RUSH STREET INTERACTIVE, INC., 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 29, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-39232  
Entity Registrant Name Rush Street Interactive, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-3626708  
Entity Address, Address Line One 900 N. Michigan Avenue  
Entity Address, Address Line Two Suite 950  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60611  
City Area Code 773  
Local Phone Number 893-5855  
Title of 12(b) Security Class A common stock, $0.0001 par value per share  
Trading Symbol RSI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001793659  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   97,911,941
Class V Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   131,500,831
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 273,495 $ 229,171
Restricted cash 4,058 3,585
Players’ receivables 21,888 14,910
Prepaid expenses and other current assets 27,347 19,169
Total current assets 344,195 285,046
Intangible assets, net 77,582 77,347
Property and equipment, net 8,526 7,239
Operating lease assets 2,436 2,419
Deferred tax assets, net 153,601 522
Other assets 6,825 6,893
Total assets 593,165 379,466
Current liabilities    
Accounts payable 26,863 25,798
Accrued expenses 78,176 72,702
Players’ liabilities 48,709 43,703
Other current liabilities 26,152 20,927
Total current liabilities 179,900 163,130
Tax receivable agreement liability, non-current 122,904 739
Other non-current liabilities 15,996 17,281
Total liabilities 318,800 181,150
Commitments and contingencies
Stockholders’ equity    
Treasury stock value (3,177) 0
Additional paid-in capital 243,917 217,675
Accumulated other comprehensive income (loss) 182 (3,090)
Accumulated deficit (107,867) (135,929)
Total stockholders’ equity attributable to Rush Street Interactive, Inc. 133,078 78,678
Non-controlling interests 141,287 119,638
Total stockholders’ equity 274,365 198,316
Total liabilities and stockholders’ equity 593,165 379,466
Related Party    
Current assets    
Due from affiliates 17,407 18,211
Common Class A    
Stockholders’ equity    
Common stock value 10 9
Class V Common Stock    
Stockholders’ equity    
Common stock value $ 13 $ 13
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Treasury stock (in shares) 733,019 0
Common Class A    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 750,000,000 750,000,000
Common stock, issued (in shares) 97,795,455 90,511,441
Common stock, outstanding (in shares) 97,062,436 90,511,441
Class V Common Stock    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 131,570,831 135,748,023
Common stock, outstanding (in shares) 131,570,831 135,748,023
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 277,911 $ 232,109 $ 809,535 $ 669,916
Operating costs and expenses        
Costs of revenue 183,466 151,414 528,496 440,414
Sales and marketing 39,043 39,252 118,314 114,600
General and administrative 25,746 26,508 74,505 79,582
Depreciation and amortization 10,188 8,471 29,506 23,127
Total operating costs and expenses 258,443 225,645 750,821 657,723
Income from operations 19,468 6,464 58,714 12,193
Other income (expense)        
Interest income, net 2,555 2,049 6,435 5,525
Tax receivable agreement expense 0 0 (113,037) 0
Total other income (expense) 2,555 2,049 (106,602) 5,525
Income (loss) before income taxes 22,023 8,513 (47,888) 17,718
Income tax expense (benefit) 7,177 5,274 (102,775) 16,970
Net income 14,846 3,239 54,887 748
Net income attributable to non-controlling interests 8,791 2,049 26,825 385
Net income attributable to Rush Street Interactive, Inc. $ 6,055 $ 1,190 $ 28,062 $ 363
Earnings per common share attributable to Rush Street Interactive, Inc - basic (in dollars per share) $ 0.06 $ 0.01 $ 0.30 $ 0.00
Earnings per common share attributable to Rush Street Interactive, Inc. - diluted (in dollars per share) $ 0.06 $ 0.01 $ 0.23 $ 0.00
Weighted average common shares outstanding - basic (in shares) 96,223,133 82,847,325 95,051,128 79,652,992
Weighted average common shares outstanding - diluted (in shares) 236,373,831 233,118,670 234,958,924 230,235,179
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 14,846 $ 3,239 $ 54,887 $ 748
Other comprehensive income (loss)        
Foreign currency translation adjustment, net of tax 3,683 (148) 9,759 (3,781)
Comprehensive income (loss) 18,529 3,091 64,646 (3,033)
Comprehensive income (loss) attributable to non-controlling interests 11,185 1,956 33,214 (2,049)
Comprehensive income (loss) attributable to Rush Street Interactive, Inc. $ 7,344 $ 1,135 $ 31,432 $ (984)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity Attributable to RSI
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Non- Controlling Interests
Common Class A
Common Class A
Common Stock
Class V Common Stock
Common Stock
Beginning balance (in shares) at Dec. 31, 2023                 72,387,409 150,434,310
Beginning balance at Dec. 31, 2023 $ 166,129 $ 53,768   $ 192,163 $ (100) $ (138,317) $ 112,361   $ 7 $ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 8,425 2,979   2,979     5,446      
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 5,050,000 (5,050,000)
Foreign currency translation adjustment, net of tax 101 35     35   66      
Net loss (2,209) (727)       (727) (1,482)      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 4,762   4,769 (7)   (4,762)      
Issuance of Class A common stock under the equity compensation plan (in shares)                 2,106,202  
Issuance of Class A Common Stock upon RSILP Unit Exchanges 0               $ 1 $ (1)
Ending balance (in shares) at Mar. 31, 2024                 79,543,611 145,384,310
Ending balance at Mar. 31, 2024 172,446 60,817   199,911 (72) (139,044) 111,629   $ 8 $ 14
Beginning balance (in shares) at Dec. 31, 2023                 72,387,409 150,434,310
Beginning balance at Dec. 31, 2023 166,129 53,768   192,163 (100) (138,317) 112,361   $ 7 $ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Foreign currency translation adjustment, net of tax (3,781)                  
Net loss 748                  
Ending balance (in shares) at Sep. 30, 2024                 83,583,534 142,088,928
Ending balance at Sep. 30, 2024 188,801 69,764   209,210 (1,514) (137,954) 119,037   $ 8 $ 14
Beginning balance (in shares) at Mar. 31, 2024                 79,543,611 145,384,310
Beginning balance at Mar. 31, 2024 172,446 60,817   199,911 (72) (139,044) 111,629   $ 8 $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 9,691 3,460   3,460     6,231      
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 480,000 (480,000)
Foreign currency translation adjustment, net of tax (3,734) (1,327)     (1,327)   (2,407)      
Net loss (282) (100)       (100) (182)      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 589   596 (7)   (589)      
Issuance of Class A common stock under the equity compensation plan (in shares)                 458,108  
Ending balance (in shares) at Jun. 30, 2024                 80,481,719 144,904,310
Ending balance at Jun. 30, 2024 178,121 63,439   203,967 (1,406) (139,144) 114,682   $ 8 $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 8,458 3,133   3,133     5,325      
Stock Issued During Period, Value, Stock Options Exercised 67 24   24     43      
Issuance of Class A common stock under the equity compensation plan, net of shares withheld for employee taxes (in shares)                 265,996  
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes (936) (347)   (347)     (589)      
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 2,815,382 (2,815,382)
Foreign currency translation adjustment, net of tax (148) (55)     (55)   (93)      
Net loss 3,239 1,190       1,190 2,049      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 2,380   2,433 (53)   (2,380)      
Issuance of Class A common stock under the equity compensation plan (in shares)                 20,437  
Ending balance (in shares) at Sep. 30, 2024                 83,583,534 142,088,928
Ending balance at Sep. 30, 2024 188,801 69,764   209,210 (1,514) (137,954) 119,037   $ 8 $ 14
Beginning balance (in shares) at Dec. 31, 2024                 90,511,441 135,748,023
Beginning balance at Dec. 31, 2024 $ 198,316 78,678   217,675 (3,090) (135,929) 119,638   $ 9 $ 13
Beginning of period (in shares) at Dec. 31, 2024 0   0              
Beginning of period at Dec. 31, 2024 $ 78,678   $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 8,813 3,665   3,665     5,148      
Issuance of Class A common stock under the equity compensation plan, net of shares withheld for employee taxes (in shares)                 2,684,333  
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes (22,344) (9,293)   (9,293)     (13,051)      
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 2,313,287 (2,313,287)
Foreign currency translation adjustment, net of tax 4,527 1,864     1,864   2,663      
Repurchased stock (in shares)     498,622              
Repurchase of Class A Common Stock (5,162) (2,147) $ (2,147)       (3,015)      
Net loss 11,211 5,319       5,319 5,892      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 3,224   3,327 (103)   (3,224)      
Ending balance (in shares) at Mar. 31, 2025                 95,509,061 133,434,736
Ending balance at Mar. 31, 2025 195,361 81,310   215,374 (1,329) (130,610) 114,051   $ 9 $ 13
Ending of period (in shares) at Mar. 31, 2025     498,622              
Ending of period at Mar. 31, 2025     $ (2,147)              
Beginning balance (in shares) at Dec. 31, 2024                 90,511,441 135,748,023
Beginning balance at Dec. 31, 2024 $ 198,316 78,678   217,675 (3,090) (135,929) 119,638   $ 9 $ 13
Beginning of period (in shares) at Dec. 31, 2024 0   0              
Beginning of period at Dec. 31, 2024 $ 78,678   $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Foreign currency translation adjustment, net of tax 9,759                  
Repurchased stock (in shares)               733,019    
Repurchase of Class A Common Stock (7,600)                  
Net loss 54,887                  
Ending balance (in shares) at Sep. 30, 2025                 97,795,455 131,570,831
Ending balance at Sep. 30, 2025 $ 274,365 133,078   243,917 182 (107,867) 141,287   $ 10 $ 13
Ending of period (in shares) at Sep. 30, 2025 733,019   733,019              
Ending of period at Sep. 30, 2025 $ 133,078   $ (3,177)              
Beginning balance (in shares) at Mar. 31, 2025                 95,509,061 133,434,736
Beginning balance at Mar. 31, 2025 195,361 81,310   215,374 (1,329) (130,610) 114,051   $ 9 $ 13
Beginning of period (in shares) at Mar. 31, 2025     498,622              
Beginning of period at Mar. 31, 2025     $ (2,147)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 6,098 2,543   2,543     3,555      
Issuance of Class A common stock under the equity compensation plan, net of shares withheld for employee taxes (in shares)                 283,307  
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes (192) (80)   (80)     (112)      
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 210,000 (210,000)
Foreign currency translation adjustment, net of tax 1,549 217     217   1,332      
Repurchased stock (in shares)     234,397              
Repurchase of Class A Common Stock (2,472) (1,030) $ (1,030)       (1,442)      
Net loss 28,830 16,688       16,688 12,142      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 219   221 (2)   (219)      
Tax impact of equity transactions 23,067 23,067   23,067            
