Rush Street Interactive, Inc. (RSI): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a major player in the regulated US online gaming space, trying to see where the real money is being made. Honestly, looking at the numbers for Rush Street Interactive, Inc. as of late 2025, the story is clear: they are laser-focused on driving profitable growth, with iCasino leading the charge. With an unrestricted cash balance of $273 million in Q3 and a revenue guidance midpoint hitting $1.11 billion for the full year, understanding their nine building blocks-from key partnerships with land-based casinos to their 34% jump in iCasino revenue-is defintely the next step for any serious analyst.

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

You're looking at the core relationships Rush Street Interactive, Inc. (RSI) relies on to operate and grow its online and retail gaming presence across the Americas. These aren't just vendor agreements; they are strategic access points and technology enablers. Honestly, the financial structure of these deals, especially the royalty payments, is key to understanding their cost of revenue.

The partnerships are segmented based on their primary function, from securing the right to operate in a state to powering the actual player transactions.

Land-based casinos for market access and retail sportsbook operations.

RSI enters agreements with affiliated land-based casinos to secure the right to operate online gaming, online sports betting, and retail sportsbook services in the states where those casinos operate. The structure generally involves RSI paying a royalty fee, which is calculated as a percentage of RSI's revenue less reimbursable costs, or other defined consideration.

For the three months ended June 30, 2025, net royalties paid to these affiliated casinos totaled $16.0 million. Furthermore, as of June 30, 2025, the amount RSI was due from these affiliated land-based casinos, representing collected gaming revenue less payable consideration, stood at $16.3 million. RSI also provides retail sports services to certain affiliates for a monthly commission based on the casino's retail sportsbook revenue, though this revenue was not material to the condensed consolidated financial statements for the three and six months ended June 30, 2025. An example of a recent market access agreement includes the launch of the BetRivers sportsbook with the Swinomish Indian Tribal Community in Washington State.

B2B gaming content providers, including Inspired Entertainment and Octoplay.

Content partners are crucial for keeping the online casino offering fresh and engaging. RSI expanded its collaboration with Inspired Entertainment in March 2025. This expansion introduced Inspired's iGaming content to new markets, specifically through the RushBet platform in Mexico, Colombia, and Peru, and via the BetRivers platform in Delaware. RSI was already operating in New Jersey, Michigan, and Pennsylvania with Inspired's content prior to this expansion.

Technology and payment solution providers like Sightline Payments.

This partnership focuses on enhancing the player experience and operational efficiency. In September 2025, Rush Street Interactive, Inc. (RSI) debuted the industry's first integrated debit payments solution, BetRivers Debit, in partnership with Sightline Payments. The initial rollout occurred in New York, with plans for expansion to other U.S. jurisdictions. This solution is designed to give customers instant access to their available wagering balance, eliminating the need to repeatedly withdraw and redeposit, which RSI anticipates will help reduce churn and the high payment costs that accompany it.

Kambi for sportsbook technology and trading services.

While Kambi is a known technology partner for sportsbook operations, specific 2025 financial or statistical data regarding the terms or impact of this partnership was not publicly detailed in the latest available reports.

You can see a snapshot of the key partners and the associated hard numbers we have here:

RSI's operational footprint is broad, offering real-money mobile and online operations in fifteen U.S. states, plus international markets like Colombia, Ontario (Canada), Mexico, and Peru.

The company's reliance on these partnerships is clear:

• Market access is secured via royalty-based agreements with land-based entities.
• Content delivery is enhanced through strategic B2B agreements like the one with Inspired.
• Player onboarding and retention are targeted via payment innovations like the Sightline Debit.

The structure with land-based casinos means RSI pays a variable cost of revenue based on performance, which is a common model in the industry. Finance: draft 13-week cash view by Friday.

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

Developing and maintaining the proprietary online gaming platform.

Player acquisition and retention in regulated markets.

• Total Monthly Active Users (MAU) in the United States and Canada were approximately 225,000 as of Q3 2025, up 34% year-over-year.
• MAUs in United States and Canada online casino markets were up 46% year-over-year as of Q3 2025.
• MAUs in Latin America (including Mexico) were approximately 415,000 as of Q3 2025, up 30% year-over-year.
• Average Revenue Per Monthly Active User (ARPMUA) in the U.S. and Canada hit a quarterly high of $391 in Q2 2025.
• Adjusted sales and marketing expense for Q3 2025 was $38.1 million, a decrease of 1% compared to Q3 2024.
• Marketing spend for Q2 2025 was $36.2 million, representing 13.5% of revenue.

Securing and maintaining regulatory licenses across 19 jurisdictions.

Launching new products, like the multi-state BetRivers Poker Network.

• BetRivers Poker Network expanded to include player pools from four states: Pennsylvania, Delaware, Michigan, and West Virginia as of mid-2025.
• RSI is setting sights on a New Jersey launch for BetRivers Poker later in 2025.

Managing risk and odds for online sports betting (OSB) and iCasino.

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

Proprietary technology platform for customization and rapid deployment.

The company owns its core platform, which supports real-time responsible gaming monitoring and advanced Customer Relationship Management (CRM) programs. This in-house technology facilitates seamless integration across online, social, and land-based gaming operations, allowing for continuous innovation. The platform supports multi-vertical integration across casino and sports betting.

Extensive portfolio of regulatory licenses across 15 US states and LatAm.

Rush Street Interactive, Inc. offers real-money mobile and online operations in the following jurisdictions as of late 2025:

• US States: 15 (New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio, and Delaware).
• International Markets: Colombia, Ontario (Canada), Mexico, and Peru.

Unrestricted cash balance of approximately $273 million as of Q3 2025.

The balance sheet remains exceptionally strong, ending Q3 2025 with $273 million in unrestricted cash and no debt.

The BetRivers, PlaySugarHouse, and RushBet brand equity.

Rush Street Interactive, Inc. operates through its established brands across regulated markets in the Americas. The company was honored as Operator of the Year - North LatAm (Colombia and Peru) at the inaugural EGR LatAm Awards in December 2025.

Data analytics capabilities for personalized player experiences.

The scale of the user base, which is a direct output of these capabilities, is detailed below based on Q3 2025 metrics:

The North American MAU count represented a 34% year-over-year increase in Q3 2025, while Latin America MAUs were up 30% year-over-year in the same period.

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:

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:

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:

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:

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:

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:

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.