Rush Street Interactive : First Quarter 2026 Q1 Presentation

Published: 2026-04-28 17:55:14 ET RSI

Published on 04/28/2026 at 05:55 pm EDT

Investor Presentation

- April 2026 -

Investment Highlights

A leading digital operator driven by an online casino-centric strategy, innovative online gaming user experience and seasoned management team

2 Rank in the top 4 operators for net revenue in online casino in the United States

Extensive market access to future online casino markets across the Americas, with proven ability to launch and scale efficiently in new markets

Invested 13+ years developing our proprietary PAM & vertically integrated tech stack to support our differentiated product suite, multi-brand capabilities and automated functionality to provide frictionless customer experiences

Among the industry's leading online casino platforms with unique player features such as UX personalization, community features, site-wide gamifications tools, and RSI's flagship promotional engine

Strategic positioning in high-growth, higher-margin regulated international markets-including Colombia, Mexico, Ontario, and Peru-with the expertise and infrastructure to expand into newly regulated LATAM and other global markets

Sustained focus and prioritization on player retention and ROI has resulted in industry leading unit economics and achievement of significantly increasing Adjusted EBITDA profitability

Company Highlights

Financial Highlights

Business Highlights

Achieved record quarterly revenue of $370MM in 1Q26, up 41% Y-o-Y, marking the fastest growth rate in over 4 years.

Grew Online Casino revenue 39% Y-o-Y and OSB revenue 47% Y-o-Y.

Grew Adjusted EBITDA to a record $60MM in 1Q26, up 81% Y-o-Y, and representing over 16% margins, demonstrating profitability expansion and strengthening operating leverage.

Increased Delaware GGR annual run rate to over $213MM during 1Q26, with iCasino revenue reaching over 10x what the previous operator achieved in their best quarter.

Raised FY26 revenue guidance to $1.490B -$1.540B, implying 34% Y-o-Y growth at the midpoint, and FY26 Adjusted EBITDA guidance to $230MM -

$250MM, implying 56% growth at the midpoint.

During the first quarter, Online Casino revenue grew 53%, 28% and 22% Y-o-Y in DE, MI and NJ, respectively.

Improved North American Monthly Active Users ("MAUs")1 in 1Q26 by 46% Y-o-Y and grew LATAM MAUs2 54% Y-o-Y.

Added record number of first-time depositors for the third straight quarter.

Ended the quarter with $331MM in unrestricted cash, up $102MM from Q1 2025.

North American MAUs in online casino markets grew 62% Y-o-Y, eclipsing the 51% growth seeing in 4Q25.

Based on MAUs and revenue from North America-based (U.S. & Canada) users of our real-money online offerings only.

Based on MAUs and revenue from Colombia, Mexico & Peru-based users of our real-money online 4

offerings only.

RSI's Market Access Creates Growth Opportunity and Paves the Way for iCasino

RSI benefits from a larger potential TAM than most competitors due to international operations in both Latin America and Canada, broad market access in key states, and mutually beneficial partnerships with Tribes and Lotteries

United States1 Canada2 Latin America2,3

iCasino OSB

~$97.7bn ~$7.0bn ~$13.1bn

~$36.7bn ~$1.6bn ~$12.7bn

~$168.8bn Total Addressable Market

iCasino + OSB Live OSB Live

Source: Eilers & Krejcik Outlook, H2 Gambling Capital. (1) E&K U.S. Sports Betting And Online Casino Outlook - March 2026. Does not include Poker. (2) H2GC 2028 total interactive TAM from April 2026 report and management estimates

shown in USD and are inclusive of both interactive onshore and offshore. OSB excludes Horseracing; iCasino excludes 5

Bingo, Lotteries, Poker, and Skill. (3) Includes Latin America, Mexico and the Caribbean.

Key Positioning in iCasino Markets

RSI is a top tier operator in all visible iCasino markets, operating in as many states as any other operator in the U.S.