Ending balance (in shares) at Jun. 30, 2025                 96,002,368 133,224,736
Ending balance at Jun. 30, 2025 252,241 122,934   241,125 (1,114) (113,922) 129,307   $ 9 $ 13
Ending of period (in shares) at Jun. 30, 2025     733,019              
Ending of period at Jun. 30, 2025     $ (3,177)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Share-based compensation expense 6,379 2,708   2,708     3,671      
Issuance of Class A common stock under the equity compensation plan, net of shares withheld for employee taxes (in shares)                 139,182  
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes (1,958) (831)   (832)     (1,127)   $ 1  
Issuance of Class A Common Stock upon exercise of Warrants (in shares)                 1,653,905 (1,653,905)
Foreign currency translation adjustment, net of tax 3,683 1,289     1,289   2,394      
Repurchased stock (in shares)               0    
Net loss 14,846 6,055       6,055 8,791      
Allocation of equity and non-controlling interests upon changes in RSILP ownership 0 1,749   1,742 7   (1,749)      
Tax impact of equity transactions (826) (826)   (826)            
Ending balance (in shares) at Sep. 30, 2025                 97,795,455 131,570,831
Ending balance at Sep. 30, 2025 $ 274,365 $ 133,078   $ 243,917 $ 182 $ (107,867) $ 141,287   $ 10 $ 13
Ending of period (in shares) at Sep. 30, 2025 733,019   733,019              
Ending of period at Sep. 30, 2025 $ 133,078   $ (3,177)              
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 54,887 $ 748
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes (121,409) 204
Tax receivable agreement expense 113,037 0
Depreciation and amortization expense 29,506 23,127
Share-based compensation expense 21,290 26,574
Noncash lease expense 740 671
Changes in operating assets and liabilities:    
Players’ receivables (6,603) (1,762)
Due from affiliates 804 16,618
Prepaid expenses and other assets (4,506) (5,703)
Accounts payable, accrued expenses and other liabilities 4,087 21,652
Players’ liabilities 4,082 (1,576)
Net cash provided by operating activities 95,915 80,553
Cash flows from investing activities    
Internally developed software costs (21,612) (18,393)
Acquisition of gaming licenses (3,178) (3,544)
Acquisition of other intangible assets (2,233) (1,662)
Short-term investments (1,029) (1,862)
Purchases of property and equipment (590) (754)
Acquisition of developed technology (225) 0
Net cash used in investing activities (28,867) (26,215)
Cash flows from financing activities    
Payments for employee taxes related to shares withheld (24,400) 0
Repurchase of Class A Common Stock (7,634) 0
Principal payments of finance lease liabilities (2,369) (749)
Proceeds from exercise of stock options 0 67
Net cash used in financing activities (34,403) (682)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12,152 (4,274)
Net change in cash, cash equivalents and restricted cash 44,797 49,382
Cash, cash equivalents and restricted cash, at the beginning of the period [1] 232,756 170,977
Cash, cash equivalents and restricted cash, at the end of the period [1] 277,553 220,359
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use assets obtained in exchange for new or modified operating lease liabilities 487 1,582
Right-of-use assets obtained in exchange for new or modified finance lease liabilities 3,482 1,537
Allocation of equity and non-controlling interests upon changes in RSILP ownership 5,192 7,731
Shares withheld for employee taxes in Other Current Liabilities 1,921 936
Investing activities in Accounts Payable and Accrued Expenses 336 419
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 29,369 15,827
Cash paid for interest $ 695 $ 730
[1] Cash and cash equivalents and Restricted cash are each presented separately on the condensed consolidated balance sheets.
v3.25.3
Description of Business
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Rush Street Interactive, Inc. is a holding company organized under the laws of the State of Delaware and through its main operating subsidiary, Rush Street Interactive, LP and its subsidiaries (collectively, “RSILP”), is a leading online gaming company that provides online casino and sports betting in the U.S., Canadian and Latin American markets. Rush Street Interactive, Inc. and its subsidiaries (including RSILP) are collectively referred to as “RSI” or the “Company.” The Company is headquartered in Chicago, Illinois.
v3.25.3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies and Recent Accounting Pronouncements Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2025.
These unaudited condensed consolidated financial statements include the accounts of the Company, its directly and indirectly wholly owned subsidiaries, and all entities in which the Company has a controlling interest. For consolidated entities that are less than wholly owned, third-party holdings of equity interests are presented as non-controlling interests in the Company’s condensed consolidated balance sheets and condensed consolidated statements of changes in equity. The portion of net income attributable to the non-controlling interests is presented as net income attributable to non-controlling interests in the Company’s condensed consolidated statements of operations, while the portion of comprehensive income (loss) attributable to non-controlling interests is reported as comprehensive income (loss) attributable to non-controlling interests in the Company’s condensed consolidated statements of comprehensive income (loss). All intercompany accounts and transactions have been eliminated upon consolidation.
The assets and liabilities of RSILP represent substantially all of the Company’s consolidated assets and liabilities, except for certain deferred taxes and liabilities under the Tax Receivable Agreement (“TRA”). The Company’s equity interests in RSILP, comprised of Class A Units of RSILP (the “RSILP Units”) and General Partnership Interests of RSILP, are held indirectly through wholly owned subsidiaries of the Company – RSI ASLP, Inc. (the “Special Limited Partner”) and RSI GP, LLC (“RSI GP”), respectively. RSI is deemed to have a controlling interest of RSILP through RSI GP, which is the sole general partner of RSILP. As a result, the Company consolidates the financial results of RSILP and reports a non-controlling interest representing the economic interest in RSILP held by the other members of RSILP. As of September 30, 2025, the Company owned 42.45% of the RSILP Units and the holders of the non-controlling interest owned 57.55% of the RSILP Units.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on the Company’s reported total revenues, expenses, net income, current assets, total assets, current liabilities, total liabilities, stockholders’ equity, non-controlling interests or cash flows. No reclassifications of prior period balances were material to the unaudited condensed consolidated financial statements.
Interim Unaudited Condensed Consolidated Financial Statements
The accompanying condensed consolidated balance sheet as of September 30, 2025 and the condensed consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 was derived from audited consolidated financial statements, but may omit certain disclosures required by U.S. GAAP previously disclosed in the most recent annual consolidated financial statements. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial condition, its operations and cash flows for the periods presented. The
historical results are not necessarily indicative of future results, and the results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year or any future period.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to: the valuation of share-based awards; internally developed software; long-lived assets and investments in equity; estimated useful lives of property and equipment and intangible assets; redemption rate assumptions associated with the loyalty program and other discretionary player bonuses; deferred revenue; accrued expenses; determination of the incremental borrowing rate to calculate certain operating lease liabilities and finance lease liabilities; and deferred taxes and amounts associated with the TRA entered into in connection with the closing of the transactions contemplated in the Business Combination Agreement on December 29, 2020.
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, instant access internet banking accounts, money market funds and certificates of deposits with original maturities of 90 days or less at acquisition.
Restricted cash includes any cash and cash equivalents held by the Company that are legally restricted as to withdrawals or usage. This consists of certain deposits that are restricted under regulatory requirements. Regardless of whether customer deposits are legally restricted, the Company maintains separate bank accounts to segregate cash that resides in customers’ accounts from operational funds.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist primarily of prepaid expenses and short-term investments. Prepaid expenses consist of various advance payments for goods or services to be received in the future. These costs include insurance, subscriptions, marketing, other contracted services and deposits paid in advance. As of September 30, 2025 and December 31, 2024, the Company had prepaid expenses of $9.5 million and $5.5 million, respectively.
Short-term investments consist of certificates of deposit with an original maturity greater than three months but not greater than one year. As of September 30, 2025 and December 31, 2024, the Company had short-term investments of $6.0 million and $4.3 million, respectively.
Surety Bonds
The Company had been issued $31.3 million and $31.1 million in surety bonds as of September 30, 2025 and December 31, 2024, respectively, that are used to satisfy regulatory requirements related to securing cash held for the benefit of customers.
The Company had been issued $6.5 million and $6.1 million in surety bonds as of September 30, 2025 and December 31, 2024, respectively, to satisfy regulatory requirements necessary to operate in certain jurisdictions.
There have been no claims against any of the Company’s surety bonds, and the likelihood of future claims is expected to be remote.
Foreign Currency Gains and Losses
The Company’s reporting currency is the U.S. dollar while the functional currency of its subsidiaries not deemed to be the U.S. dollar include the Colombian Peso, Mexican Peso, Canadian Dollar, and Peruvian Soles. The financial statements of non-U.S. subsidiaries are translated into the U.S. dollar in accordance with Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters, using period-end exchange rates for assets and liabilities, and average exchange rates for the period for revenues, costs and expenses. The U.S. dollar effects that arise from translating the net assets of these
subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in equity as a component of accumulated other comprehensive loss.
If transactions are recorded in a currency other than the functional currency, remeasurement into the functional currency is required and may result in transaction gains or losses. Transaction losses were $0.2 million and $0.1 million for the three and nine months ended September 30, 2025, respectively, compared to losses of $0.9 million and $2.6 million for the same respective periods in 2024. Amounts are recorded in general and administrative on the Company’s unaudited condensed consolidated statements of operations.
