RSI’s Record Q2 2026 Hides a Bigger Story: Latin America Is Rewriting the Playbook

Key Points

• RSI posted record quarterly revenue of $393.8m, up 46% year-on-year, with adjusted EBITDA rising 61% to $64.6m in Q2 2026.
• Latin America revenue exploded 195% year-on-year; over 25% of World Cup first-time depositors have already crossed into casino play.
• Full-year revenue guidance lifted to $1.56bn–$1.60bn, the second consecutive guidance raise, while Alberta’s early user numbers are running twice the Ontario launch pace on a population-adjusted basis.

Two Records in a Row, and the Guidance Keeps Rising

What those figures do not fully capture is the streak. The first quarter of 2026 had broken all the internal benchmarks that had ever been set by the company. It resulted in revenue generation of $370.4m, adjusted EBITDA of $60.2m, and net income of $26.2m.

It should be noted that the above-mentioned numbers are unable to reflect any level of consistency as the first quarter of 2026 broke records as well. The revenue was $370.4m, adjusted EBITDA $60.2m, and net profit $26.2m. Back-to-back record quarters of this magnitude are not something RSI’s peer group has managed in the same window. The company’s full-year guidance reflects exactly that confidence; revenue is now expected to land between $1.56bn and $1.60bn, lifted from the $1.49bn–$1.54bn range published after Q1.

CEO Richard Schwartz did not hedge his language. “We delivered another record quarter, setting all-time highs once again for revenue and Adjusted EBITDA, driven by continued share gains in online casinos and our sports betting markets benefiting from the World Cup,” he said in the official earnings release.

Latin America’s 195% Surge Changes the Conversation

North America grew. Latin America exploded. That gap matters.

North America revenue climbed 23% year-on-year in Q2, a solid figure by any standard in a mature regulated market. Latin America revenue, by contrast, jumped 195% year-on-year. Monthly active users in the region reached approximately 653,000, up 62%, while average revenue per monthly active user rose 82% to $55, partly helped by favourable currency movements and changes to bonusing structures in Colombia.

This is not simply volume growth. RSI’s Latin America trajectory reflects something more durable: the 2026 FIFA World Cup acted as a customer acquisition engine at scale, particularly in Mexico, Colombia, and broader South America. Over 25% of first-time depositors acquired during the World Cup have already engaged with RSI’s casino product. That is the metric competitors should be reading carefully, because it means sports betting in that region is functioning as a funnel, not just a standalone revenue line.

RSI’s casino-first strategy, which Schwartz repeatedly calls the “foundation” of the business, is built on exactly this idea: attract with sport, retain with casino. Online casino represented 72% of total revenue in Q2. Online casino revenue rose 40% year-on-year, while sports betting revenue rose 64%, with the sports figure boosted heavily by World Cup volume.

The Player Economics Behind the Numbers

Profitability metrics deserve more attention than the revenue headline usually allows.

RSI’s adjusted sales & marketing spend for Q2 is $48.6m which accounted for only 12.3% of revenues. In Q1 2026, this proportion had already dropped to 12.5% from 14.8% in the previous year. A company which is generating revenue growth of 46% while spending a decreasing percentage of revenue on acquisitions is reducing its cost base much more quickly than anyone anticipated. RSI’s total monthly active users in all regions stood at around 949,000 in Q2. North American MAUs reached 296,000, a 51% increase, driven by 64% growth specifically in online casino markets.

North American ARPMAU fell 18% to $320, a figure RSI attributes to continued investment in acquisition rather than any deterioration in product engagement. The Latin America ARPMAU of $55 is still modest by North American standards, but the 82% year-on-year growth rate signals rapid monetisation of a player base that is still largely early-stage.

Profit before tax amounted to $49.7m. The year-over-year comparison of profit after tax is misleading; there was a benefit from income taxes amounting to $115m during Q2 2025. Not considering the benefit of income tax, the profit trend for this company is upward.

During the first half of 2026, total revenue of the company was recorded at $764.1m, representing a 43% increase over the H1 2025 figure. The adjusted EBITDA increased by 70% from the previous figure to $124.8m.

Alberta Opens; Prediction Markets Stay on the Shelf

RSI launched in Alberta on 13 July 2026, days after the Q2 period closed. Early depositor and daily active user figures are tracking at roughly twice the levels seen at the equivalent stage of RSI’s Ontario launch, adjusted for population. Ontario is now a profitable, established market for RSI. If Alberta follows even a similar trajectory, it adds a meaningful revenue line before year-end.

Schwartz addressed two forward-looking questions directly during the earnings call. On prediction markets, RSI has applied for a Designated Contract Market licence with the CFTC. However, Schwartz was explicit that prediction markets are not a strategic priority and are not materially affecting the sportsbook. That is a notable positioning choice. Several operators have flagged prediction markets as a near-term growth lever; RSI is holding back and staying focused on its core formula.

On guidance, the company raised full-year adjusted EBITDA expectations to between $245m and $265m, up from the $230m–$250m range set after Q1. The new revenue range of $1.56bn–$1.60bn represents year-on-year growth of 38% to 41%, with RSI noting its guidance incorporates Colombia’s temporary 16% emergency tax decree as a continuing assumption.

Expert Analysis

RSI’s Q2 story is not simply about size. It is about the speed at which profitability is scaling relative to revenue. Most operators in this growth phase burn marketing spend to fuel top-line numbers; RSI is doing the reverse, shrinking its marketing-to-revenue ratio while accelerating user growth. The World Cup effect on Latin America is real, but it is temporary. What is not temporary is the share of those World Cup depositors who have already converted to casino play, a product with far superior lifetime value and retention characteristics. That cohort will be the actual test of whether RSI’s Latin America model holds through Q3 and Q4 without the tournament tailwind. Alberta’s early numbers add optionality. If RSI can replicate its Ontario efficiency there, the 2026 guidance raise may not be the last one shareholders see this year.