Rush Street’s LatAm Revenue per Active User More Than Doubles

The figures sit behind the headline numbers in RSI’s October 28 earnings release. Group revenue rose 39% to $385.9 million, while adjusted EBITDA climbed 73% to $62.2 million. But the region with most of RSI’s active customers was not the one generating the most revenue per customer.

The Per-User Gap Falls From 13.5x to 5.3x

Using the rounded figures in RSI’s Q3 2025 results, North American revenue per monthly active user was about 13.5 times Latin America’s. In Q3 2026, the multiple had fallen to 5.3. Both ratios are calculated by 15M from the company’s published averages.

The two regions remain far apart. North America’s $309 ARPMAU was still more than five times the Latin American figure, despite a 15.3% annual decline.

Latin America, meanwhile, accounts for most of RSI’s active audience:

• 607,308 monthly active users in Latin America, up from approximately 415,000 a year earlier;
• 300,572 in North America, compared with roughly 225,000;
• 66.9% of RSI’s combined 907,881 monthly active users were in Latin America.

RSI counts users who placed at least one real-money bet during the month. Its ARPMAU metric divides average revenue by average monthly active users. Registered accounts that did not bet are excluded.

Most of the Increase Came Before Q3

The jump in Latin American ARPMAU was not confined to the latest quarter. RSI’s second-quarter filing already showed $55 per active user in the region. The subsequent increase to $58 amounted to just 5.5%.

There was a decline in the audience count at the same time. Latin American MAUs fell by approximately 7%, from around 653,000 in Q2 to 607,308 in Q3. Fewer active users than during the World Cup-driven second quarter, but higher average revenue per user.

CEO Richard Schwartz said customers acquired during the tournament continued playing across RSI’s products after it ended. The company did not specify how much of Q3’s regional revenue came from those customers.

Colombia’s 2025 Bonuses Complicate the Jump

Last year, RSI offered bonuses in Colombia to offset VAT on deposits. Those offers were gone in Q3 2026. CFO Kyle Sauers pointed to the change during the earnings call, alongside favorable movements in the Colombian peso.

Latin American revenue grew 218% year on year. Sauers said both online casino and sports betting posted increases above 200%.

RSI does not publish separate ARPMAU figures for Colombia, Mexico and Peru. The impact of Colombia’s bonus changes and currency movements cannot be isolated from growth elsewhere in the region.