Tax Receivable Agreement Expense
Tax receivable agreement expense consists of the accounting cost associated with the initial recognition of the TRA liability as of June 30, 2025. This expense reflects changes in the estimated future payments under the TRA attributable to RSILP Unit exchanges completed prior to that date. These prior exchanges increased the Company’s tax basis in its share of RSILP’s underlying assets, giving rise to expected tax savings and corresponding TRA liability. RSILP Unit exchanges occurring after June 30, 2025 will not result in TRA expense, as the associated increase in tax basis and the resulting TRA liability will be accounted for as equity transactions.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company will adopt this standard beginning with its fiscal year ending December 31, 2025 and will modify corresponding income tax disclosures as necessary.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The ASU also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the intended function. The new standard also supersedes the guidance related to costs incurred to develop a website. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently in the process of evaluating the effects of this ASU on its condensed consolidated financial statements and related disclosures.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company’s revenue from contracts with customers is derived from online casino, online sports betting, retail sports betting and social gaming.
Online casino and online sports betting
Online casino offerings typically include the full suite of games available in land-based casinos, such as table games (i.e., blackjack and roulette), slot machines and poker games. The Company generates revenue from these offerings (other than online poker) through hold, or gross winnings, as customers play against the house. Online casino revenue other than from online poker is generated based on total customer bets less amounts paid to customers for winning bets, less other incentives awarded to customers, plus or minus the change in the progressive jackpot liability. Online casino revenue from online poker is recognized as rake (i.e., percentage of a game’s wagers earned by the Company for satisfying the performance obligation) less any value given back to players, which could be in the form of cash, tournament tickets or other forms of bonuses.
Online sports betting involves a user placing a bet on the outcome of a sporting event, sports-related activity or a series of the same, with the chance to win a pre-determined amount, often referred to as fixed odds. Online sports betting revenue is generated by setting odds such that there is a built-in theoretical margin in each bet offered to customers. Online sports betting revenue is generated based on total customer bets less amounts paid to customers for winning bets, less other incentives awarded to customers, plus or minus the change in unsettled bets.
Retail sports betting
The Company provides retail sports services to land-based partners in exchange for a monthly commission based on that partner’s retail sportsbook revenue. Services generally include ongoing management and oversight of the retail sportsbook, technical support for the partner’s customers, risk management, advertising and promotion, and support for third-party vendors’ sports betting equipment. The Company has a single performance obligation to provide retail sports services and records the revenue as services are performed and when the commission amounts are no longer constrained (i.e., the amount is known).
Certain relationships with business partners provide the Company the ability to operate the retail sportsbook. In this scenario, revenue is generated based on total customer bets less amounts paid to customers for winning bets, less other incentives awarded to customers, plus or minus the change in unsettled retail sports bets and unclaimed retail tickets for settled retail bets.
Social gaming
The Company provides a social gaming platform for users to enjoy free-to-play games that use virtual credits. While virtual credits are issued to users for free, some users may choose to purchase additional virtual credits through the Company’s virtual cashier. The Company has a single performance obligation associated with social gaming services to provide the services to users upon the redemption of virtual credits. Deferred revenue is recorded when users purchase virtual credits and revenue is recognized when the virtual credits are redeemed, and the Company’s performance obligation has been fulfilled.
Disaggregation of revenue for the three and nine months ended September 30, 2025 and 2024, was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
Online casino and online sports betting$276,119 $230,176 $804,520 $664,647 
Retail sports betting538 827 1,329 1,996 
Social gaming1,254 1,106 3,686 3,273 
Total revenue$277,911 $232,109 $809,535 $669,916 
Revenue by geographic region for the three and nine months ended September 30, 2025 and 2024, was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
United States and Canada$244,373 $194,389 $701,848 $571,439 
Latin America, including Mexico33,538 37,720 107,687 98,477 
Total revenue$277,911 $232,109 $809,535 $669,916 
Deferred revenue associated with online casino and online sports betting revenue and retail sports betting revenue includes unsettled customer bets and is included within players’ liabilities in the condensed consolidated balance sheets.
The deferred revenue balances as of September 30, 2025 and 2024 were as follows:
Nine Months Ended
September 30,
($ in thousands)20252024
Deferred revenue, beginning of period$10,814 $7,013 
Deferred revenue, end of period$12,512 $9,598 
Revenue recognized during the period from amounts included in deferred revenue at the beginning of the period$10,814 $7,013 
v3.25.3
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net Intangible Assets, Net
The Company had the following intangible assets, net as of September 30, 2025 and December 31, 2024:
($ in thousands)
Weighted-
Average
Remaining
Amortization
Period (years)
Gross
Carrying
Amount		Accumulated
Amortization		Net
License Fees
September 30, 20256.08$51,628 $(24,173)$27,455
December 31, 20246.85$52,933 $(22,491)$30,442
Internally Developed Software
September 30, 20252.08$89,538 $(46,910)$42,628
December 31, 20242.19$68,291 $(29,346)$38,945
Developed Technology
September 30, 20254.12$6,381 $(2,865)$3,516
December 31, 20244.89$6,381 $(2,224)$4,157
Other Intangible Assets(1)
September 30, 20251.65$9,613 $(5,630)$3,983
December 31, 20242.08$7,373 $(3,570)$3,803
_____________________________
(1)Other intangible assets include trademarks, media content, customer lists and software licenses.
Amortization expense was $9.2 million and $26.5 million for the three and nine months ended September 30, 2025, respectively, compared to amortization expense of $7.5 million and $20.3 million for the same respective periods in 2024.
v3.25.3
Property and Equipment, net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The Company had the following property and equipment, net as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30,
2025		December 31, 2024
Computers, software and related equipment$5,083 $4,427 
Operating equipment and servers3,250 3,231 
Furniture1,330 1,143 
Leasehold improvements1,844 1,797 
Property and equipment not yet placed into service199 199 
Total property and equipment11,706 10,797 
Less: accumulated depreciation(9,065)(7,732)
2,641 3,065 
Finance lease right-of-use assets10,527 7,041 
Less: accumulated amortization(4,642)(2,867)
5,885 4,174 
Property and equipment, net$8,526 $7,239 
The Company recorded depreciation expense on property and equipment of $0.4 million and $1.2 million for the three and nine months ended September 30, 2025, respectively, compared to depreciation expense of $0.5 million and $1.5 million for the same respective periods in 2024. The Company recorded amortization expense on finance lease right-of-use assets of $0.6 million and $1.8 million for the three and nine months ended September 30, 2025, respectively, and $0.5 million and $1.3 million for the same respective periods in 2024.
v3.25.3
Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
The Company has the following accrued expenses as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30,
2025		December 31,
2024
Accrued operating expenses$40,420 $32,427 
Accrued marketing expenses17,754 17,959 
Accrued compensation and related expenses16,763 17,218 
Accrued administrative expenses2,692 4,319 
Accrued other expenses547 779 
Total accrued expenses$78,176 $72,702 
The Company has the following other current and non-current liabilities as of September 30, 2025 and December 31, 2024:
September 30,
2025		December 31,
2024
($ in thousands)
Other Current Liabilities
Other Non-current Liabilities
Other Current Liabilities
Other Non-current Liabilities
Income tax payable
$5,766 $— $15,009 $— 
Other taxes payable(1)
13,047 — 2,131 — 
Deferred royalty liabilities
1,869 9,176 1,814 10,581 
Finance lease liabilities
1,421 2,317 1,296 1,297 
Operating lease liabilities
761 1,337 673 1,370 
Other
3,288 3,166 4 4,033 
Total
$26,152 $15,996 $20,927 $17,281 
____________________________
(1)Includes value-added taxes and certain withholding taxes payable to local tax authorities.
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Non-Controlling Interests
Non-controlling interests represent the RSILP Units held by holders other than the Company.
Non-controlling interests owned 57.55% and 60.00% of the RSILP Units outstanding as of September 30, 2025 and December 31, 2024, respectively. The table below illustrates a rollforward of the non-controlling interests’ ownership during the nine months ended September 30, 2025:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2024:
60.00 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(1.83)%
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes(0.80)%
Repurchases of Class A Common Stock
0.18 %
Non-controlling interests ownership % as of September 30, 2025:
57.55 %
Non-controlling interests owned 62.96% and 67.51% of the RSILP Units outstanding as of September 30, 2024 and December 31, 2023, respectively. The table below illustrates a rollforward of the non-controlling interests’ ownership during the nine months ended September 30, 2024:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2023:
67.51 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(3.72)%
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes
(0.82)%
Issuance of Class A Common Stock in connection with the exercise of stock options(0.01)%
Non-controlling interests ownership % as of September 30, 2024:
62.96 %
Treasury Stock
On October 24, 2024, the Board of Directors authorized the repurchase of an aggregate of up to $50 million of the Company’s Class A Common Stock (the “Stock Repurchase Program”) through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws.
During the three and nine months ended September 30, 2025, the Company repurchased nil and 733,019 shares, respectively, of Class A Common Stock pursuant to the Stock Repurchase Program. The aggregate purchase price was approximately $7.6 million during the nine months ended September 30, 2025 at an average price of $10.41. The repurchased shares are considered issued but not outstanding.
v3.25.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Incentive Plan
The Company adopted the Rush Street Interactive, Inc. 2020 Omnibus Equity Incentive Plan, as amended from time to time (the “2020 Plan”), to attract, retain and incentivize employees, certain consultants and directors who will contribute to the success of the Company. Awards that may be granted under the 2020 Plan include incentive stock options, non-qualified stock options, stock appreciation rights, restricted awards, performance share awards, cash awards and other equity-based awards. There is an aggregate of approximately 35.8 million shares of Class A Common Stock reserved under the 2020 Plan. The 2020 Plan will terminate on December 29, 2030.
Restricted Stock Units (“RSUs”)
The Company granted 866,796 and 2,007,909 RSUs with service conditions during the nine months ended September 30, 2025 and 2024, respectively. RSUs with service conditions generally vest over a three- to four-year period, with each tranche vesting annually. The grant date fair value of RSUs with service conditions is determined based on the quoted market price.