Delaware1

Pennsylvania

iCasino Markets

West Virginia

Michigan

New Jersey

Ontario

Mexico

Colombia

% of U.S. Adult Population in iCasino and OSB Markets

61%

12%

88%

39%

Peru

iCasino

TAM 2,3

$278MM $4.1bn $364MM $2.8bn

$3.2bn

$3.8bn3

$2.7bn3 $340MM3 $410MM3

Positioning 4

iCasino Online Sports Betting

Exclusive

Top 5

Adult Population

Current Adult

Operator

of 17 operators

of 9 operators

of 15 operators

of 24 operators

of >50 operators

of 14 operators

Available for

Future Legislation

Population

Legislated to Play

Source: Eilers & Krejcik Outlook, H2 Gambling Capital. (1) RSI operates 3 different brands in DE. (2) E&K Generic All-In Model as of March 2026. Does not include Poker. (3) H2GC iCasino TAM, as of April 2026,

inclusive of both Onshore and Offshore. (4) Per Eilers & Krejcik and management estimates. 6

Beachhead to Grow New Markets in LATAM

Existing Core Markets

COLOMBIA

Population: 54MM

GDP per capita: $7.9k

Regulatory Status: iCasino and OSB regulated

MEXICO

Population: 133MM

GDP per capita: $13.6k

Regulatory Status: iCasino and OSB regulated

PERU

Population: 35MM

GDP per capita: $8.6k

Regulatory Status: iCasino and OSB regulated

Potential Expansion

Latin America

~$25.8bn 2028E TAM(1)

Population: 214MM

GDP per capita: $10.8k

BRAZIL

Chile

Population: 20MM

GDP per capita: $17.9k

ECUADOR

Population: 18MM

GDP per capita: $6.9k

Argentina

Population: 46MM

GDP per capita: $12.1k

Core RSI Markets Expansion Opportunities

Source: World Population Review 2026, IMF 2025.

H2GC 2028 total interactive TAM from April 2026 report and management estimates shown in USD and are inclusive of both interactive onshore and offshore. OSB excludes Horseracing; iCasino excludes Bingo, Lotteries, Poker, and Skill.

ROBUST, SCALABLE ARCHITECTURE

Modern end-to-end technology stack with modular architecture & components

Single code base updated bi-weekly (RMG & social)

Flexible deployments (physical, cloud-based and hybrid)

Operationalized technology continuously improved to deliver efficient conversion and retention results

REGULATORY COMPLIANCE & RESPONSIBLE GAMING ("RG")

Best-in-class RG gaming tools including non-cancellable withdraw and refund processes, in-game messaging, limits and self-exclusion

First U.S.-based operator to implement a real-time RG monitoring system to analyze player behavior

First U.S. operator to receive the respected Responsible Gaming Counsel accreditation

Full automated reporting for customers

BONUSING, CRM & LOYALTY

Real-time engine to deliver personalized bonuses

Unique-to-industry gamified reinvestment programs

Complete suite of marketing tools, including bonusing, CRM and loyalty

Proprietary bonus bank wallet and bonus store allows players to self-manage bonuses & redeem loyalty points for real-world & fun digital prizes

MULTI-BRAND, MULTI-VERTICAL & MULTI-JDX

Demonstrated success operating multi-brands in the same markets (i.e., bonus abuse protections)

Platform supports iCasino, sports, social and poker

Multi-language, multi-currency offering allows for swift expansion to new markets

Platform licensed in 19 jurisdictions

INTEGRATION-FRIENDLY WALLET, FRAUD & RISK MANAGEMENT

Deep integration experience & ability to connect efficiently with 3rd party systems / databases

Library of >5,000 games from 70+ game studios

Operational integrations include payments, KYC, geolocation, B.I./analytics, AdTech, push messaging, land-based Casino management & cashier systems, sports data/stats/streaming

Heavy investment in automation delivers enhanced verification and conversion rates & speed to deal efficiently with the most stringent jurisdictions

Enhanced KYC functionalities & features to enable self-verifications

Sophisticated fraud tools; industry leading chargeback rates

Proprietary Promotional Games with Leading Third-party Content

Breadth and Quality of Content

Offering market leading quality and selection

Promotional Free-to-play Bingo Platform

Increase retention by rewarding brand loyalty

[TBD - Design working on relevant imagery]

110+ 11,000+

Frequently first to market with new game studios and hit games; 11,000+ games from 110+ game studios

