Investor Presentation
- February 2026 -
Investment Highlights
1
A leading digital operator driven by an online casino-centric strategy, innovative online gaming user experience and seasoned management team
2 Rank in the top 4 operators for net revenue in online casino in the United States
3
Extensive market access to future online casino markets across the Americas, with proven ability to launch and scale efficiently in new markets
4
Invested 13+ years developing our proprietary PAM & vertically integrated tech stack to support our differentiated product suite, multi-brand capabilities and automated functionality to provide frictionless customer experiences
5
Among the industry's leading online casino platforms with unique player features such as UX personalization, community features, site-wide gamifications tools, and RSI's flagship promotional engine
6
Strategic positioning in high-growth, high-margin regulated international markets-including Colombia, Mexico, Ontario, and Peru-with the expertise and infrastructure to expand into newly regulated LATAM and other global markets
7
Sustained focus and prioritization on player retention and ROI has resulted in industry leading unit economics and achievement of significantly increasing Adjusted EBITDA profitability
3
Company Highlights
Financial Highlights
Business Highlights
1
Achieved record quarterly revenue of $325MM in 4Q25, up 28% Y-o-Y, and record full year revenue of $1.13B in FY25, up 23% Y-o-Y.
Grew Online Casino revenue 30% Y-o-Y.
2
1
3
Grew Adjusted EBITDA to a record $44MM in 4Q25, up 44% Y-o-Y, and FY25 Adjusted EBITDA to a record $154MM, up 66% Y-o-Y, demonstrating strong flow-through from revenue to grow the bottom line.
Increased Delaware GGR annual run rate to over $208MM during 4Q25, with iCasino revenue reaching over 9x what the previous operator achieved in their best quarter.
3
2
Initiated FY26 revenue guidance of $1.375B -$1.425B, implying 23% Y-o-Y growth at the midpoint, and FY26 Adjusted EBITDA guidance of $210MM -
4
$230MM, implying 43% growth at the midpoint.
During the fourth quarter, Online Casino revenue grew 57%, 35% and 21% Y-o-Y in DE, MI and NJ, respectively.
4
5
Improved U.S. and Canada Monthly Active Users ("MAUs")1in 4Q25 by 37% Y-o-Y and grew LATAM MAUs247% Y-o-Y.
Added record number of first-time depositors for the third straight quarter.
5
Ended the quarter with $336MM in unrestricted cash, up $63MM from the end of Q3, and no debt.
North American MAUs in online casino markets grew 51% Y-o-Y, the second-highest quarterly growth rate during the past 4.5 years.
Based on MAUs and revenue from U.S. & Canada-based users of our real-money online offerings only.
Based on MAUs and revenue from Colombia, Mexico & Peru-based users of our real-money online
offerings only. 4
RSI's Market Access Creates Growth Opportunity and Paves the Way for iCasino
Market Access Partner of ChoiceRSI 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 partnerships with Tribes and Lotteries
Total Addressable Market at MaturityUnited States1Canada2Latin America2,3
iCasino OSB
~$97.3bn ~$5.2bn ~$13.0bn
~$34.3bn ~$1.5bn ~$12.3bn
~$164bn Total Addressable Market
iCasino + OSB Live OSB Live
5
Source: Eilers & Krejcik Outlook, H2 Gambling Capital. (1) E&K U.S. Sports Betting And Online Casino Outlook -September 2025. Does not include poker. (2) H2GC 2028 total interactive TAM from January 2026 report and management estimates, inclusive of both interactive onshore and offshore. OSB excludes Horseracing; iCasino excludes Bingo, Lotteries, Poker, and Skill. (3) Includes Latin America, Mexico and the Caribbean.