The Company granted 423,269 and 1,152,122 RSUs with market-based conditions (e.g., total shareholder return) during the nine months ended September 30, 2025 and 2024, respectively. RSUs with market-based conditions generally vest over a three-year period and fair value was determined using a Monte Carlo simulation using the following assumptions:
Nine Months Ended
September 30,
20252024
Volatility rate62.75 %68.48 %
Risk-free interest rate4.00 %4.55 %
Average expected life (in years)2.82.8
Dividend yieldNoneNone
Stock price at grant date$10.70$5.79
RSU activity for the nine months ended September 30, 2025 and 2024 was as follows:
Number of unitsWeighted-average
grant price
Unvested balance at December 31, 2024
9,965,432 $6.06 
Granted1,290,065 12.18 
Additional shares based on performance(1)
1,055,328 21.19 
Vested(2)
(5,383,812)3.90 
Forfeited(98,041)5.88 
Unvested balance at September 30, 2025
6,828,972 $7.99 
Unvested balance at December 31, 2023
9,218,142 $5.70 
Granted3,160,031 7.07 
Vested(2)
(2,375,975)5.47 
Forfeited(95,372)8.52 
Unvested balance at September 30, 2024
9,906,826 $6.16 
______________________________
(1)RSUs with market conditions include a performance achievement multiplier that is assessed upon vesting of the shares. RSUs with market conditions vested during the nine months ended September 30, 2025, resulting in the issuance of shares incremental to the initial target when the conditions were met.
(2)Includes 493,650 and 311,418 of RSUs that vested during the nine months ended September 30, 2025 and 2024, respectively, but the resulting shares of Class A Common Stock have not yet been issued. There were 999,686 and 563,137 RSUs that vested for which the resulting shares of Class A Common Stock were not issued as of September 30, 2025 and 2024, respectively.
The aggregate fair value of the RSUs granted during the three and nine months ended September 30, 2025 was approximately $0.6 million and $15.7 million, respectively, compared to the aggregate fair value of the RSUs granted of approximately $0.2 million and $22.3 million for the same respective periods in 2024. The aggregate grant date fair value of RSUs vested during the three and nine months ended September 30, 2025 was approximately $1.0 million and $21.0 million, respectively, compared to $2.9 million and $13.0 million for the same respective periods in 2024.
As of September 30, 2025, the Company had unrecognized share-based compensation expense related to RSUs of $32.5 million. The outstanding RSUs had a remaining weighted-average vesting period of 1.08 years as of September 30, 2025.
During the nine months ended September 30, 2025 and 2024, the Company withheld 1,809,314 and 87,161 shares, respectively, of its Class A Common Stock associated with the tax withholding obligations due from employees upon the vesting of equity-based awards. The shares were withheld at an average price of $13.54 and $10.74 per share, respectively. The total cost of the net shares withheld for employee taxes was approximately $24.5 million and $0.9 million during the nine months ended September 30, 2025 and 2024, respectively and was accounted for as a reduction in additional paid-in capital.
Stock Options
The Company granted 344,391 and 630,897 stock options during the nine months ended September 30, 2025 and 2024, respectively. The estimated grant date fair value of stock options was determined using a Black-Scholes valuation model using the following weighted-average assumptions:
Nine Months Ended
September 30,
20252024
Volatility rate65.00 %68.00 %
Risk-free interest rate4.10 %4.30 %
Expected term(1) (in years)
6.06.0
Dividend yieldNoneNone
Stock price at grant date$10.70$5.79
Exercise price$10.70$5.79
____________________________
(1)Calculated using the simplified method (the midpoint between the requisite service period and the contractual term of the option) due to the Company’s insufficient historical exercise information to provide a basis for an estimate.
Stock option activity for the nine months ended September 30, 2025 was as follows:
Number of optionsWeighted-average
exercise price
Outstanding balance at December 31, 2024
2,582,071 $4.57 
Granted344,391 10.70 
Exercised
— — 
Forfeited— — 
Outstanding balance at September 30, 2025
2,926,462 $5.29 
Exercisable balance at September 30, 2025
1,799,997 $4.54 
Stock option activity for the nine months ended September 30, 2024 was as follows:
Number of optionsWeighted-average
exercise price
Outstanding balance at December 31, 2023
1,971,611 $4.16 
Granted630,897 5.79 
Exercised
(20,437)3.28 
Forfeited— — 
Outstanding balance at September 30, 2024
2,582,071 $4.57 
The weighted-average grant-date fair value of options granted during the three and nine months ended September 30, 2025 was nil and $6.70, respectively, compared to nil and $3.74 for the same respective periods in 2024. The aggregate fair value of the stock options granted during the three and nine months ended September 30, 2025 was nil and $2.3 million, respectively, compared to nil and $2.4 million for the same respective periods in 2024. The outstanding stock options and exercisable stock options as of September 30, 2025 had an intrinsic value of $44.5 million and $28.7 million, respectively.
As of September 30, 2025, the Company had unrecognized share-based compensation expense related to stock options of $3.4 million. The outstanding options had a remaining weighted-average vesting period of 1.00 year as of September 30, 2025.
Share-based Compensation Expense
Share-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Costs of revenue$81 $295 $223 $860 
Sales and marketing
969 606 5,248 1,866 
General and administrative
5,329 7,557 15,819 23,848 
Total share-based compensation expense$6,379 $8,458 $21,290 $26,574 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense (benefit) for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Income tax expense (benefit)
$7,177 $5,274 $(102,775)$16,970 
The Company recognized a federal, state and foreign income tax expense (benefit) of $7.2 million and $(102.8) million during the three and nine months ended September 30, 2025, respectively, compared to an income tax expense of $5.3 million and $17.0 million during the same respective periods in 2024. The effective tax rates for the three and nine months ended September 30, 2025 were 32.6% and 214.6%, respectively, and were 61.9% and 95.8% during the same respective periods in 2024. The difference between the Company’s year-to-date effective tax rate and the U.S. statutory tax rate of 21% was primarily due to the release of the valuation allowance recorded on the Company’s U.S. deferred tax assets based on current year income, non-taxable income/(loss) attributable to non-controlling interest and income tax rate differences related to the Company’s foreign operations. During the nine months ended September 30, 2025, the Company also recorded a tax benefit of $124.4 million discretely related to the release of the valuation allowance recorded on the Company’s U.S. deferred tax assets based on forecasted future income.
On a quarterly basis, management considers new evidence, both positive and negative, that could affect its view of the future realization of its deferred tax asset and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. As of September 30, 2025, management determined that there is sufficient positive evidence to conclude that it is more likely than not that deferred tax assets of $153.6 million, primarily in the U.S., are realizable. For purposes of forecasting taxable income, the Company relied on historical pre-tax earnings trends and incorporated assumptions about future performance that are expected to impact pre-tax results. These historical results support the expectation that the Company will generate taxable income in future periods. The Company did not recognize all U.S. deferred tax assets because the Company determined that a portion of excess income tax basis in RSILP will only reverse upon the occurrence of certain events, such as a sale of the Company’s interest in RSILP, none of which are expected to occur in the foreseeable future. As of September 30, 2025, the valuation allowance on U.S. deferred tax assets per the annualized effective tax rate computation is $67.9 million.
On July 4, 2025, the U.S. Congress passed budget reconciliation bill H.R. 1, referred to as the One Big Beautiful Bill (“OBBB”). The OBBB contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company has evaluated OBBB and determined that it does not have a material impact on the financial statements.
In connection with the Business Combination, the Special Limited Partner entered into the TRA, which generally provides that it pay 85% of certain net tax benefits, if any, that the Company (including the Special Limited Partner) realizes (or in certain cases is deemed to realize) as a result of an increase in tax basis and tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained RSILP Units (as defined in the Business Combination Agreement) for Class A Common Stock (or cash at the Company’s option) pursuant to RSILP’s amended and restated limited partnership agreement and tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. These payments are the obligation of the Special Limited Partner and not of RSILP. The actual increase in the Special Limited Partner’s allocable share of RSILP’s tax basis in its assets, as well
as the amount and timing of any payments under the TRA, will vary depending upon a number of factors, including the timing of exchanges, the market price of the Class A Common Stock at the time of the exchange and the amount and timing of the recognition of RSI and its consolidated subsidiaries’ (including the Special Limited Partner’s) income. While many of the factors that will determine the amount of payments that the Special Limited Partner will make under the Tax Receivable Agreement are outside of the Company's control, the Company expects that the payments the Special Limited Partner will make under the TRA will be substantial and could have a material adverse effect on the financial condition of the Company.
Based primarily on the three-year cumulative income analysis and anticipated future earnings, management has determined that it is more likely than not that the Company will be able to utilize its deferred tax assets subject to the TRA. As of September 30, 2025 and December 31, 2024, the Company recognized a TRA liability of $124.0 million (including $1.1 million classified as current liability) and $0.7 million, respectively, based on tax benefits realized in the current and prior tax year. Additional unrecognized TRA liability as of September 30, 2025 and December 31, 2024 was nil and $104.3 million, respectively. The recognition of the TRA liability resulted in tax receivable agreement expense of nil and $113.0 million during the three and nine months ended September 30, 2025, respectively. The increase in the liability is primarily due to the issuance of Class A Common Stock upon RSILP Unit exchanges.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows (amounts in thousands, except for share and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Numerator:
Net income$14,846 $3,239 $54,887 $748 
Less: Net income attributable to non-controlling interests8,791 2,049 26,825 385 
Net income attributable to Rush Street Interactive, Inc. – basic
$6,055 $1,190 $28,062 $363 
Effect of dilutive securities:
Increase to net income attributable to non-controlling interests
8,791 2,049 26,825 385 
Net income attributable to Rush Street Interactive, Inc. – diluted
$14,846 $3,239 $54,887 $748 
Denominator:
Weighted-average common shares outstanding – basic
96,223,133 82,847,325 95,051,128 79,652,992 
Adjustments:
Conversion of Weighted Average RSILP units to Class A Common Shares132,280,716 142,687,546 133,206,990 144,940,579 
Incremental shares from assumed conversion of stock options and restricted stock units
7,869,982 7,583,799 6,700,806 5,641,608 
Weighted-average common shares outstanding – diluted
236,373,831 233,118,670 234,958,924 230,235,179 
Earnings per Class A Common Share - basic
$0.06 $0.01 $0.30 $0.00 
Earnings per Class A Common Share - diluted
$0.06 $0.01 $0.23 $0.00 
The Class V Common Stock does not participate in the Company’s earnings or losses and is therefore not a participating security. As such, separate presentation of basic and diluted earnings per share of Class V Common Stock under the two-class method has not been presented.