Bespoke features built on top of game library drive differentiation

Optimized for a consistent user experience

Seamless integration into the casino vertical

Increased retention by offering players fun and unexpected chances to win

Reward player loyalty by awarding prizes based on loyalty status

RSI's iCasino Product Improves Player Experience through Community Engagement

P2P Community Moderator Chat

Increased engagement through connectivity

Accessible chatrooms available 24/7 - foster connections between players and brand moderators

Integrated seamlessly into a big win newsfeed with player profiles, emojis and avatars - extra context for increased engagement

Multi-player Online Casino Tournaments

Increase engagement through competitions

Free-to-play tournament system supports a broad range of casino game types

Proprietary, synchronous or asynchronous platform with a fully integrated registration and awards system

Tournament scheduler and real-time leaderboards

iCasino Delivering Exceptional Growth in Delaware

Since exclusive state operator takeover in late Dec '23, RSI has demonstrated aggressive growth with strategic mix of proprietary product features, land-based partnerships, and bespoke advertising approach.

Highlights:

$149MM iCasino Gross Gaming Revenue in last 12 months Compared to $15.1MM GGR for previous operator in its last 12 months.

63% YoY iCasino GGR Growth in Q1 Average daily GGR has risen for 9 consecutive months, up 57% YoY in March.

Proprietary Features Drive Session Length + Retention

Online Sportsbook Success Including Cross-Sell Across Verticals

$50

$45

$40

$35

MILLION

$30

$25

$20

$15

$10

DE - Quarterly iCasino GGR

Previous Operator RSI

OSB GGR in 1Q26 is up 32% YoY. $0

Q1 Q2 Q3 Q4

2023 2024 2025 2026

Sportsbook Promotional Features

BetRivers has upped the stakes for sports bettors with exciting gamified betting features on qualifying same game parlay bets.

BetRivers offers players Squares on qualifying football and basketball bets, and for the NBA and MLB, our new PropPacks promotion -both games offer players a chance to win a jackpot of up to $25,000 in bonus credits!

How the Promotions Work: Earning Bonuses on Qualifying SGP Bets

Earning a square for Football matchups or up to 3 player prop cards on NBA matchups.

Tiered Prizing Structure for Bigger Payouts Higher threshold wagers will unlock greater prizes including the top prize of $10,000 in bonus credits.

A Proven Tie-Breaker for Sports Bettors These gamified experiences provide incremental value to the sports bettor, separating BetRivers from the competitive landscape.

BetRivers Poker Launches Multi-State

A truly unique player-first proprietary poker platform designed by poker players for poker players, with an emphasis on fairness, excitement, and generous rewards for all skill levels. BetRivers Poker offers a comprehensive suite of game formats, including cash games, Sit & Go tournaments, and Multi-Table Tournaments (MTTs).

Highlights:

HOME OF THE VIPs

Powered by Phil Galfond and Phil Hellmuth, combining trusted design with unmatched star power to drive credibility, visibility, and engagement.

CROSS-SELL INTEGRATION

Play mini-casino games from the poker table. One wallet and loyalty program powers seamless rewarded play across poker, casino, and sports.

MULTI-STATE LIQUIDITY

Live in PA, MI, DE, and WV - with shared liquidity across all four states.

RAKEBACK REVOLUTION

A loyalty program that delivers real, consistent rewards based on player activity - built to reward play and incentivize cross-vertical exploration.

PLAYER-FRIENDLY UI

Simplified layout and controls that prioritize ease of use and real-time flow.

…And Casino Led Strategy with Attractive Demographics & Unit Economics

Broader Demographics Better Monetization Larger Market

Large cohort of female slot players generates

diversification across men and women, increasing TAM

Brand and user experience targets female players as well as more mature and engaged players

Users of iCasino have a GGR that is nearly 5x higher

than an OSB-only user

Users of both iCasino and OSB have a GGR that is over 12x higher than an OSB-only user

iCasino TAM is more than 3x the size of online sports betting in mature markets

Users of iCasino have higher engagement and spend more per year compared to OSB

iCasino Demographic Split 1

GGR by User Type

U.S. GGR (TTM) 2

$10,401

49%

of users are men

51%

39.9

Average Age per User

of users are

women

12.5x

$2,785

OSB iCasino 4

U.S. Yearly Spend per Adult 2,3

Online Sports Betting Demographic Split 1

37.3

Average Age

4.8x

OSB-only

$103

$384

85%

of users are men

per User

15%

of users are

women

OSB iCasino iCasino + OSB

OSB iCasino 4

Source: Eilers and Krejcik Online GGR Reports, and management estimates. (1) Information is for US/Canada casino-only players and US/Canada sports betting-only players in markets that offer both online sports and casino (DE, MI, NJ, PA, WV, & Ontario only), respectively. (2) E&K data as off March 2026 and management estimates, data includes DE, MI, NJ, PA & WV

only. (3) TTM GGR divided by adult population in DE, MI, NJ, PA & WV only. (4) iCasino includes slots and tables games 14

excluding poker.