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
Delaware1
Pennsylvania
West
Michigan
New Jersey
Ontario
Mexico
Colombia
Virginia
$3.4bn
$3.0bn3
$2.7bn3
$461MM3
61%
12%
88%
39%
iCasino
TAM 2,3
$272MM $4.1bn $354MM $2.9bn
Top 5
of >50 operators
#2
of 14 operators
NA
iCasino Online Sports Betting
Positioning 4
Exclusive
Operator
#4
of 17 operators
#4
of 9 operators
#4
of 14 operators
#9
of 24 operators
Adult Population Available for Future Legislation
Current Adult Population Legislated to Play
Source: Eilers & Krejcik Outlook, H2 Gambling Capital. (1) RSI operates 3 different brands in DE. (2) E&K Generic All-In Model as of September 2025. Does not include Poker. (3) H2GC iCasino TAM, as of January
2026, inclusive of both Onshore and Offshore. (4) Per Eilers & Krejcik and management estimates. 6
Beachhead to Grow New Markets in LATAM
Existing Core Markets
COLOMBIA
Population: 54MM
GDP per capita: $7.9k
Regulatory Status: iCasino and OSB regulated
MEXICO
Population: 133MM
GDP per capita: $13.6k
Regulatory Status: iCasino and OSB regulated
PERU
Population: 35MM
GDP per capita: $8.6k
Regulatory Status: iCasino and OSB regulated
Potential Expansion
Latin America
~$25.2bn 2028E TAM(1)
Population: 214MM
GDP per capita: $10.8k
BRAZIL
Chile
Population: 20MM
GDP per capita: $17.9k
ECUADOR
Population: 18MM
GDP per capita: $6.9k
Argentina
Population: 46MM
GDP per capita: $12.1k
Core RSI Markets Expansion Opportunities
Source: World Population Review 2026, IMF 2025.
7
H2GC 2028 total interactive TAM from January 2026 report and management estimates, inclusive of both interactive onshore and offshore. OSB excludes Horseracing; iCasino excludes Bingo, Lotteries, Poker, and Skill.
Scalable Platform Proven to Increase Retention and Player ValuesROBUST, SCALABLE ARCHITECTURE
Modern end-to-end technology stack with modular architecture & components
Single code base updated bi-weekly (RMG & social)
Flexible deployments (physical, cloud-based and hybrid)
Operationalized technology continuously improved to deliver efficient conversion and retention results
REGULATORY COMPLIANCE & RESPONSIBLE GAMING ("RG")
Best-in-class RG gaming tools including non-cancellable withdraw and refund processes, in-game messaging, limits and self-exclusion
First U.S.-based operator to implement a real-time RG monitoring system to analyze player behavior
First U.S. operator to receive the respected Responsible Gaming Counsel accreditation
Full automated reporting for customers
BONUSING, CRM & LOYALTY
Real-time engine to deliver personalized bonuses
Unique-to-industry gamified reinvestment programs
Complete suite of marketing tools, including bonusing, CRM and loyalty
Proprietary bonus bank wallet and bonus store allows players to self-manage bonuses & redeem loyalty points for real-world & fun digital prizes
MULTI-BRAND, MULTI-VERTICAL & MULTI-JDX
Demonstrated success operating multi-brands in the same markets (i.e., bonus abuse protections)
Platform supports iCasino, sports, social and poker
Multi-language, multi-currency offering allows for swift expansion to new markets
Platform licensed in 19 jurisdictions
INTEGRATION-FRIENDLY WALLET, FRAUD & RISK MANAGEMENT
Deep integration experience & ability to connect efficiently with 3rdparty systems / databases
Library of >5,000 games from 70+ game studios
Operational integrations include payments, KYC, geolocation, B.I./analytics, AdTech, push messaging, land-based Casino management & cashier systems, sports data/stats/streaming
Heavy investment in automation delivers enhanced verification and conversion rates & speed to deal efficiently with the most stringent jurisdictions
Enhanced KYC functionalities & features to enable self-verifications
Sophisticated fraud tools; industry leading chargeback rates
8
Proprietary Promotional Games with Leading Third-party Content
Breadth and Quality of Content
Offering market leading quality and selection
Promotional Free-to-play Bingo Platform
Increase retention by rewarding brand loyalty
[TBD - Design working on relevant imagery]
110+ 11,000+
Frequently first to market with new game studios and hit games; 11,000+ games from 110+ game studios
Bespoke features built on top of game library drive differentiation
Optimized for a consistent user experience
Seamless integration into the casino vertical
Increased retention by offering players fun and unexpected chances to win
Reward player loyalty by awarding prizes based on loyalty status
9
RSI's iCasino Product Improves Player Experience through Community Engagement
P2P Community Moderator Chat
Increased engagement through connectivity
Accessible chatrooms available 24/7 - foster connections between players and brand moderators
Integrated seamlessly into a big win newsfeed with player profiles, emojis and avatars - extra context for increased engagement
Multi-player Online Casino Tournaments
Increase engagement through competitions
Free-to-play tournament system supports a broad range of casino game types
Proprietary, synchronous or asynchronous platform with a fully integrated registration and awards system
Tournament scheduler and real-time leaderboards
10
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 Revenue in last 12 months Compared to $15.1MM GGR for previous operator in its last 12 months.