The Company excluded the following securities from its computation of diluted shares outstanding for the three and nine months ended September 30, 2025 and 2024 as their effect would have been anti-dilutive:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Unvested RSUs
— 273,928 441,218 929,269 
Outstanding Stock Options
— 96,827 15,605 727,724 
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
An operating segment is a component of an entity that: (i) engages in business activities from which it may earn revenues and incur expenses; (ii) has discrete financial information available; and (iii) is regularly reviewed by the entity’s chief operating decision maker (“CODM”) for purposes of performance assessment and resource allocation.
The Company’s CODM is its chief executive officer. The Company manages its operations as a single operating segment that engages in online gaming and retail sports betting business activities. The Company derives its revenues from its gaming offerings such as real-money online casino, online sports betting and retail sports betting (i.e., sports betting services provided at bricks-and-mortar locations), as well as social gaming, which involves free-to-play games using virtual credits that users can earn or purchase. The accounting policies for this segment are consistent with those described in the summary of significant accounting policies. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.
The Company’s revenue, significant expenses and net income for its consolidated segment are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
Revenue$277,911 $232,109 $809,535 $669,916 
Less:
Costs of revenue(1)
183,385 151,119 528,273 439,554 
Sales and marketing(1)
38,074 38,646 113,066 112,734 
General and administrative(1)
20,417 18,951 58,686 55,734 
Interest income(3,014)(2,277)(7,130)(6,255)
Interest expense459 228 695 730 
Depreciation and amortization10,188 8,471 29,506 23,127 
Income tax expense (benefit)
7,177 5,274 (102,775)16,970 
Other segment items(2)
6,379 8,458 134,327 26,574 
Consolidated net income
$14,846 $3,239 $54,887 $748 
_____________________________________
(1)    Excludes share-based compensation expense.
(2)    Other segment items include share-based compensation expense and tax receivable agreement expense.
v3.25.3
Related Parties
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Parties Related Parties
Affiliated Land-Based Casinos

Neil Bluhm and his adult children (including Mr. Andrew Bluhm and Ms. Leslie Bluhm, both members of the Board), through their individual capacities, entities or trusts that they have created for the benefit of themselves or their family members, and Greg Carlin, through his individual capacity, entities or trusts that he has created for the benefit of himself or his family members, are direct or indirect owners, directors and/or officers of certain land-based casinos. The Company has entered into certain agreements with these affiliated land-based casinos that create strategic partnerships aimed to capture the online gaming, online sports betting and retail sports services markets in the various states and municipalities where the land-based casinos operate.
Generally, the Company pays a royalty fee to the land-based casino (calculated as a percentage of the Company’s revenue less reimbursable costs or other consideration received as defined in the applicable agreement) in exchange for the right to operate real-money online casino and/or online sports betting under the gaming license of the land-based casinos or for marketing gaming offerings under the land-based casinos’ brand. Royalties related to arrangements with affiliated casinos were $17.9 million and $51.3 million for the three and nine months ended September 30, 2025, respectively, and $17.3 million and $50.7 million for the same respective periods in 2024, which were net of any consideration received from the affiliated casino for reimbursable costs, as well as costs that are paid directly by the affiliate casino on the Company’s behalf. Net royalties paid are recorded as costs of revenue in the accompanying condensed consolidated statements of operations. In certain cases, the affiliate casino maintains the bank account that processes cash deposits and withdrawals for the Company’s customers. Accordingly, at any point in time, the Company will record a receivable from the affiliate, representing the Company’s total gaming revenue (with customers) that was collected by the affiliate, less consideration payable to the affiliate for use of its license, which is offset by any consideration owed to the Company from the affiliate based on the terms of the applicable agreement. Receivables due from affiliated land-based casinos were $17.4 million and $18.2 million at September 30, 2025 and December 31, 2024, respectively.
In addition, the Company provides retail sports services to certain affiliated land-based casinos in exchange for a monthly commission based on the casino’s retail sportsbook revenue. Services generally include ongoing management and oversight of the retail sportsbook, technical support for the casino’s customers, risk management, advertising and promotion, and support for third-party vendors’ sports betting equipment. Revenue recognized relating to retail sports services provided to affiliated land-based casinos for the three and nine months ended September 30, 2025 and 2024 was not material to the condensed consolidated financial statements. Any payables due to the affiliated land-based casinos are netted against affiliate receivables to the extent a right of offset exists.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
The Company is not a party to any material legal proceedings and is not aware of any material pending or threatened claims. From time to time, however, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.
Other Contractual Obligations
The Company is a party to several non-cancelable contracts with vendors and licensors for marketing, other strategic partnership-related agreements and leases where the Company is obligated to make future minimum payments under the non-cancelable terms of these contracts as follows ($ in thousands):
Remainder of 2025
$7,643 
Year ending December 31, 2026
20,856 
Year ending December 31, 2027
15,864 
Year ending December 31, 2028
10,628 
Year ending December 31, 2029
9,455 
Thereafter16,478 
Total(1)
$80,924 
_____________________________________
(1)
Includes obligations under license and market access commitments totaling $30.4 million, obligations under non-cancelable contracts with marketing vendors totaling $43.0 million and non-cancelable lease contracts totaling $7.5 million. Certain market access arrangements require the Company to make additional payments at a contractual milestone date if the market access fees paid through that milestone date do not meet a minimum contractual threshold. In these instances, the Company calculates the future minimum payment as the total milestone payment less any amounts already paid to the partner and includes such payments in the period in which the milestone date occurs.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”, except as described in the table below:
Name and Title
Action
Date of Action
Duration of Trading Arrangements
Rule 10b5-1 Trading Arrangement?
(Y/N)1		Aggregate Number of Securities Subject to Trading Arrangement
Richard Schwartz,
Chief Executive Officer and Director2
Adopt August 15, 2025
January 2, 2026 - December 31, 2026
Y2,482,800
Kyle Sauers, President and Chief Financial Officer
Adopt
August 22, 2025
March 3, 2026 - March 31, 2027
Y
276,000
Mattias Stetz, Chief Operating Officer3
Adopt
August 22, 2025
January 2, 2026 - December 31, 2026
Y
410,000
The trading arrangement reported above is subject to a number of conditions, including the price at which, and the time of when, purchases or sales may occur, and it is possible that a trading arrangement may not result in the purchase or sale
of any or all of the aggregate number of securities covered by such trading arrangement during the term of the trading arrangement.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Richard Schwartz [Member]  
Trading Arrangements, by Individual  
Name Richard Schwartz
Title Chief Executive Officer and Director2
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 15, 2025
Expiration Date 12/31/2026
Arrangement Duration 503 days
Aggregate Available 2,482,800
Kyle Sauers [Member]  
Trading Arrangements, by Individual  
Name Kyle Sauers
Title President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 22, 2025
Expiration Date 3/31/2027
Arrangement Duration 586 days
Aggregate Available 276,000
Mattias Stetz [Member]  
Trading Arrangements, by Individual  
Name Mattias Stetz
Title Chief Operating Officer3
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 22, 2025
Expiration Date 12/31/2026
Arrangement Duration 46387 days
Aggregate Available 410,000
v3.25.3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation and Interim Unaudited Condensed Consolidated Financial Statements
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2025.
These unaudited condensed consolidated financial statements include the accounts of the Company, its directly and indirectly wholly owned subsidiaries, and all entities in which the Company has a controlling interest. For consolidated entities that are less than wholly owned, third-party holdings of equity interests are presented as non-controlling interests in the Company’s condensed consolidated balance sheets and condensed consolidated statements of changes in equity. The portion of net income attributable to the non-controlling interests is presented as net income attributable to non-controlling interests in the Company’s condensed consolidated statements of operations, while the portion of comprehensive income (loss) attributable to non-controlling interests is reported as comprehensive income (loss) attributable to non-controlling interests in the Company’s condensed consolidated statements of comprehensive income (loss). All intercompany accounts and transactions have been eliminated upon consolidation.
The assets and liabilities of RSILP represent substantially all of the Company’s consolidated assets and liabilities, except for certain deferred taxes and liabilities under the Tax Receivable Agreement (“TRA”). The Company’s equity interests in RSILP, comprised of Class A Units of RSILP (the “RSILP Units”) and General Partnership Interests of RSILP, are held indirectly through wholly owned subsidiaries of the Company – RSI ASLP, Inc. (the “Special Limited Partner”) and RSI GP, LLC (“RSI GP”), respectively. RSI is deemed to have a controlling interest of RSILP through RSI GP, which is the sole general partner of RSILP. As a result, the Company consolidates the financial results of RSILP and reports a non-controlling interest representing the economic interest in RSILP held by the other members of RSILP. As of September 30, 2025, the Company owned 42.45% of the RSILP Units and the holders of the non-controlling interest owned 57.55% of the RSILP Units.
Interim Unaudited Condensed Consolidated Financial Statements
The accompanying condensed consolidated balance sheet as of September 30, 2025 and the condensed consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 was derived from audited consolidated financial statements, but may omit certain disclosures required by U.S. GAAP previously disclosed in the most recent annual consolidated financial statements. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial condition, its operations and cash flows for the periods presented. The
historical results are not necessarily indicative of future results, and the results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year or any future period.
Reclassifications
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on the Company’s reported total revenues, expenses, net income, current assets, total assets, current liabilities, total liabilities, stockholders’ equity, non-controlling interests or cash flows. No reclassifications of prior period balances were material to the unaudited condensed consolidated financial statements.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to: the valuation of share-based awards; internally developed software; long-lived assets and investments in equity; estimated useful lives of property and equipment and intangible assets; redemption rate assumptions associated with the loyalty program and other discretionary player bonuses; deferred revenue; accrued expenses; determination of the incremental borrowing rate to calculate certain operating lease liabilities and finance lease liabilities; and deferred taxes and amounts associated with the TRA entered into in connection with the closing of the transactions contemplated in the Business Combination Agreement on December 29, 2020.
Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, instant access internet banking accounts, money market funds and certificates of deposits with original maturities of 90 days or less at acquisition.
Restricted cash includes any cash and cash equivalents held by the Company that are legally restricted as to withdrawals or usage. This consists of certain deposits that are restricted under regulatory requirements. Regardless of whether customer deposits are legally restricted, the Company maintains separate bank accounts to segregate cash that resides in customers’ accounts from operational funds.
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist primarily of prepaid expenses and short-term investments. Prepaid expenses consist of various advance payments for goods or services to be received in the future. These costs include insurance, subscriptions, marketing, other contracted services and deposits paid in advance.
Foreign Currency Gains and Losses
Foreign Currency Gains and Losses
The Company’s reporting currency is the U.S. dollar while the functional currency of its subsidiaries not deemed to be the U.S. dollar include the Colombian Peso, Mexican Peso, Canadian Dollar, and Peruvian Soles. The financial statements of non-U.S. subsidiaries are translated into the U.S. dollar in accordance with Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters, using period-end exchange rates for assets and liabilities, and average exchange rates for the period for revenues, costs and expenses. The U.S. dollar effects that arise from translating the net assets of these
subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in equity as a component of accumulated other comprehensive loss.
If transactions are recorded in a currency other than the functional currency, remeasurement into the functional currency is required and may result in transaction gains or losses. Transaction losses were $0.2 million and $0.1 million for the three and nine months ended September 30, 2025, respectively, compared to losses of $0.9 million and $2.6 million for the same respective periods in 2024. Amounts are recorded in general and administrative on the Company’s unaudited condensed consolidated statements of operations.
Tax Receivable Agreement Expense
Tax Receivable Agreement Expense
Tax receivable agreement expense consists of the accounting cost associated with the initial recognition of the TRA liability as of June 30, 2025. This expense reflects changes in the estimated future payments under the TRA attributable to RSILP Unit exchanges completed prior to that date. These prior exchanges increased the Company’s tax basis in its share of RSILP’s underlying assets, giving rise to expected tax savings and corresponding TRA liability. RSILP Unit exchanges occurring after June 30, 2025 will not result in TRA expense, as the associated increase in tax basis and the resulting TRA liability will be accounted for as equity transactions.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company will adopt this standard beginning with its fiscal year ending December 31, 2025 and will modify corresponding income tax disclosures as necessary.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The ASU also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the intended function. The new standard also supersedes the guidance related to costs incurred to develop a website. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently in the process of evaluating the effects of this ASU on its condensed consolidated financial statements and related disclosures.
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue
Disaggregation of revenue for the three and nine months ended September 30, 2025 and 2024, was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
Online casino and online sports betting$276,119 $230,176 $804,520 $664,647 
Retail sports betting538 827 1,329 1,996 
Social gaming1,254 1,106 3,686 3,273 
Total revenue$277,911 $232,109 $809,535 $669,916 
Summary of Revenue by Geographic Region
Revenue by geographic region for the three and nine months ended September 30, 2025 and 2024, was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
United States and Canada$244,373 $194,389 $701,848 $571,439 
Latin America, including Mexico33,538 37,720 107,687 98,477 
Total revenue$277,911 $232,109 $809,535 $669,916 
Summary of Deferred Revenue
The deferred revenue balances as of September 30, 2025 and 2024 were as follows:
Nine Months Ended
September 30,
($ in thousands)20252024
Deferred revenue, beginning of period$10,814 $7,013 
Deferred revenue, end of period$12,512 $9,598 
Revenue recognized during the period from amounts included in deferred revenue at the beginning of the period$10,814 $7,013 
v3.25.3
Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets, Net
The Company had the following intangible assets, net as of September 30, 2025 and December 31, 2024:
($ in thousands)
Weighted-
Average
Remaining
Amortization
Period (years)
Gross
Carrying
Amount		Accumulated
Amortization		Net
License Fees
September 30, 20256.08$51,628 $(24,173)$27,455
December 31, 20246.85$52,933 $(22,491)$30,442
Internally Developed Software
September 30, 20252.08$89,538 $(46,910)$42,628
December 31, 20242.19$68,291 $(29,346)$38,945
Developed Technology
September 30, 20254.12$6,381 $(2,865)$3,516
December 31, 20244.89$6,381 $(2,224)$4,157
Other Intangible Assets(1)
September 30, 20251.65$9,613 $(5,630)$3,983
December 31, 20242.08$7,373 $(3,570)$3,803
_____________________________
(1)Other intangible assets include trademarks, media content, customer lists and software licenses.
v3.25.3
Property and Equipment, net (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment
The Company had the following property and equipment, net as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30,
2025		December 31, 2024
Computers, software and related equipment$5,083 $4,427 
Operating equipment and servers3,250 3,231 
Furniture1,330 1,143 
Leasehold improvements1,844 1,797 
Property and equipment not yet placed into service199 199 
Total property and equipment11,706 10,797 
Less: accumulated depreciation(9,065)(7,732)
2,641 3,065 
Finance lease right-of-use assets10,527 7,041 
Less: accumulated amortization(4,642)(2,867)
5,885 4,174 
Property and equipment, net$8,526 $7,239 
v3.25.3
Accrued Expenses and Other Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
The Company has the following accrued expenses as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30,
2025		December 31,
2024
Accrued operating expenses$40,420 $32,427 
Accrued marketing expenses17,754 17,959 
Accrued compensation and related expenses16,763 17,218 
Accrued administrative expenses2,692 4,319 
Accrued other expenses547 779 
Total accrued expenses$78,176 $72,702 
Other Liabilities
The Company has the following other current and non-current liabilities as of September 30, 2025 and December 31, 2024:
September 30,
2025		December 31,
2024
($ in thousands)
Other Current Liabilities
Other Non-current Liabilities
Other Current Liabilities
Other Non-current Liabilities
Income tax payable
$5,766 $— $15,009 $— 
Other taxes payable(1)
13,047 — 2,131 — 
Deferred royalty liabilities
1,869 9,176 1,814 10,581 
Finance lease liabilities
1,421 2,317 1,296 1,297 
Operating lease liabilities
761 1,337 673 1,370 
Other
3,288 3,166 4 4,033 
Total
$26,152 $15,996 $20,927 $17,281 
____________________________
(1)Includes value-added taxes and certain withholding taxes payable to local tax authorities.
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Noncontrolling Interests The table below illustrates a rollforward of the non-controlling interests’ ownership during the nine months ended September 30, 2025:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2024:
60.00 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(1.83)%
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes(0.80)%
Repurchases of Class A Common Stock
0.18 %
Non-controlling interests ownership % as of September 30, 2025:
57.55 %
The table below illustrates a rollforward of the non-controlling interests’ ownership during the nine months ended September 30, 2024:
Non-Controlling Interest %
Non-controlling interests ownership % as of December 31, 2023:
67.51 %
Issuance of Class A Common Stock upon RSILP Unit Exchanges(3.72)%
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes
(0.82)%
Issuance of Class A Common Stock in connection with the exercise of stock options(0.01)%
Non-controlling interests ownership % as of September 30, 2024:
62.96 %
v3.25.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions RSUs with market-based conditions generally vest over a three-year period and fair value was determined using a Monte Carlo simulation using the following assumptions:
Nine Months Ended
September 30,
20252024
Volatility rate62.75 %68.48 %
Risk-free interest rate4.00 %4.55 %
Average expected life (in years)2.82.8
Dividend yieldNoneNone
Stock price at grant date$10.70$5.79
Schedule of Restricted Stock Unit Activity
RSU activity for the nine months ended September 30, 2025 and 2024 was as follows:
Number of unitsWeighted-average
grant price
Unvested balance at December 31, 2024
9,965,432 $6.06 
Granted1,290,065 12.18 
Additional shares based on performance(1)
1,055,328 21.19 
Vested(2)
(5,383,812)3.90 
Forfeited(98,041)5.88 
Unvested balance at September 30, 2025
6,828,972 $7.99 
Unvested balance at December 31, 2023
9,218,142 $5.70 
Granted3,160,031 7.07 
Vested(2)
(2,375,975)5.47 
Forfeited(95,372)8.52 
Unvested balance at September 30, 2024
9,906,826 $6.16 
______________________________
(1)RSUs with market conditions include a performance achievement multiplier that is assessed upon vesting of the shares. RSUs with market conditions vested during the nine months ended September 30, 2025, resulting in the issuance of shares incremental to the initial target when the conditions were met.
(2)Includes 493,650 and 311,418 of RSUs that vested during the nine months ended September 30, 2025 and 2024, respectively, but the resulting shares of Class A Common Stock have not yet been issued. There were 999,686 and 563,137 RSUs that vested for which the resulting shares of Class A Common Stock were not issued as of September 30, 2025 and 2024, respectively.
Schedule of Stock Option Activity The estimated grant date fair value of stock options was determined using a Black-Scholes valuation model using the following weighted-average assumptions:
Nine Months Ended
September 30,
20252024
Volatility rate65.00 %68.00 %
Risk-free interest rate4.10 %4.30 %
Expected term(1) (in years)
6.06.0
Dividend yieldNoneNone
Stock price at grant date$10.70$5.79
Exercise price$10.70$5.79
____________________________
(1)Calculated using the simplified method (the midpoint between the requisite service period and the contractual term of the option) due to the Company’s insufficient historical exercise information to provide a basis for an estimate.
