Rush Street Interactive, Inc. (RSI): Business Model Canvas [Jan-2025 Mis à jour]

Rush Street Interactive (RSI) a révolutionné le paysage des jeux numériques en fabriquant un modèle commercial dynamique qui mélange de manière transparente la technologie de pointe, des partenariats stratégiques et des expériences utilisateur innovantes. En tirant parti des plates-formes propriétaires avancées et en ciblant les consommateurs numériques avertis, RSI s'est positionné comme un acteur formidable dans l'écosystème de paris sportifs en ligne et de jeu de casino en évolution rapide. Leur approche complète du jeu numérique couvre plusieurs canaux, marchés réglementaires et segments de clients, créant un cadre robuste qui stimule l'engagement, génère divers sources de revenus et s'adapte au paysage de divertissement numérique de plus en plus complexe.

Rush Street Interactive, Inc. (RSI) - Modèle commercial: partenariats clés

Fournisseurs de plate-forme de jeu en ligne

Rush Street Interactive s'associe aux principaux fournisseurs de plateformes de jeu en ligne pour améliorer son infrastructure de jeux numériques.

Fournisseur de plate-forme	Détails du partenariat	Année établie
Jeux scientifiques	Contenu et intégration technologique	2020
Groupe kambi	Plateforme de paris sportifs	2019

Organes de réglementation des jeux d'État

RSI maintient des partenariats critiques avec les régulateurs des jeux d'État dans plusieurs juridictions.

État	Corps réglementaire	Type de licence
Pennsylvanie	PENNSYLVANIE Paming Control Board	Casino en ligne et paris sportifs
Illinois	Board de jeu de l'Illinois	Paris sportifs
Indiana	Commission de jeu de l'Indiana	Paris sportifs en ligne

Sociétés de traitement des paiements

RSI collabore avec plusieurs partenaires de traitement des paiements pour assurer des transactions financières sécurisées.

• Paypal
• Visa
• MasterCard
• Transferts de banque ACH
• VIP Préféré

Entreprises de développement de technologies et de logiciels

Les partenariats technologiques stratégiques prennent en charge les plates-formes de jeu numériques de RSI.

Partenaire technologique	Focus de la collaboration	Année de mise en œuvre
Gan Limited	Technologie de plate-forme	2018
Sbtech	Logiciel de paris sportifs	2019

Ligues sportives professionnelles et partenaires médiatiques

RSI maintient les partenariats stratégiques des médias et des ligues sportives.

• NHL Chicago Blackhawks
• NBC Sports
• Réseau MSG

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: Activités clés

Développement de la plate-forme de paris sportifs numériques

Rush Street Interactive a investi 35,2 millions de dollars dans le développement de la technologie en 2023. Infrastructure de plateforme soutient les opérations sur 10 marchés réglementés aux États-Unis.

Métrique de la plate-forme	2023 données
Total des utilisateurs de la plate-forme	1,4 million
Dépenses de développement de la plate-forme annuelle	35,2 millions de dollars
Marchés actifs	10 États

Création de jeux de casino en ligne

RSI développe des jeux de casino propriétaires avec un investissement annuel de 12,7 millions de dollars dans le développement de jeux.

• Portefeuille de jeux total: 287 jeux de casino en ligne uniques
• Équipe de développement de jeux: 64 ingénieurs logiciels
• Cycle de développement du jeu moyen: 4-6 mois

Expérience utilisateur et optimisation d'interface

La refonte de l'interface utilisateur en 2023 a entraîné une amélioration des mesures d'engagement des utilisateurs améliorées.

Métrique UX	Performance de 2023
Durée moyenne de la session	47 minutes
Taux de rétention des utilisateurs	68%

Marketing numérique et acquisition de clients

Les dépenses de marketing de 87,4 millions de dollars en 2023 se sont concentrées sur des campagnes numériques ciblées.

• Coût d'acquisition du client: 124 $ par utilisateur
• Canaux de marketing: médias sociaux, publicité programmatique, marketing d'affiliation
• Budget marketing annuel: 87,4 millions de dollars

Gestion de la conformité réglementaire

L'équipe de conformité de 42 professionnels gère les exigences réglementaires dans plusieurs juridictions.

Métrique de conformité	2023 données
Taille de l'équipe de conformité	42 professionnels
Licences réglementaires	10 licences au niveau de l'État
Investissement de conformité	6,3 millions de dollars par an

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: Ressources clés

Technologie avancée de paris propriétaires

Rush Street Interactive possède un logiciel de paris sophistiqué avec les spécifications suivantes:

Composant technologique	Spécification
Time de disponibilité de la plate-forme	Fiabilité de 99,8%
Vitesse de traitement des transactions	0,3 seconde par pari
Cryptage de cybersécurité	Cryptage SSL 256 bits

Forte infrastructure de plate-forme numérique

Les capacités d'infrastructure numérique comprennent:

• Infrastructure informatique basée sur le cloud
• Architecture de réseau évolutive multi-États
• Capacités de synchronisation des données en temps réel

