All Bets On RSI: Q3 2026 Results Signal Momentum in North American Online Gambling

In a quarter where the ticker RSI kept the bets on the table, the company delivered strong top-line growth and improving profitability while reaffirming its revenue forecast and Adjusted EBITDA guidance for 2026. Key numbers ahead include EPS considerations, an eye toward earnings surprise dynamics, and how this might shape the sector’s next moves.

Executive snapshot

Rush Street Interactive, Inc. (NYSE: RSI) reported Q3 2026 revenue of $385.9 million, up 39% year over year, and net income of $28.7 million, up 93% from the prior-year period. Adjusted EBITDA reached $62.2 million, a 73% year-over-year advance. The quarterly MAU tally reached 907,881, with North America MAUs at 300,572 and Latin America MAUs at 607,308. Average revenue per monthly active user (ARPMAU) was $309 in North America and $58 in Latin America. RSI also highlighted a record in North America MAUs and reiterated its full-year 2026 revenue and Adjusted EBITDA guidance. Alberta’s market launch remains a live growth vector.

Note the emphasis on non-GAAP metrics: the release centers on Adjusted EBITDA and other disclosures, with GAAP earnings per share (EPS) not provided in the press release. Investors will be watching for EPS consensus in upcoming filings and whether any earnings surprise emerges when GAAP numbers are disclosed.

What the numbers say about the business model

RSI’s growth story continues to hinge on monetizing a growing user base through online casino and sports betting. The 39% revenue lift suggests the product and marketing mix are resonating, while the 73% rise in Adjusted EBITDA hints at operating leverage as volume expands. The MAU mix—stronger in North America on a per-user basis, with Latin America contributing meaningful volume—underscores a diversified geography that can cushion regulatory shocks in one market with opportunity in another.

The company’s emphasis on marketing efficiency is notable. In an industry where CAC can swing with promotions and seasonality, RSI’s ability to translate higher MAUs into solid EBITDA gains is meaningful, even as non-GAAP measures dominate the presentation. The Alberta launch is a tangible regulatory catalyst that could accelerate near-term user growth and ARPU normalization if the market settles into a sustainable mix.

On the earnings front, RSI did not disclose GAAP EPS in this release, which means that any EPS consensus and potential earnings surprise will have to wait for the 10-Q or the next earnings call. In practice, traders will be listening for reconciliation to GAAP earnings and any signal about per-share profitability as the company travels this growth-inflected path.

What this portends for RSI and its sector peers

The reaffirmed full-year revenue and Adjusted EBITDA guidance signals management’s confidence in the underlying levers—volume growth, monetization, and cost discipline. The Alberta expansion adds a regulatory tailwind that could help RSI demonstrate scalable profitability across multiple regulated markets. If RSI can sustain MAU momentum and translate higher ARPU into durable EBITDA, the stock could merit a higher multiple relative to peers, assuming the market remains comfortable with non-GAAP framing and the absence of a separate EPS beat.

For sector peers, RSI’s results offer a useful read on how a diversified, multi-market operator can navigate a period of regulatory uncertainty while maintaining velocity in user growth and profitability. Investors will compare RSI’s MAU growth, ARPU mix, and trajectory of non-GAAP profitability with other online gambling players. An earnings surprise in GAAP terms—if the consensus turns out higher or if there’s a meaningful hit to opex not captured in Adjusted EBITDA—could shift sector sentiment and multiples across the board.

Key takeaways to watch next

EPS and EPS consensus: The absence of GAAP EPS in the release means the market will scrutinize the upcoming filings for per-share data and how it stacks up against estimates.
Earnings surprise risk: Any discrepancy between GAAP earnings and consensus could influence near-term stock moves, despite strong top-line performance and Adjusted EBITDA growth.
Revenue forecast vs actuals: RSI reaffirmed its revenue forecast. Investors will want to see whether continued MAU expansion and ARPU trends sustain the trajectory into year-end and beyond.
MAU trends: North America MAUs and ARPMAU dynamics remain a key read on monetization beyond regulatory milestones, with LATAM providing a complementary growth engine.
Regulatory expansion and market rollout: Alberta’s early-stage trajectory and any new market approvals could modulate growth and pace of EBITDA expansion.

Bottom line

RSI’s Q3 2026 results point to a company that can grow revenue meaningfully while nudging profitability higher through operating leverage and disciplined marketing. The mixed lens—GAAP EPS currently on pause, strong non-GAAP profitability, and a reaffirmed revenue path—creates a nuanced setup for RSI and its peers. If the Alberta opportunity and North America monetization hold, RSI could prove the thesis that a diversified, regulation-aware operator can compound value even in a sector where the legislative climate can turn on a dime.

In a room full of risk and reward, RSI is choosing to place its chips on a rising MAU baseline and a monetization engine that works at scale. The next few quarters will test whether the earnings mix remains as balance-heavy as today or tilts back toward the raw top-line growth that has markets watching RSI closely.