Stock option activity for the nine months ended September 30, 2025 was as follows:
Number of optionsWeighted-average
exercise price
Outstanding balance at December 31, 2024
2,582,071 $4.57 
Granted344,391 10.70 
Exercised
— — 
Forfeited— — 
Outstanding balance at September 30, 2025
2,926,462 $5.29 
Exercisable balance at September 30, 2025
1,799,997 $4.54 
Stock option activity for the nine months ended September 30, 2024 was as follows:
Number of optionsWeighted-average
exercise price
Outstanding balance at December 31, 2023
1,971,611 $4.16 
Granted630,897 5.79 
Exercised
(20,437)3.28 
Forfeited— — 
Outstanding balance at September 30, 2024
2,582,071 $4.57 
Schedule of Share-based Compensation Expense
Share-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Costs of revenue$81 $295 $223 $860 
Sales and marketing
969 606 5,248 1,866 
General and administrative
5,329 7,557 15,819 23,848 
Total share-based compensation expense$6,379 $8,458 $21,290 $26,574 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision
Income tax expense (benefit) for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Income tax expense (benefit)
$7,177 $5,274 $(102,775)$16,970 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss per Share
The basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows (amounts in thousands, except for share and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Numerator:
Net income$14,846 $3,239 $54,887 $748 
Less: Net income attributable to non-controlling interests8,791 2,049 26,825 385 
Net income attributable to Rush Street Interactive, Inc. – basic
$6,055 $1,190 $28,062 $363 
Effect of dilutive securities:
Increase to net income attributable to non-controlling interests
8,791 2,049 26,825 385 
Net income attributable to Rush Street Interactive, Inc. – diluted
$14,846 $3,239 $54,887 $748 
Denominator:
Weighted-average common shares outstanding – basic
96,223,133 82,847,325 95,051,128 79,652,992 
Adjustments:
Conversion of Weighted Average RSILP units to Class A Common Shares132,280,716 142,687,546 133,206,990 144,940,579 
Incremental shares from assumed conversion of stock options and restricted stock units
7,869,982 7,583,799 6,700,806 5,641,608 
Weighted-average common shares outstanding – diluted
236,373,831 233,118,670 234,958,924 230,235,179 
Earnings per Class A Common Share - basic
$0.06 $0.01 $0.30 $0.00 
Earnings per Class A Common Share - diluted
$0.06 $0.01 $0.23 $0.00 
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Shares Outstanding
The Company excluded the following securities from its computation of diluted shares outstanding for the three and nine months ended September 30, 2025 and 2024 as their effect would have been anti-dilutive:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Unvested RSUs
— 273,928 441,218 929,269 
Outstanding Stock Options
— 96,827 15,605 727,724 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The Company’s revenue, significant expenses and net income for its consolidated segment are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2025202420252024
Revenue$277,911 $232,109 $809,535 $669,916 
Less:
Costs of revenue(1)
183,385 151,119 528,273 439,554 
Sales and marketing(1)
38,074 38,646 113,066 112,734 
General and administrative(1)
20,417 18,951 58,686 55,734 
Interest income(3,014)(2,277)(7,130)(6,255)
Interest expense459 228 695 730 
Depreciation and amortization10,188 8,471 29,506 23,127 
Income tax expense (benefit)
7,177 5,274 (102,775)16,970 
Other segment items(2)
6,379 8,458 134,327 26,574 
Consolidated net income
$14,846 $3,239 $54,887 $748 
_____________________________________
(1)    Excludes share-based compensation expense.
(2)    Other segment items include share-based compensation expense and tax receivable agreement expense.
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Payments Under Non-cancelable Terms of Contracts
The Company is a party to several non-cancelable contracts with vendors and licensors for marketing, other strategic partnership-related agreements and leases where the Company is obligated to make future minimum payments under the non-cancelable terms of these contracts as follows ($ in thousands):
Remainder of 2025
$7,643 
Year ending December 31, 2026
20,856 
Year ending December 31, 2027
15,864 
Year ending December 31, 2028
10,628 
Year ending December 31, 2029
9,455 
Thereafter16,478 
Total(1)
$80,924 
_____________________________________
(1)
Includes obligations under license and market access commitments totaling $30.4 million, obligations under non-cancelable contracts with marketing vendors totaling $43.0 million and non-cancelable lease contracts totaling $7.5 million. Certain market access arrangements require the Company to make additional payments at a contractual milestone date if the market access fees paid through that milestone date do not meet a minimum contractual threshold. In these instances, the Company calculates the future minimum payment as the total milestone payment less any amounts already paid to the partner and includes such payments in the period in which the milestone date occurs.
v3.25.3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Line Items]                
Prepaid expense, current         $ 9.5   $ 5.5  
Short-term investments         6.0   4.3  
Foreign currency gains and losses $ (0.2) $ (0.9) $ (0.1) $ (2.6)        
Surety Bond                
Accounting Policies [Line Items]                
Surety bonds         31.3   31.1  
Surety Bond, Regulatory Requirements Necessary to Operate                
Accounting Policies [Line Items]                
Surety bonds         $ 6.5   $ 6.1  
RSILP | RSILP Acquisition                
Accounting Policies [Line Items]                
Ownership percentage by controlling owners 42.45%   42.45%          
RSILP | Owners Other Than Rush Street Interactive                
Accounting Policies [Line Items]                
Percentage of common units retained by sellers 57.55% 62.96% 57.55% 62.96%   57.55% 60.00% 67.51%
v3.25.3
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 277,911 $ 232,109 $ 809,535 $ 669,916
Online casino and online sports betting        
Disaggregation of Revenue [Line Items]        
Total revenue 276,119 230,176 804,520 664,647
Retail sports betting        
Disaggregation of Revenue [Line Items]        
Total revenue 538 827 1,329 1,996
Social gaming        
Disaggregation of Revenue [Line Items]        
Total revenue $ 1,254 $ 1,106 $ 3,686 $ 3,273
v3.25.3
Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 277,911 $ 232,109 $ 809,535 $ 669,916
United States and Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 244,373 194,389 701,848 571,439
Latin America, including Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue $ 33,538 $ 37,720 $ 107,687 $ 98,477
v3.25.3
Revenue Recognition - Deferred revenue (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue, beginning of period $ 10,814 $ 7,013
Deferred revenue, end of period 12,512 9,598
Revenue recognized during the period from amounts included in deferred revenue at the beginning of the period $ 10,814 $ 7,013
v3.25.3
Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]          
Net $ 77,582   $ 77,582   $ 77,347
Amortization expense $ 9,200 $ 7,500 $ 26,500 $ 20,300  
License Fees          
Finite-Lived Intangible Assets [Line Items]          
Weighted- Average Remaining Amortization Period (years) 6 years 29 days   6 years 29 days   6 years 10 months 6 days
Gross Carrying Amount $ 51,628   $ 51,628   $ 52,933
Accumulated Amortization (24,173)   (24,173)   (22,491)
Net $ 27,455   $ 27,455   $ 30,442
Internally Developed Software          
Finite-Lived Intangible Assets [Line Items]          
Weighted- Average Remaining Amortization Period (years) 2 years 29 days   2 years 29 days   2 years 2 months 8 days
Gross Carrying Amount $ 89,538   $ 89,538   $ 68,291
Accumulated Amortization (46,910)   (46,910)   (29,346)
Net $ 42,628   $ 42,628   $ 38,945
Developed Technology          
Finite-Lived Intangible Assets [Line Items]          
Weighted- Average Remaining Amortization Period (years) 4 years 1 month 13 days   4 years 1 month 13 days   4 years 10 months 20 days
Gross Carrying Amount $ 6,381   $ 6,381   $ 6,381
Accumulated Amortization (2,865)   (2,865)   (2,224)
Net $ 3,516   $ 3,516   $ 4,157
Other Intangible Assets          
Finite-Lived Intangible Assets [Line Items]          
Weighted- Average Remaining Amortization Period (years) 1 year 7 months 24 days   1 year 7 months 24 days   2 years 29 days
Gross Carrying Amount $ 9,613   $ 9,613   $ 7,373
Accumulated Amortization (5,630)   (5,630)   (3,570)
Net $ 3,983   $ 3,983   $ 3,803
v3.25.3
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense $ 0.4 $ 0.5 $ 1.2 $ 1.5
Amortization expense $ 0.6 $ 0.5 $ 1.8 $ 1.3
v3.25.3
Property and Equipment, net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property and equipment, net    
Property and equipment $ 11,706 $ 10,797
Less: accumulated depreciation (9,065) (7,732)
Property and equipment, net 2,641 3,065
Finance lease right-of-use assets 10,527 7,041
Less: accumulated amortization (4,642) (2,867)
Finance lease, right-of-use asset, after accumulated amortization 5,885 4,174
Property and equipment, net 8,526 7,239
Computers, software and related equipment    
Property and equipment, net    
Property and equipment 5,083 4,427
Operating equipment and servers    
Property and equipment, net    
Property and equipment 3,250 3,231
Furniture    
Property and equipment, net    
Property and equipment 1,330 1,143
Leasehold improvements    
Property and equipment, net    
Property and equipment 1,844 1,797
Property and equipment not yet placed into service    
Property and equipment, net    
Property and equipment $ 199 $ 199
v3.25.3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued operating expenses $ 40,420 $ 32,427
Accrued marketing expenses 17,754 17,959
Accrued compensation and related expenses 16,763 17,218
Accrued administrative expenses 2,692 4,319
Accrued other expenses 547 779
Total accrued expenses $ 78,176 $ 72,702
v3.25.3
Accrued Expenses and Other Liabilities - Current and Non-current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current liabilities    
Other taxes payable $ 13,047 $ 2,131
Income tax payable 5,766 15,009
Deferred royalty liabilities 1,869 1,814
Finance lease liabilities 1,421 1,296
Operating lease liabilities 761 673
Other 3,288 4
Total 26,152 20,927
Liabilities, Noncurrent [Abstract]    
Other taxes payable 0 0
Deferred royalty liabilities 9,176 10,581
Finance lease liabilities 2,317 1,297
Operating lease liabilities 1,337 1,370
Income tax payable 0 0
Other 3,166 4,033
Total $ 15,996 $ 17,281
v3.25.3
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Oct. 24, 2024
Sep. 30, 2024
Dec. 31, 2023
Class of Stock [Line Items]                  
Repurchased stock purchase price   $ 2,472 $ 5,162 $ 7,600          
Shares acquired, cost (in usd per share)       $ 10.41          
Common Class A                  
Class of Stock [Line Items]                  
Authorized repurchase amount             $ 50,000    
Repurchased stock (in shares) 0     733,019          
