BetRivers Just Had Its Best Quarter Ever — Here’s Why Its “Casino-First” Playbook Also Makes It a Smarter Sports Bet

Rush Street Interactive, the parent company behind BetRivers and PlaySugarHouse, just reported its best quarter in company history by nearly every meaningful measure. Q1 2026 revenue hit $370.4 million, up 41% year-over-year. Net income reached $26.2 million, up 134% from the same quarter a year ago. Adjusted EBITDA came in at $60.2 million, up 81% year-over-year. These are record numbers across the board, and they were achieved while the company benefited from bettor-friendly sports outcomes — which means the underlying business is even stronger than the headline numbers suggest. For bettors, the story here is not just the financial health of the company. It is the specific strategy that is driving this growth and what it signals about where BetRivers is headed as a platform.

The Casino-First Strategy in Practice

RSI is unusual among publicly traded US sports betting operators because it openly and explicitly prioritizes online casino as its primary revenue driver, treating sports betting and poker as complementary products rather than the core business. CEO Richard Schwartz has been consistent on this point, and the Q1 2026 numbers validate the approach. Online casino revenue grew 39% year-over-year in the quarter, while online sports betting revenue grew 47%. Both segments are expanding rapidly, but the casino segment generates the economics that make the business model sustainable.

The reason the casino-first playbook works is rooted in player behavior. Casino players — particularly slots and live dealer game players — engage more consistently, demonstrate higher lifetime values, and churn at lower rates than sports bettors. Sports betting is an inherently volatile product where a single bad weekend of results for the house can swing margins dramatically. Casino gaming smooths that volatility out, creating more predictable revenue that is easier to plan around and invest against. RSI’s adjusted EBITDA margin expanded to over 16% in Q1, reflecting the profitability advantage that comes with this mix.

Player Growth Numbers That Stand Out

Monthly active users in North American online casino markets grew 62% year-over-year in Q1, accelerating from 51% growth the prior quarter. That is four consecutive quarters of accelerating year-over-year player growth in North American iCasino. The company also set a new record for first-time depositors in the quarter, beating the previous record set in Q4 2025 by a “wide margin,” according to management. Total North American monthly active users reached 296,000.

What makes that growth particularly notable is the efficiency with which it was achieved. Marketing expenses were $46.2 million in Q1, representing 12.5% of total revenue — down from 14.8% of revenue in the year-ago quarter. RSI is acquiring more players while spending a lower percentage of revenue to do it, which is the hallmark of a business gaining brand recognition and operational leverage at the same time. The company noted its cost to acquire new players is the lowest it has been since going public over five years ago.

RSI estimated it grew North American iCasino market share by approximately 90 basis points sequentially during the quarter. That is a meaningful gain in a competitive landscape where BetMGM holds 20% iGaming market share in active markets. BetRivers is a smaller player but one that is closing the gap through better product and smarter acquisition spending.

Latin America and the Alberta Expansion

RSI’s Latin American business is also accelerating, with Colombian gross gaming revenue growing 55% in Q1. Revenue in Latin America grew 134% year-over-year for the quarter. The region now accounts for a substantial portion of RSI’s overall growth trajectory, with monthly active users in Latin America reaching 543,000 — nearly double the North American figure.

There is also a new market opening on the horizon. RSI confirmed an Alberta launch expected in July 2026, and the company has already included it in its raised full-year guidance. Management called it “modest revenue” for roughly half a year, but the Alberta market represents another regulated, licensed jurisdiction where BetRivers can deploy its casino-first playbook against a new audience. For Canadian users, this means a legitimate, provincially regulated BetRivers option is coming to Alberta this summer.

What It Means for Bettors

For US bettors evaluating where to play, RSI’s financial strength has some practical implications. The company carries zero debt and had $331 million in cash on hand as of March 31, 2026 — a balance sheet that gives it flexibility to invest in product and player experience without needing to cut corners. That stability usually translates into better promotions for existing players, continued product development, and a platform that will still be operating competitively in two or three years.

BetRivers currently operates in 15 US states and offers both online casino and sports betting in the markets where both are legal. In those combined markets, the company reported 40% revenue growth in Michigan alone. The states where RSI can offer both products tend to show the strongest performance, which makes the company well-positioned as more states move toward legalizing online casino alongside sports betting.

RSI raised its full-year 2026 revenue guidance to $1.49 to $1.54 billion and adjusted EBITDA guidance to $230 to $250 million. Those are confident numbers for a company that has now demonstrated it can grow rapidly while improving profitability at double the pace of revenue growth. For bettors who want to play on a platform with real financial momentum and a product strategy built around retention rather than just acquisition, BetRivers is worth a serious look — and if you are in Canada, the Alberta launch this July is worth marking on the calendar. The BetRivers promo code offers have historically been competitive at launch.