62% YoY iCasino GGR Growth in Q4 Including monthly growth of at least 630% for every month in 2025 compared to what the previous operator achieved in 2023.
Proprietary Features Drive Session Length + Retention
Online Sportsbook Success Including Cross-Sell Across Verticals
OSB GGR in 4Q25 is up 76% YoY.
11
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 games offer players a chance to win a jackpot of up to $25,000 in bonus credits!
How the Promotions Work: Earning Bonuses on Qualifying SGP Bets
Earning a square for Football matchups or up to 3 player prop cards on NBA matchups.
Tiered Prizing Structure for Bigger Payouts Higher threshold wagers will unlock greater prizes including the top prize of $10,000 in bonus credits.
A Proven Tie-Breaker for Sports Bettors These gamified experiences provide incremental value to the sports bettor, separating BetRivers from the competitive landscape.
12
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 games, Sit & Go tournaments, and Multi-Table Tournaments (MTTs).
Highlights:
HOME OF THE VIPs
Powered by Phil Galfond and Phil Hellmuth, combining trusted design with unmatched star power to drive credibility, visibility, and engagement.
CROSS-SELL INTEGRATION
Play mini-casino games from the poker table. One wallet and loyalty program powers seamless rewarded play across poker, casino, and sports.
MULTI-STATE LIQUIDITY
Live in PA, MI, DE, and WV - with shared liquidity across all four states.
RAKEBACK REVOLUTION
A loyalty program that delivers real, consistent rewards based on player activity - built to reward play and incentivize cross-vertical exploration.
PLAYER-FRIENDLY UI
Simplified layout and controls that prioritize ease of use and real-time flow.
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…And Casino Led Strategy with Attractive Demographics & Unit Economics
Broader Demographics Better Monetization Larger Market
Large cohort of female slot players generates
diversification across men and women, increasing TAM
Brand and user experience targets female players as well as more mature and engaged players
Users of iCasino have a GGR that is over 5x higher than an OSB-only user
Users of both iCasino and OSB have a GGR that is nearly 15x higher than an OSB-only user
iCasino TAM is more than 3x the size of online sports betting in mature markets
Users of iCasino have higher engagement and spend more per year compared to OSB
iCasino Demographic Split 1
GGR by User Type
U.S. GGR (TTM) 2
$9,959
50%
of users are men
50%
40.1
Average Age per User
of users are
women
14.5x
$2,749
OSB iCasino 4
U.S. Yearly Spend per Adult 2,3
Online Sports Betting Demographic Split 1
37.3
Average Age
5.6x
OSB-only
$
OSB-only
$102
$368
86%
of users are men
per User
14%
of users are
women
OSB iCasino iCasino + OSB
OSB iCasino 4
14
Source: Eilers and Krejcik Online GGR Reports, and management estimates. (1) Information is for US/Canada casino-only players and US/Canada sports betting-only players in markets that offer both online sports and casino (DE, MI, NJ, PA, WV, & Ontario only), respectively. (2) E&K data as off January 2026 and management estimates, data includes DE, MI, NJ, PA & WV only. (3) TTM GGR divided by adult population in DE, MI, NJ, PA & WV only. (4) iCasino includes slots and tables games
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 media personalities, such as sports broadcasting icon Mike Francesa and poker legend Phil Hellmuth, connect with their fans online, in their home fan bases and beyond.