RSILP | Owners Other Than Rush Street Interactive                  
Class of Stock [Line Items]                  
Percentage of common units retained by sellers 57.55%     57.55% 57.55% 60.00%   62.96% 67.51%
v3.25.3
Stockholders' Equity - Schedule of Noncontrolling Interests (Details) - RSILP - Owners Other Than Rush Street Interactive
 9 Months Ended
Sep. 30, 2025
Rate
Sep. 30, 2025
Sep. 30, 2024
Rate
Noncontrolling Interest [Roll Forward]      
Non-controlling interest ownership percentage at beginning of period   60.00% 67.51%
Issuance of Class A Common Stock upon RSILP Unit Exchanges (1.83%)   (3.72%)
Non-controlling interest ownership percentage at end of period 57.55% 57.55% 62.96%
Common Class A      
Noncontrolling Interest [Roll Forward]      
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes (0.80%)    
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Increase (Decrease) from Repurchase of Stock   0.0018  
Issuance of Class A Common Stock under the equity compensation plan, net of shares withheld for employee taxes     (0.82%)
Issuance of Class A Common Stock in connection with the exercise of stock options     (0.01%)
v3.25.3
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted (in shares)     344,391 630,897
Shares withheld (in shares)     1,809,314 87,161
Average cost per share (in usd per share)     $ 13.54 $ 10.74
Total cost of shares withheld     $ 24.5 $ 0.9
Aggregate fair value of options granted $ 0.0 $ 0.0 2.3 $ 2.4
Intrinsic value of options outstanding 44.5   44.5  
Intrinsic value of options exercisable 28.7   $ 28.7  
Market-Based Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units granted (in shares)     1,290,065 3,160,031
Aggregate fair value of units granted 0.6 0.2 $ 15.7 $ 22.3
Weighted average grant date fair value 1.0 $ 2.9 21.0 $ 13.0
Unrecognized stock-based compensation expense 32.5   $ 32.5  
Weighted-average vesting period of unrecognized stock-based compensation expense     1 year 29 days  
Outstanding Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized stock-based compensation expense $ 3.4   $ 3.4  
Weighted-average vesting period of unrecognized stock-based compensation expense     1 year  
Weighted average grant price of options granted (in USD per share) $ 0 $ 0 $ 6.70 $ 3.74
Restricted Stock Units, Service Conditions        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units granted (in shares)     866,796 2,007,909
Restricted Stock Units, Service Conditions | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
Restricted Stock Units, Service Conditions | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     4 years  
Restricted Stock Units, Market Conditions        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units granted (in shares)     423,269 1,152,122
Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Aggregate number of shares reserved under equity incentive plan (in shares) 35,800,000   35,800,000  
v3.25.3
Share-Based Compensation - Valuation Assumptions (Details) - $ / shares
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Volatility rate 62.75% 68.48%
Risk-free interest rate 4.00% 4.55%
Average expected life (in years) 2 years 9 months 18 days 2 years 9 months 18 days
Dividend yield 0.00% 0.00%
Stock price at grant date (in USD per share) $ 10.70 $ 5.79
Outstanding Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Volatility rate 65.00% 68.00%
Risk-free interest rate 4.10% 4.30%
Average expected life (in years) 6 years 6 years
Dividend yield 0.00% 0.00%
Stock price at grant date (in USD per share) $ 10.70 $ 5.79
Exercise price (in USD per share) $ 10.70 $ 5.79
v3.25.3
Share-Based Compensation - RSU and Stock Option Activity (Details) - $ / shares
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Unvested options outstanding at beginning of period (in shares) 2,582,071 1,971,611
Options granted (in shares) 344,391 630,897
Exercised (in shares) 0 (20,437)
Options forfeited (in shares) 0 0
Unvested options outstanding at end of period (in shares) 2,926,462 2,582,071
Exercisable balance (in shares) 1,799,997  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Weighted average exercise price of options outstanding at beginning of period (in USD per share) $ 4.57 $ 4.16
Weighted average grant price of options granted (in USD per share) 10.70 5.79
Weighted average grant price of options exercised (in USD per share) 0 3.28
Weighted average grant price of options forfeited (in USD per share) 0 0
Weighted average exercise price of options outstanding at end of period (in USD per share) 5.29 $ 4.57
Weighted average grant price of options exercisable (in USD per share) $ 4.54  
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Unvested units outstanding at beginning of period (in shares) 9,965,432 9,218,142
Units granted (in shares) 1,290,065 3,160,031
Units vested (in shares) (5,383,812) (2,375,975)
Units forfeited (in shares) (98,041) (95,372)
Unvested units outstanding at end of period (in shares) 6,828,972 9,906,826
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Weighted average grant price of unvested units outstanding at beginning of period (in USD per shares) $ 6.06 $ 5.70
Weighted average grant price of units granted (in USD per shares) 12.18 7.07
Weighted average grant price of units vested (in USD per shares) 3.90 5.47
Weighted average grant price of units forfeited (in USD per shares) 5.88 8.52
Weighted average grant price of unvested units outstanding at end of period (in USD per shares) $ 7.99 $ 6.16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
RSU's vested without shares issued (in shares) 493,650 311,418
Performance-Based Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Units granted (in shares) 1,055,328  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Weighted average grant price of units granted (in USD per shares) $ 21.19  
Vested RSUs    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
RSU's vested without shares issued (in shares) 999,686 563,137
v3.25.3
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 6,379 $ 8,458 $ 21,290 $ 26,574
Costs of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 81 295 223 860
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 969 606 5,248 1,866
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 5,329 $ 7,557 $ 15,819 $ 23,848
v3.25.3
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 7,177 $ 5,274 $ (102,775) $ 16,970
v3.25.3
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax [Line Items]          
Income tax expense (benefit) $ 7,177 $ 5,274 $ (102,775) $ 16,970  
Effective tax rates 32.60% 61.90% 214.60% 95.80%  
Tax benefit     $ 124,400    
Deferred tax assets $ 153,600   153,600    
Deferred tax asset, valuation allowance 67,900   $ 67,900    
Cumulative income analysis, term     3 years    
TRA liability 124,000   $ 124,000   $ 700
TRA liability, current 1,100   1,100    
Unrecognized TRA liability 0   0   $ 104,300
Tax receivable agreement expense $ 0 $ 0 $ 113,037 $ 0  
Special Limited Partner          
Income Tax [Line Items]          
Tax receivable agreement, percentage of net certain tax benefits payable     85.00%    
v3.25.3
Earnings Per Share - Schedule of Basic and Diluted Loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:                
Net income $ 14,846 $ 28,830 $ 11,211 $ 3,239 $ (282) $ (2,209) $ 54,887 $ 748
Net income attributable to non-controlling interests 8,791     2,049     26,825 385
Net income attributable to Rush Street Interactive, Inc. – basic 6,055     1,190     28,062 363
Increase to net income attributable to non-controlling interests 8,791     2,049     26,825 385
Net income attributable to Rush Street Interactive, Inc. – diluted $ 14,846     $ 3,239     $ 54,887 $ 748
Denominator:                
Weighted average common shares outstanding - basic (in shares) 96,223,133     82,847,325     95,051,128 79,652,992
Weighted Average Number of Shares Outstanding, Diluted, Adjustment [Abstract]                
Conversion of weighted average RSILP units to Class A common shares (in shares) 132,280,716     142,687,546     133,206,990 144,940,579
Incremental shares from assumed conversion of stock options and restricted stock units (in shares) 7,869,982     7,583,799     6,700,806 5,641,608
Weighted average common shares outstanding - diluted (in shares) 236,373,831     233,118,670     234,958,924 230,235,179
Earnings per Class A common share - basic (in USD per share) $ 0.06     $ 0.01     $ 0.30 $ 0.00
Earnings per Class A common share - diluted (in USD per share) $ 0.06     $ 0.01     $ 0.23 $ 0.00
v3.25.3
Earnings Per Share - Schedule of Anti-dilutive Securities (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Unvested RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of diluted shares outstanding (in shares) 0 273,928 441,218 929,269
Outstanding Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of diluted shares outstanding (in shares) 0 96,827 15,605 727,724
v3.25.3
Segment Reporting (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.25.3
Segment Reporting - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Revenue $ 277,911     $ 232,109     $ 809,535 $ 669,916
Segment Reconciliation [Abstract]                
Depreciation and amortization 10,188     8,471     29,506 23,127
Income tax expense (benefit) 7,177     5,274     (102,775) 16,970
Net income 14,846 $ 28,830 $ 11,211 3,239 $ (282) $ (2,209) 54,887 748
Reportable Segment                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Revenue 277,911     232,109     809,535 669,916
Segment Reconciliation [Abstract]                
Costs of revenue 183,385     151,119     528,273 439,554
Sales and marketing 38,074     38,646     113,066 112,734
General and administrative 20,417     18,951     58,686 55,734
Interest income (3,014)     (2,277)     (7,130) (6,255)
Interest expense 459     228     695 730
Depreciation and amortization 10,188     8,471     29,506 23,127
Income tax expense (benefit) 7,177     5,274     (102,775) 16,970
Other segment items 6,379     8,458     134,327 26,574
Net income $ 14,846     $ 3,239     $ 54,887 $ 748
v3.25.3
Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
RSG | Service Agreements          
Related Party Transaction [Line Items]          
Expenses relating to related party $ 17.9 $ 17.3 $ 51.3 $ 50.7  
Affiliated Land-Based Casinos | Royalty Agreements          
Related Party Transaction [Line Items]          
Due from affiliates $ 17.4   $ 17.4   $ 18.2
v3.25.3
Commitments and Contingencies (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Loss Contingencies [Line Items]  
Remainder of 2025 $ 7,643
Year ending December 31, 2026 20,856
Year ending December 31, 2027 15,864
Year ending December 31, 2028 10,628
Year ending December 31, 2029 9,455
Thereafter 16,478
Total 80,924
Non-cancelable Lease Contract  
Loss Contingencies [Line Items]  
Operating and finance lease obligations 7,500
Non-cancelable Lease Contract with Marketing Vendors  
Loss Contingencies [Line Items]  
Operating and finance lease obligations 43,000
License and Market Access Commitments  
Loss Contingencies [Line Items]  
Operating and finance lease obligations $ 30,400