Analyse des données et capacités d'apprentissage automatique

Métrique analytique	Performance
Volume de traitement des données	2,7 millions d'interactions utilisateur par jour
Précision de modélisation prédictive	87,3% de prédiction du comportement des utilisateurs
Itérations de l'algorithme d'apprentissage automatique	1 200 raffinements quotidiens d'algorithme

Expertise juridique et de licence

Licences de jeu actives: 10 États à partir de 2024

• Équipe de conformité réglementaire complète
• Département juridique interne avec 15 avocats spécialisés

Équipe de gestion expérimentée

Poste de direction	Années d'expérience dans l'industrie
PDG Richard Schwartz	23 ans
CFO Joe Matarese	18 ans
CTO Michael Mittman	15 ans

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: propositions de valeur

Expériences de jeu en ligne personnalisées

Rush Street Interactive propose des expériences de jeu en ligne personnalisées grâce à ses marques clés:

Marque	Présence du marché	Caractéristiques de personnalisation de l'utilisateur
Tracteurs	Actif dans 11 États	Recommandations de paris personnalisés
Playsugarhouse	Actif dans 6 États	Suggestions de jeux personnalisés

Options complètes de paris sportifs

Le portefeuille de paris sportifs comprend:

• Paries en direct dans le jeu
• Paris d'avant-match
• Options de pari et de pari de propagation

Poignée totale de paris sportifs en 2023: 3,2 milliards de dollars

Plates-formes mobiles et Web conviviales

Métrique de la plate-forme	2023 données
Téléchargements d'applications mobiles	1,2 million
Pourcentage de paris mobiles	78%

Opportunités de paris et de jeu en temps réel

Caractéristiques de paris en temps réel:

• Mises à jour des cotes instantanées
• Intégration en direct
• Placement de paris millisecondes

Environnement de jeu numérique sécurisé et réglementé

Détails de la conformité réglementaire:

Aspect de la conformité	Statut
Juridictions sous licence	11 États
Dépenses de conformité annuelles	4,5 millions de dollars

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: relations avec les clients

Adhésions au programme de fidélité

En 2024, le programme de fidélité de Rush Street Interactive, Playstar Rewards, compte environ 750 000 membres actifs sur ses plateformes de jeu numériques.

Métrique du programme de fidélité	Valeur
Membres actifs totaux	750,000
Valeur à vie moyenne des membres	$687
Taux de rétention des membres annuels	62%

Support client personnalisé

Rush Street Interactive fournit un support client multicanal avec les mesures suivantes:

• Temps de réponse du support de chat en direct 24/7: 47 secondes
• Temps de résolution du support par e-mail: 4,2 heures
• Disponibilité du support téléphonique: 16 heures par jour
• Évaluation de satisfaction du client: 87%

Stratégies d'engagement des applications mobiles

Les plateformes mobiles de l'entreprise démontrent un engagement important des utilisateurs:

Métrique de l'application mobile	Valeur
Utilisateurs mobiles actifs mensuels	425,000
Durée moyenne de la session	37 minutes
Taux de rétention des applications mobiles	54%

Offres promotionnelles régulières

Rush Street Interactive implémente les stratégies promotionnelles ciblées:

• Fréquence de l'offre promotionnelle hebdomadaire: 12-15 campagnes
• Valeur d'offre promotionnelle moyenne: 75 $
• Taux de conversion promotionnelle: 28%

Interaction communautaire numérique

Les mesures d'engagement de la communauté numérique comprennent:

Métrique de la communauté numérique	Valeur
Abonnés des médias sociaux	215,000
Taux d'engagement moyen des médias sociaux	4.3%
Membres du forum communautaire en ligne	95,000

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: canaux

Applications de paris mobiles

Rush Street Interactive exploite des applications de paris mobiles dans plusieurs États, notamment:

État	Nom de l'application	Année de lancement
Pennsylvanie	Casino Rivers	2019
Illinois	Tracteurs	2020
Indiana	Playsugarhouse	2019

Plateformes de jeu en ligne

Les plates-formes numériques de RSI génèrent des revenus en ligne importants:

• 2022 Revenus de jeux bruts en ligne: 240,7 millions de dollars
• Part de marché de la plate-forme numérique dans les états clés: 15-20%
• Utilisateurs de casino en ligne actifs: environ 500 000

Marketing des médias sociaux

Digital Marketing Channels Performance:

Plate-forme	Abonnés	Taux d'engagement
Gazouillement	75,000	2.3%
Instagram	50,000	3.1%
Facebook	100,000	1.8%

Réseaux de marketing d'affiliation

Contribution de marketing d'affiliation à l'acquisition de clients:

• Partenariats totaux d'affiliation: 75
• Nouvelle acquisition de clients via les affiliés: 22%
• Taux de commission moyenne des affiliés: 25-30%

Publicité numérique directe

Dépenses et performances de la publicité numérique:

Canal	Dépenses annuelles	Taux de conversion des clients
Publicités Google	5,2 millions de dollars	3.7%
Publicités Facebook	3,8 millions de dollars	2.9%
Publicité programmatique	2,5 millions de dollars	2.5%

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: segments de clientèle

Antariens de paris sportifs

Rush Street Interactive cible les amateurs de paris sportifs dans plusieurs États avec sa plate-forme Betrivers. Au troisième trimestre 2023, la société a signalé 560 000 clients actifs sur les marchés des paris sportifs.

