Rush Street Interactive, Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive second quarter 2026 earnings conference call. All participants are in listen-only mode. A question and answer session will follow the formal presentation. Please note that this conference call is being recorded today, July 29, 2026. I will now turn the call over to Kyle Sauers, President and Chief Financial Officer. Please go ahead.

Thank you, Operator, and good afternoon. By now, everyone should have access to our second quarter 2026 earnings release. It can be found under the heading Financials Quarterly Results in the Investors section of the RSI website at ruststreetinteractive.com. Some of our comments will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not statements of historical fact and are usually identified by the use of words such as will, expect, should, or other similar phrases and are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We assume no responsibility for updating any forward-looking statements. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. We will be discussing adjusted EBITDA, which we define as net income or loss before interest, income taxes, depreciation and amortization, share based compensation, adjustments for certain one-time or non-recurring items, and other adjustments that are either non-cash or not related to our underlying business performance. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is available in our second quarter 2026 earnings release and our investor deck, which is available in the investor section of the RSI website at RushStreetInteractive.com. For purposes of today's call, unless noted otherwise, when discussing profitability, EBITDA, or other income statement measures other than revenue, we're referring to those items on a non-GAAP adjusted EBITDA basis. With me on the call today, we have Richard Schwartz, Chief Executive Officer, who will first provide some opening remarks and then open the call to questions. And with that, I'll turn the call over to Richard.

Thanks, Kyle. And good afternoon, everyone. Before I dive into our second quarter results, I want to take a moment to acknowledge that while Kyle and I have the opportunity to present these results each quarter, our continued success is driven by the exceptionally smart dedicated and experienced management team we work with every day, as well as our talented employees across the organization. I want to thank the entire team for all their hard work and dedication and for once again delivering record revenue and adjusted EBITDA, which continues our consistent track record of strong performance. I'm particularly proud that we delivered our fastest quarterly revenue growth in over four years. even while operating from a significantly larger revenue base. We generated a revenue of $393.8 million, up 46% year over year, and adjusted EBITDA of $64.6 million, up 61% year over year. Our results this quarter reflect the continued strength of our Casino First strategy, disciplined execution across operating regions, alongside a well-planned and strongly executed World Cup period. Our casino-first approach remains the foundation of our business model. Online Casino continues to be our primary value driver, with sports betting and poker serving as important complementary products that drive incremental profitability, brand awareness, and bring new players into our ecosystem. Online Casino continues to be our fastest-growing product segment in both North America and Latin America. This quarter, Online Casino represented 72% of our revenue, with online sports betting contributing most of the remaining 28%, a mix that continues to support the consistent engagement, higher lifetime values, and stronger retention that come with our casino players. Player growth remained strong across both regions. Monthly active users in North America grew 51% year-over-year to over 296,000, with growth in our North American online casino market reaching 64% year-over-year. In Latin America, which includes Mexico, mouths grew 62% year-over-year to over 652,000, Across the company, we again delivered record first-time depositors and continue to deliver attractive player acquisition costs, reflecting the ongoing advancements in our brand awareness and marketing efficiency. We just finished a month of exciting World Cup soccer, and I'm incredibly proud of our teams and the results we produced. There was incredible effort and execution that went into our marketing programs, player engagement and operations, Merchandising our offerings in a compelling way to our players and, of course, ensuring our technology performed fast and reliably at record volumes. The end result was very successful outcomes, both in terms of near-term financial impact and, more importantly, impressive acquisition and reactivation efforts, especially in Latin America. In June and so far in July, our monthly active users in Latin America are up over 80%. Another good sign is that more than 25% of our new first-time depositors that joined us during the World Cup have engaged with our casino product as well. This is about 50% higher than what we saw during the Copa America two years ago. So this is an encouraging sign and validating that the work we've put into improving the cross-sell flows have delivered positive results. When it comes to the specific results, Both handle and hold came in very nicely for the World Cup in June. In fact, Q2 was our highest sports hold in Colombia since inception, driven by solid World Cup results. In North America, we also, again, had our highest sports hold since inception, driven by both NBA playoffs and positive World Cup results. This wasn't just good outcomes. It's a reflection of an improving product and improving mix of parlays and prop bets. that drive higher hold. Turning to the political situation in Columbia specifically, in June, Columbia held its widely anticipated presidential election. With the winning candidate scheduled to take office at the end of next week, we believe that his pro-business agenda will provide a constructive backdrop for our industry and for the broader operating environment in the country. These policies appear to be in stark contrast to the existing and opposing party. To be clear, the results of this election have no impact on our reported numbers or guidance today. The new government's broader review of prior tax decrees and future budgeting decisions remain outstanding. Therefore, consistent with our prior earnings call, our full year guidance continues to assume that the 16% TGR tax remains in effect through year end. will keep you updated if there are changes on the regulatory front within Columbia. We're also excited to announce that we successfully launched online casino and online sports in Alberta on July 13th. And while it's still very early days, we're encouraged by what we've seen so far. As a reminder, Alberta is transitioning out of an unlicensed market. So consistent with our experience in Ontario, we expect this to be a gradual build. On a population-adjusted basis, first-time depositors and daily active users are currently tracking at approximately twice the levels we saw in Ontario at the same point following launch. It's of course very early, but we are excited to watch the Alberta market build over the coming quarters. Moving on to the topic of prediction markets, this past quarter we filed an application for a CFTC designated contract market license. As we have stated previously, we continue to operate with a casino-first focus and do not intend to lean into the crowded sports-focused prediction market space. However, the prediction markets landscape is highly dynamic and we will continue to monitor developments in the space. And this filing ensures we have the flexibility to navigate all possible outcomes. As we look to the second half of 2026, We're off to a strong start in Alberta, a market with meaningful long-term opportunity, and we see continued significant growth ahead in the other markets where we operate. With that, I'll turn it back to Kyle to discuss the financial details.