The BetRivers Network Enhances User & Brand Engagement

RSI's in-house media outlet produces YouTube-focused content, including must-watch poker, iGaming companion entertainment, expert previews for key betting sports, and local sports shows for fans & bettors alike.

Commentary

BetRivers Network media personalities, such as sports broadcasting icon Mike Francesa and poker legend Phil Hellmuth, connect with their fans online, in their home fan bases and beyond.

Approximately 70% of Francesa's audience comes from jurisdictions in which RSI operates.

The Mike Francesa Podcast YouTube subscribers increased 30% Y-o-Y in Q1 2026.

Hellmuth's Home Game, RSI's poker content collaboration with Phil Hellmuth, was watched in Q1 2026 for more than 33 million minutes on YouTube alone, with additional viewership on CBS Sports Network, select regional sports networks, Twitch and OTT platforms.

RSI Poker programming on YouTube was watched more than 57 million minutes in Q1 2026, a 55% increase compared to Q1 2025.

YouTube watch time for all RSI content increased 53% from Q1 2025 to Q1 2026.

BetRivers' casino streaming channel on YouTube, BetRivers Players Club, continues to gain momentum, increasing subscribers by more than 40% in the first three months of 2026.

Strong Player Value & Retention

Increasing player value over time - approximately $5,200 after 5+ years1

10%

$100

$50

60+

Number of Months

2016 - 2019

2020

2021

2022

2023

2024

2025

2026

Marketing % of Revenue

70%

60%

Avg LTV for All U.S. & Ontario Cohorts Since Inception1

$6,000

Quarterly Net Revenue by Yearly Cohort ($MM) 2

Launches

WV(s)

PA(s) PA(c) IN

MI LA ON

IA VA WV(c) AZ NY MX MD OH

$5,000

$1,000

$4,000

50%

$400

$350

$300

$3,000

40%

30%

$2,000

$250

$200

$150

20%

Strong retention and new markets expected to drive continued revenue growth

Q1'19

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25

Q1'26

(1) RSI Management estimates based on the average LTV of all applicable cohorts since January 2017 presented in monthly increments, as measured from month of first deposit. A cohort represents all U.S. & Ontario based FTDs

in a particular month that placed at least one bet across one or more of our online casino or online sports betting 16

offerings. (2) Includes online real-money net revenues for the United States, Colombia, Ontario, Mexico & Peru.

Strong Growth Across Regions

Demonstrated history of growing revenues across regions over the long-term from an expanding user base while maintaining strong revenue per user metrics

Average Monthly Active Users ("MAUs")

600,000

Peru

Launch

400,000

Mexico

Launch

200,000

Average MAUs

TTM Average MAUs

Average Monthly Active Users ("MAUs")

300,000

200,000

100,000

Average MAUs

TTM Average MAUs

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

U.S. & Canada1 LATAM2

Average Revenue Per Monthly Active User ("ARPMAU")

$75

Mexico

Launch

Peru

Launch

$50

$25

ARPMAU

TTM ARPMAU

Average Revenue Per Monthly Active User ("ARPMAU")

$500

$375

$250

$125

ARPMAU

TTM ARPMAU

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

(1) Based on MAUs and revenue from U.S. & Canada-based users of our online real-money offerings only.

(2) Based on MAUs and revenue from Colombia, Mexico & Peru-based users of our online real-money

offerings only. 17

Award-Winning Customer Service

RSI has won EGR "Customer Service Operator of the Year" 5 years straight - every year since the award's inception

Improved Net Promoter Score and Customer Satisfaction1 Y-o-Y for full year 2025.