Segment de marché	Utilisateurs actifs	Taille de pari moyenne
Antariens de paris sportifs	560,000	$75

Joueurs de jeu de casino en ligne

La société sert des joueurs de jeu de casino en ligne via ses plateformes numériques, en mettant l'accent sur diverses expériences de jeu.

• Players de casino total en ligne: 412 000
• Revenu moyen mensuel par utilisateur: 89 $
• Catégories de jeux les plus populaires: machines à sous, blackjack, roulette

Jeunes joueurs avertis du numérique

Rush Street Interactive cible spécifiquement les milléniaux et les consommateurs numériques de la génération Z âgés de 21 à 35 ans.

Groupe d'âge	Pourcentage de base d'utilisateurs	Engagement numérique
21-35 ans	62%	Utilisation de la plate-forme mobile élevée

Consommateurs axés sur la technologie

La société se concentre sur les utilisateurs avertis en technologie qui préfèrent les plateformes de jeu mobiles et en ligne.

• Téléchargements d'applications mobiles: 1,2 million
• Revenus de plate-forme mobile: 127 millions de dollars en 2023
• Taux de rétention des utilisateurs mobiles: 68%

Participants du marché juridique spécifiques à l'État

Rush Street Interactive opère sur des marchés réglementés dans plusieurs États.

État	Année d'entrée sur le marché	Part de marché
Illinois	2020	22%
Pennsylvanie	2019	18%
Indiana	2021	15%

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Total des coûts d'infrastructure technologique pour 2023: 42,1 millions de dollars

Catégorie de coûts	Dépenses annuelles
Services d'hébergement cloud	18,3 millions de dollars
Sécurité du réseau	7,6 millions de dollars
Maintenance du centre de données	12,2 millions de dollars
Redondance du système	4 millions de dollars

Marketing et acquisition de clients

Total des dépenses de marketing pour 2023: 129,4 millions de dollars

• Dépenses publicitaires numériques: 68,2 millions de dollars
• Coûts de marketing d'affiliation: 35,7 millions de dollars
• Campagnes promotionnelles: 25,5 millions de dollars

Développement de logiciels et mises à niveau

Budget total de développement logiciel pour 2023: 53,6 millions de dollars

Zone de développement	Investissement annuel
Amélioration de la plate-forme	27,3 millions de dollars
Développement d'applications mobiles	15,2 millions de dollars
Améliorations UX / UI	11,1 millions de dollars

Frais de conformité réglementaire

Coût total de conformité pour 2023: 22,8 millions de dollars

• Conseil juridique: 9,5 millions de dollars
• Frais de licence: 7,3 millions de dollars
• Systèmes de surveillance de la conformité: 6 millions de dollars

Opérations de support client

Dépenses totales de support client pour 2023: 37,5 millions de dollars

Canal de support	Coût annuel
Support de chat en direct 24/7	15,6 millions de dollars
Support téléphonique	12,4 millions de dollars
Assistance par e-mail	9,5 millions de dollars

Rush Street Interactive, Inc. (RSI) - Modèle d'entreprise: Strots de revenus

Commissions de paris sportifs

Au troisième trimestre 2023, Rush Street Interactive a déclaré 66,3 millions de dollars de revenus totaux, les commissions de paris sportifs représentant une partie importante de leur flux de revenus.

Marché	Tarif de la Commission des paris sportifs	Revenus trimestriels
Pennsylvanie	10-15%	24,5 millions de dollars
Illinois	12-18%	19,2 millions de dollars
Autres marchés	8-12%	22,6 millions de dollars

Revenus de jeu de casino en ligne

Les revenus de jeu de casino en ligne pour RSI en 2023 ont atteint 87,4 millions de dollars, ce qui représente 44% du total des revenus de jeu interactifs.

• Game de casino Revenus de jeux bruts: 43,2 millions de dollars
• Revenus de machines à sous: 28,6 millions de dollars
• Revenus de jeu de table: 15,6 millions de dollars

Frais de transaction utilisateur

Les frais de transaction utilisateur ont généré 12,7 millions de dollars en 2023, principalement à partir de transactions basées sur la plate-forme.

Type de transaction	Pourcentage de frais	Revenus annuels
Transactions de dépôt	1.5-2.5%	7,3 millions de dollars
Transactions de retrait	1-2%	5,4 millions de dollars

Revenu de la publicité et du parrainage

Les revenus de publicité et de parrainage ont totalisé 5,6 millions de dollars en 2023.

• Sponsorings d'équipe sportive: 3,2 millions de dollars
• Publicité numérique: 2,4 millions de dollars

Services de jeu basés sur l'abonnement

Les revenus d'abonnement ont atteint 3,9 millions de dollars en 2023.

Niveau d'abonnement	Prix ​​mensuel	Revenus annuels
Basic	$9.99	1,4 million de dollars
Prime	$19.99	2,5 millions de dollars

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.