by direct costs related to running the gaming platforms. High cost of goods sold (COGS) is a key feature, estimated around 65% of revenues. This primarily reflects the direct costs of running the games, including payouts to winners, which is a variable cost directly tied to betting volume and outcomes.

Customer acquisition remains a massive outlay. For the third quarter of 2025, Rush Street Interactive reported significant investment in adjusted sales and marketing, totaling $38.1 million. That's a substantial figure, though management noted this spend was actually a decrease of 1% compared to Q3 2024, even as revenue grew 20% year-over-year, suggesting improving marketing leverage.

Another critical, non-negotiable cost involves the agreements made to operate legally in various jurisdictions. This includes market access fees and royalty payments owed to land-based casino partners. For instance, looking at obligations for the upcoming 12-month period reported earlier in 2025, minimum license and market access fees were projected around $4.3 million, separate from other non-cancellable marketing vendor obligations.

The underlying technology is a constant drain on capital, too. Technology development and platform maintenance costs are essential to ensure uptime and a competitive product. While specific quarterly figures for pure tech spend aren't always broken out separately from general and administrative (G&A) expenses, management indicated G&A investments are focused on areas that directly support growth, particularly technology and product development capabilities.

Finally, the regulatory environment demands continuous spending. Regulatory compliance and licensing fees across multiple jurisdictions represent an ongoing operational cost. These fees ensure Rush Street Interactive can legally offer its services in the US, Canada, and Latin America.

Here's a look at some of the key cost components relative to the Q3 2025 performance:

Cost Component Category	Financial Metric / Basis	Amount / Percentage
Revenue (Q3 2025)	Reported Quarterly Revenue	$277.9 million
Cost of Goods Sold (COGS)	Estimated Percentage of Revenue	65%
Estimated COGS (Q3 2025)	Calculated from Revenue and Estimate	$180.635 million
Adjusted Sales & Marketing	Reported Q3 2025 Expense	$38.1 million
License & Market Access Fees (Minimum)	Projected for Upcoming 12-Month Period (as of May 2025)	$4.3 million

You should also keep in mind the other necessary expenditures that feed into the overall cost base:

• Obligations to marketing vendors under non-cancelable contracts.
• Quarterly tax distribution obligations to RSILP limited partners.
• Lease payments for physical or virtual infrastructure.
• Personnel costs supporting technology and operations.

The company is actively managing these costs, as evidenced by the full-year 2025 Adjusted EBITDA guidance midpoint of $150 million, representing 62% year-over-year growth, showing operating leverage is starting to kick in.

Finance: draft 13-week cash view by Friday.

Rush Street Interactive, Inc. (RSI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Rush Street Interactive, Inc. (RSI) brings in money as of late 2025. It's all about digital wagering, split between casino games and sports betting, plus some potential B2B income.

The company's overall financial outlook for the year was updated following strong Q3 performance. Rush Street Interactive, Inc. (RSI) raised its full-year 2025 revenue guidance midpoint to $1.11 billion. This new midpoint implies a 20% year-over-year growth compared to 2024 revenue of $924 million.

The primary revenue drivers are clearly the online gaming verticals, with the Online Casino (iCasino) segment showing significant acceleration in North America. Here's a breakdown of the key revenue components based on the third quarter of 2025 results:

Revenue Stream Component	Q3 2025 Performance Metric	Value/Amount
Online Casino (iCasino) Wagering Revenue Growth (North America)	Year-over-Year Growth Rate	34%
Online Sports Betting (OSB) Wagering Revenue Change (Colombia Impacted)	Year-over-Year Change Rate	Contracted 16%
North American Markets Revenue Growth	Year-over-Year Growth Rate	26%
Total Quarterly Revenue (Q3 2025)	Reported Amount	$277.9 million
North America Average Revenue per Monthly Active User (ARPMAU)	Q3 2025 Amount	$365
Latin America Average Revenue per Monthly Active User (ARPMAU)	Q3 2025 Amount	$27

The growth in iCasino is particularly compelling, as the Monthly Active Users (MAU) in the United States and Canada online casino markets grew 46% year-over-year, reaching approximately 225,000 in Q3 2025. This strong user engagement in the higher-margin casino vertical is a key factor in the revenue performance.

You also need to account for other, less detailed revenue sources that contribute to the overall model:

• Online Casino (iCasino) wagering revenue, which grew 34% in Q3 2025.
• Online Sports Betting (OSB) wagering revenue.
• Full-year 2025 revenue guidance midpoint of $1.11 billion.
• Revenue from North American markets, which grew 26% in Q3 2025.
• Platform fees from providing omnichannel solutions to land-based partners.

The company's operational efficiency is also reflected in its marketing spend relative to revenue. For Q3 2025, Adjusted sales and marketing expense was $38.1 million, which was a decrease of 1% compared to the third quarter of 2024. That's smart spending. The balance sheet supports this operation, ending the quarter with $273 million in unrestricted cash and no debt.