Net Promoter Score

+3% YoY Increase

full year 2025 over 2024

Customer Satisfaction Score

+2% YoY Increase

full year 2025 over 2024

2020

Customer Contacts 650k

North American Markets Live 2

North American Annual Revenue

$263MM

2021

Customer Contacts 775k

North American Markets Live 2

North American Annual Revenue

$453MM

2022

Customer Contacts 1 million

North American Markets Live 2

North American Annual Revenue

$540MM

2023

Customer Contacts 1 million

North American Markets Live 2

North American Annual Revenue

$612MM

2024

Customer Contacts 954k

North American Markets Live 2

North American Annual Revenue

$785MM

2025

Customer Contacts 1.31M

North American Markets Live 2

North American Annual Revenue

$980MM

(1) Customer satisfaction score. (2) U.S. and Canada markets only.

Over 140 Years of Collective C-Suite Gaming Industry Experience

RICHARD SCHWARTZ

Chief Executive Officer

KYLE SAUERS

President & Chief Financial Officer

MATTIAS STETZ

Chief Operating Officer

SHUBHAM TYAGI

Chief Technology Officer

LAURA MCALLISTER COX

Chief Compliance Officer

PAUL WIERBICKI

Chief Legal Officer

ROB PICARD

Chief Strategy Officer

MICHELLE ARMER

Chief People Officer

BRIAN SAPP

Chief Marketing Officer

Years of Gaming Experience

Previous Experience

Leader and innovator in

Promoted to President in • Chief Operating Officer

Chief Technology Officer • Chief Compliance Officer • Chief Legal Officer and

Senior Administrative,

Chief People Officer and

Chief Marketing Officer

the gaming industry for over 20 years

Strong grasp of player psychology and user experience

Started the interactive business for WMS Industries (now Light & Wonder)

Previously, an executive at Telecom Italia Lab US

October 2025

Chief Financial Officer since 2020

Prior to joining RSI, held senior finance roles throughout the tech and healthcare industries including CFO at Echo Global Logistics

since 2016

Extensive experience in marketing, sports betting operations and media content creation for sports betting

Previously CCO at Unibet Group where he spent a decade shaping Unibet's long-term strategy and oversaw day-to-day sports marketing and operations

since 2025

Oversees RSI Product, Engineering and IT / Communications teams and RSI's European teams

Former Chief Technology Officer for Warner Bros, Discovery - Sports

and experienced gaming attorney

Previously Vice President of Regulatory Compliance and Legal Counsel of Rush Street Gaming, LLC and Executive Vice President and General Counsel for Gaming Partners International

member of RSI's Board of Directors and Nominating and Governance Committee

General Counsel of LAMB Capital Advisors since 2015

Previously Senior Counsel, Business and Legal at AbbVie Inc. and Partner at Kirkland & Ellis

Commercial Sales & Business Development Executive

20+ years in Global iGaming, Technology, & Capital Markets

Co-founder of two online gaming businesses with successful exits

Former Commercial Director at Xanadu Consultancy, Thomson Reuters and SunTrust Robinson Humphrey

industry specialist with extensive knowledge of workplace culture and infrastructure

Previously, served as Chief People officer at CareerBuilder

and mobile marketing veteran

Previously served in executive and marketing leadership roles at Rec Room, Jam City, and WB Games

Financial Overview

Historical MAU & ARPMAU

2023

2024

2025

2026

Monthly Average Users (MAU)

274,450

289,676

278,586

357,197

394,011

446,578

487,243

538,705

556,355

599,774

639,683

771,497

839,125

North America

144,958

130,575

131,201

157,672

173,917

162,421

168,170

203,552

202,666

196,832

224,968

278,324

296,133

LATAM

129,492

159,100

147,385

199,525

220,094

284,157

319,073

335,153

353,689

402,942

414,716

493,173

542,992

Average Revenue per Monthly Average User (ARPMAU)

$191

$185

$199

$178

$182

$164

$159

$156

$149

$146

$140

$146

North America

$327

$364

$373

$347

$358

$384

$347

$368

$391

$365

$331

$317

LATAM

$40

$39

$43

$44

$38

$39

$40

$36

$30

$27

$32

$54

Statements of Operations

Amounts in USD $000's (except for shares and per share data)

Three Months Ended March 31,

2026

2025

(Unaudited)

Revenue

$ 370,361

$ 262,407

Operating costs and expenses

Costs of revenue

238,196

170,883

Sales and marketing

47,392

42,139

General and administrative

31,268

24,972

Depreciation and amortization

10,727

9,491

Total operating costs and expenses

327,583

247,485

Income from operations

42,778

14,922

Other income

Interest income, net

2,999

1,699

Change in tax receivable agreement liability

(345)

Total other income

2,999

1,354

Income before income taxes

45,777

16,276

Income tax expense

19,566

5,065

Net income

26,211

11,211

Net income attributable to non-controlling interests

17,141

5,892

Net income attributable to Rush Street Interactive, Inc.

