Slide 1: Investor Presentation
Investor Presentation - February 2026 -
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the estimated future financial performance, financial position a
Slide 3: Investment Highlights
Investment Highlights A leading digital operator driven by an online casino-centric strategy, innovative online gaming user experience and 1 seasoned management team 2 Rank in the top 4 operators for net revenue in online casino in the United States Extensive market access to future online casino ma
Slide 4: Company Highlights
Company Highlights Financial Highlights Business Highlights Achieved record quarterly revenue of $325MM in 4Q25, up 28% Y-o-Y, and 1 record full year revenue of $1.13B in FY25, up 23% Y-o-Y. 1 Grew Online Casino revenue 30% Y-o-Y. Grew Adjusted EBITDA to a record $44MM in 4Q25, up 44% Y-o-Y, and Inc
Slide 5: RSI's Market Access Creates Growth Opportunity and Paves the Way for iCasino
RSI’s Market Access Creates Growth Opportunity and Paves the Way for iCasino Market Access Partner of Choice RSI benefits from a larger potential TAM than most competitors due to international operations in both Latin America and Canada, broad market access in key states, and mutually beneficial par
Slide 6: Key Positioning in iCasino Markets
Key Positioning in iCasino Markets RSI is a top tier operator in all visible iCasino markets, operating in as many states as any other operator in the U.S. iCasino Markets % of U.S. Adult Population in iCasino and OSB Markets West Delaware1 Pennsylvania Michigan New Jersey Ontario Mexico Colombia Vi
Slide 7: Beachhead to Grow New Markets in LATAM
Beachhead to Grow New Markets in LATAM Existing Core Markets Population: 54MM COLOMBIA GDP per capita: $7.9k Regulatory Status: iCasino and OSB regulated Population: 133MM MEXICO GDP per capita: $13.6k Regulatory Status: iCasino and OSB regulated Population: 35MM Latin America PERU GDP per capita: $
Slide 8: Scalable Platform Proven to Increase Retention and Player Values
Scalable Platform Proven to Increase Retention and Player Values ROBUST, SCALABLE ARCHITECTURE REGULATORY COMPLIANCE & RESPONSIBLE GAMING (“RG”) • Best-in-class RG gaming tools including non-cancellable • Modern end-to-end technology stack with modular withdraw and refund processes, in-game messagin
Slide 9: Proprietary Promotional Games with Leading Third-party Content
Proprietary Promotional Games with Leading Third-party Content Breadth and Quality of Content Promotional Free-to-play Bingo Platform Offering market leading quality and selection Increase retention by rewarding brand loyalty 110+[TBD – Design working on relevant imagery] 11,000+ • Frequently first
Slide 10: RSI's iCasino Product Improves Player Experience through Community Engagement
RSI’s iCasino Product Improves Player Experience through Community Engagement P2P Community Moderator Chat Multi-player Online Casino Tournaments Increased engagement through connectivity Increase engagement through competitions • Free-to-play tournament system supports a broad range of casino game
Slide 11: iCasino Delivering Exceptional Growth in Delaware
iCasino Delivering Exceptional Growth in Delaware Since exclusive state operator takeover in late Dec ‘23, RSI has demonstrated aggressive growth with strategic mix of proprietary product features, land-based partnerships, and bespoke advertising approach. Highlights: $132MM iCasino Gross Gaming Rev
Slide 12: Sportsbook Promotional Features
Sportsbook Promotional Features BetRivers has upped the stakes for sports bettors with exciting gamified betting features on qualifying same game parlay bets. BetRivers offers players Squares on qualifying football and basketball bets, and for the NBA and MLB, our new PropPacks promotion – both game
Slide 13: BetRivers Poker Launches Multi-State
BetRivers Poker Launches Multi-State A truly unique player-first proprietary poker platform designed by poker players for poker players, with an emphasis on fairness, excitement, and generous rewards for all skill levels. BetRivers Poker offers a comprehensive suite of game formats, including cash g
Slide 14: …And Casino Led Strategy with Attractive Demographics & Unit Economics
…And Casino Led Strategy with Attractive Demographics & Unit Economics Broader Demographics Better Monetization Larger Market • Large cohort of female slot players generates • Users of iCasino have a GGR that is over 5x higher than • iCasino TAM is more than 3x the size of online sports diversificat