$ 9,070

$ 5,319

Earnings per common share attributable to Rush Street Interactive, Inc. - basic

$ 0.09

$ 0.06

Weighted average common shares outstanding - basic

102,185,221

93,850,707

Earnings per common share attributable to Rush Street Interactive, Inc. - diluted

$ 0.08

$ 0.05

Weighted average common shares outstanding - diluted

106,853,552

234,292,159

Statements of Comprehensive Income

Amounts in USD $000's

Three Months Ended March 31,

2026

2025

(Unaudited)

Net income

$ 26,211

$ 11,211

Other comprehensive income

Foreign currency translation adjustment, net of tax

2,161

4,527

Comprehensive income

28,372

15,738

Comprehensive income attributable to non-controlling interests

18,500

8,555

Comprehensive income attributable to Rush Street Interactive, Inc.

$ 9,872

$ 7,183

Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Net Income, Adjusted Earnings Per Share and Adjusted Weighted Average Common Shares Outstanding, each of which is defined below:

Adjusted EBITDA means net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to RSI's underlying business performance.

Adjusted Operating Costs and Expenses means RSI's GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to RSI's underlying business performance.

Adjusted Net Income means net income attributable to Rush Street Interactive, Inc. as used in the diluted earnings (loss) per share calculations, adjusted for the reallocation of net income (loss) attributable to non-controlling interests, share-based compensation, certain one-time or non-recurring items and other adjustments.

Adjusted Weighted Average Common Shares Outstanding means the weighted average number of common shares outstanding as used in the diluted earnings (loss) per share calculation, adjusted for the assumed conversion of the non-controlling interest's Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis and incremental shares from assumed conversion of stock options and restricted stock units not otherwise included in the diluted earnings (loss) per share calculation.

Adjusted Earnings Per Share means Adjusted Net Income divided by Adjusted Weighted Average Common Shares Outstanding.

RSI includes these non-GAAP financial measures because management uses them to evaluate RSI's core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI's past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI's management in operating its business. Management also believes these non-GAAP financial measures are useful in evaluating RSI's operating performance compared to that of other companies in its industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

By providing full year 2026 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2026 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to RSI without unreasonable effort due to, among other things, the inherent difficulty in forecasting and quantifying the comparable GAAP measure and the applicable adjustments and other amounts that would be necessary for such a reconciliation, and certain of these amounts are outside of RSI's control and may be subject to high variability or complexity. Preparation of such reconciliations would also require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to RSI without unreasonable effort. RSI provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, RSI cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. RSI provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with RSI's results calculated in accordance with GAAP, provides useful information for the reasons noted herein. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.

Non-GAAP Measures: Adjusted EBITDA

Amounts in USD $000's

Three Months Ended March 31,

2026

2025

(Unaudited)

Net income

$ 26,211

$ 11,211

(-) Interest income, net

(2,999)

(1,699)

(+) Income tax expense

19,566

5,065

(+) Depreciation and amortization

10,727

9,491

(+) Share-based compensation expense

6,691

8,813

(+) Change in tax receivable agreement liability

345

Adjusted EBITDA

$ 60,196

$ 33,226

Non-GAAP Measures: Adjusted Operating Costs and Expenses

Amounts in USD $000's

Three Months Ended March 31,

2026

2025

(Unaudited) (Unaudited)

GAAP operating costs and expenses:

Costs of revenue

$ 238,196 $ 170,883

Sales and marketing

47,392 42,139

General and administrative

31,268 24,972

Depreciation and amortization

10,727 9,491

Total GAAP operating costs and expenses

$ 327,583 $ 247,485

Non-GAAP operating cost and expense adjustments:

Costs of revenue (1)

$ (70) $ (63)

Sales and marketing (1)

(1,161) (3,324)

General and administrative (1)

(5,460) (5,426)

Depreciation and amortization

- -

Total non-GAAP operating cost and expense adjustments

$ (6,691) $ (8,813)

Adjusted operating costs and expenses:

Costs of revenue

$ 238,126 $ 170,820

Sales and marketing

46,231 38,815

General and administrative

25,808 19,546

Depreciation and amortization

10,727 9,491

Total adjusted operating costs and expenses

$ 320,892 $ 238,672

(1) Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.

Non-GAAP Measures: Adjusted Net Income; Adjusted Weighted Average Common Shares Outstanding; Adjusted Earnings Per Share

Amounts in USD $000's ( except for shares and per share data)

Three Months Ended

March 31,

2026

2025

(Unaudited)

Adjusted net income:

Net income attributable to Rush Street Interactive, Inc. - basic

$ 9,070

$ 5,319

Effect of diluted securities:

Increase to net income attributable to non-controlling interests

5,892

Net income attributable to Rush Street Interactive, Inc. - diluted

9,070

11,211

Adjustments:

Net income attributable to non-controlling interest(1)

17,141

Share-based compensation expense

6,691

8,813

Change in tax receivable agreement liability

345

Adjusted net income

$ 32,902

$ 20,369

Adjusted weighted-average common shares outstanding:

Weighted-average common shares outstanding - basic

102,185,221

93,850,707

Adjustments:

Incremental shares from assumed conversion of stock options and restricted stock units

4,668,331

6,376,325

Conversion of weighted-average RSILP units to Class A Common Shares

134,065,127

Weighted-average common shares outstanding - diluted

106,853,552

234,292,159

Adjustments:

Conversion of weighted-average RSILP units to Class A Common Shares(1)

129,179,570

Adjusted weighted-average common shares outstanding

236,033,122

234,292,159

Adjusted earnings per share:

Earnings per common share attributable to Rush Street Interactive, Inc. - basic

$ 0.09

$ 0.06

Earnings per common share attributable to Rush Street Interactive, Inc. - diluted

$ 0.08

$ 0.05

Adjusted earnings per share

$ 0.14

$ 0.09

(1) Adjusted net income includes the reallocation of net income attributable to non-controlling interests that is not otherwise included in net income attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-

average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class 27

A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted.

Capitalization - Detailed Share Count

Type of Outstanding Equity as of March 31, 2026

Common Stock Outstanding

Weighted Average Exercise Price

Class V Common Stock

129,049,014

Class A Common Stock

103,184,195

Total Common Shares Outstanding

232,233,209

Restricted Stock Units (Unvested)

5,024,999

Restricted Stock Units (Deferred)(1)

479,582

Stock Options (Outstanding)

2,741,618

$5.30

Diluted Shares Outstanding(2)

240,479,408

(1) RSUs that have vested but the resulting shares of Class A Common Stock have not yet been issued.

(2) Includes shares that would otherwise be anti-dilutive when performing the EPS calculation.

Key Metrics and Other Information

This presentation includes certain key metrics and other information, including Average Revenue Per Monthly Active User, First Time Depositor, Gross Gaming Revenue, Lifetime Value and Monthly Active Users, each of which is defined below.

Average Revenue Per Monthly Active User (ARPMAU) means, for the applicable period, the revenue divided by the average MAUs.

First Time Depositor (FTD) means a user on RSI's online gaming platform who made their real-money deposit with RSI.

Gross Gaming Revenue (GGR) means the gross dollar value of all bets less player winnings.

Lifetime Value (LTV) means the total net revenue generated over a player's lifetime.

Monthly Active Users (MAUs) means the number of unique users per month who have placed at least one real-money bet across one or more of our online casino, poker, or online sports betting offerings.

The numbers RSI uses to calculate many of these key metrics and other information are based primarily on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base and acquisition costs, among other things, for the applicable period of measurement, there are inherent challenges in measuring, among other things, usage and engagement with respect to its online offerings across our customer base. Such challenges and limitations may also affect RSI's understanding of certain details of its business. In addition, RSI's key metrics and related information and estimates, including the definitions and calculations of the same, may differ from those published by third parties or from similarly titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.

Disclaimer

Rush Street Interactive Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:55 UTC.