Slide 15: The BetRivers Network Enhances User & Brand Engagement
The BetRivers Network Enhances User & Brand Engagement RSI's in-house media outlet produces YouTube-focused content, including must-watch poker, iGaming companion entertainment, expert previews for key betting sports, and local sports shows for fans & bettors alike. Commentary • BetRivers Network me
Slide 16: Strong Player Value & Retention
Strong Player Value & Retention • Increasing player value over time – approximately $5,100 per player in 5 years1 • Strong retention and new markets expected to drive continued revenue growth Avg LTV for All U.S. & Ontario Cohorts Since Inception1 Quarterly Net Revenue by Yearly Cohort ($MM) 2 Launc
Slide 17: Strong Growth Across Regions
Strong Growth Across Regions Demonstrated history of growing revenues across regions over the long-term from an expanding user base while maintaining strong revenue per user metrics U.S. & Canada1 LATAM2 Average Monthly Active Users (“MAUs”) Average Monthly Active Users (“MAUs”) Peru 300,000 500,000
Slide 18: Consistent, Player-First Service That Builds Trust
Award-Winning Customer Service RSI has won EGR “Customer Service Operator of the Year” Consistent, Player-First Service That 5 years straight – every year since the award’s inception Builds Trust Improved Net Promoter Score and Customer Satisfaction1 Y-o-Y for full year 2025. Net Promoter Score Cust
Slide 19: Over 140 Years of Collective C-Suite Gaming Industry Experience
Over 140 Years of Collective C-Suite Gaming Industry Experience RICHARD KYLE MATTIAS SHUBHAM LAURA MCALLISTER PAUL ROB MICHELLE BRIAN SCHWARTZ SAUERS STETZ TYAGI COX WIERBICKI PICARD ARMER SAPP Chief Executive President & Chief Operating Chief Technology Chief Compliance Chief Legal Chief Strategy C
Slide 20: Financial Overview
Financial Overview RUSH
Slide 21: Historical MAU & ARPMAU
Historical MAU & ARPMAU 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Monthly Average Users (MAU) 238,083 225,166 218,465 298,365 274,450 289,676 278,586 357,197 394,011 446,578 487,243 538,705 556,355 599,774 639,683 771,497 North America 149,584 129,382 130,048 146,582 144,95
Slide 22: Statements of Operations
Statements of Operations Amounts in USD $000’s (except for shares and per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenue $ 324,893 $ 254,167 $ 1,134,428 $ 924,083 Operating costs and expenses Costs of revenue 213,168 1
Slide 23: Statements of Comprehensive Income (Loss)
Statements of Comprehensive Income (Loss) Amounts in USD $000’s Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Net income $ 19,142 $ 6,488 $ 74,029 $ 7,236 Other comprehensive income (loss) Foreign currency translation adjustment, net of
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Net Income, Adjusted Earnings Per Share and Adjusted Weighted Average Common Shares Outstanding, each of which is defined below: Adju
Slide 25: Non-GAAP Measures: Adjusted EBITDA
Non-GAAP Measures: Adjusted EBITDA Amounts in USD $000's Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Net income $ 19,142 $ 6,488 $ 74,029 $ 7,236 (-) Interest income, net (2,838) (1,968) (9,273) (7,493) (+/-) Income tax expense (benefi
Slide 26: Non-GAAP Measures: Adjusted Operating Costs and Expenses
Non-GAAP Measures: Adjusted Operating Costs and Expenses Amounts in USD $000's Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) GAAP operating costs and expenses: Costs of revenue $ 213,168 $ 161,622 $ 741,664 $ 602,036 Sales and marketing
Slide 27: Non-GAAP Measures: Adjusted Net Income; Adjusted Weighted Average Common Shares; Adjusted EPS
Non-GAAP Measures: Adjusted Net Income; Adjusted Weighted Average Common Shares Outstanding; Adjusted Earnings Per Share Amounts in USD $000's ( except for shares and per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Adjusted
Slide 28: Capitalization - Detailed Share Count
Capitalization - Detailed Share Count Common Stock Weighted Average Type of Outstanding Equity as of December 31, 2025 Outstanding Exercise Price Class V Common Stock 129,609,532 — Class A Common Stock 99,958,236 — Total Common Shares Outstanding 229,567,768 — Restricted Stock Units (Unvested) 5,059
Slide 29: Key Metrics and Other Information
Key Metrics and Other Information This presentation includes certain key metrics and other information, including Average Revenue Per Monthly Active User, First Time Depositor, Gross Gaming Revenue, Lifetime Value and Monthly Active Users, each of which is defined below. Average Revenue Per Monthly