Approximately 70% of Francesa's audience comes from jurisdictions in which RSI operates.
The Mike Francesa Podcast YouTube subscribers increased 31% Y-o-Y in Q4 2025.
Hellmuth's Home Game, RSI's poker content collaboration with Phil Hellmuth, was watched more than 37 million minutes on YouTube alone during Q4, with additional viewership on CBS Sports Network, select regional sports networks, Twitch and OTT platforms.
Watch time on the BetRivers casino streaming channel, BetRivers Players Club, saw a 1600% increase compared to Q4 2024 with an all-time high in minutes watched.
Poker watch time on YouTube reached 237 million minutes watched in 2025, a 39% increase compared to 2024.
Subscribers to RSI's first-party YouTube channels have increased 31% Y-o-Y in Q4 2025.
15
Strong Player Value & Retention
Increasing player value over time - approximately $5,100 per player in 5 years1
20%
$100
10%
$50
0%
$-
Number of Months
2016 - 2019
2020
2021
2022
2023
2024
2025
Marketing % of Revenue
$150
30%
$200
40%
$250
50%
$300
60%
70% $350
PE
DE
WV(s)
CO MI LA ON
IL IA VA WV(c)AZ NY MX MD OH
PA(s) PA(c) IN
Quarterly Net Revenue by Yearly Cohort ($MM) 2
Launches
Avg LTV for All U.S. & Ontario Cohorts Since Inception1
Strong retention and new markets expected to drive continued revenue growth
Q1'19
Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Q4'25
(1) RSI Management estimates based on the average LTV of all applicable cohorts since January 2017 presented in monthly increments, as measured from month of first deposit. A cohort represents all U.S. & Ontario based FTDs
in a particular month that placed at least one bet across one or more of our online casino or online sports betting 16
offerings. (2) Includes online real-money net revenues for the United States, Colombia, Ontario, Mexico & Peru.
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
Average Monthly Active Users ("MAUs")
500,000
400,000
300,000
200,000
100,000
0
Peru
Launch
Mexico
Launch
Average MAUs
TTM Average MAUs
Average Monthly Active Users ("MAUs")
300,000
250,000
200,000
150,000
100,000
50,000
0
Average MAUs
TTM Average MAUs
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
U.S. & Canada1LATAM2
Average Revenue Per Monthly Active User ("ARPMAU")
$75
Mexico
Launch
Peru
Launch
$50
$25
$0
ARPMAU
TTM ARPMAU
Average Revenue Per Monthly Active User ("ARPMAU")
$500
$400
$300
$200
$100
$0
ARPMAU
TTM ARPMAU
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
(1) Based on MAUs and revenue from U.S. & Canada-based users of our online real-money offerings only.
(2) Based on MAUs and revenue from Colombia, Mexico & Peru-based users of our online real-money
offerings only. 17
Award-Winning Customer Service
Consistent, Player-First Service That Builds TrustRSI has won EGR "Customer Service Operator of the Year" 5 years straight - every year since the award's inception
Improved Net Promoter Score and Customer Satisfaction1Y-o-Y for full year 2025.
Net Promoter Score
+3% YoY Increase
full year 2025 over 2024
Customer Satisfaction Score
+2% YoY Increase
full year 2025 over 2024
2020
Customer Contacts 650k
North American Markets Live 2
6
North American Annual Revenue
2
$263MM
2021
Customer Contacts 775k
North American Markets Live 2
11
North American Annual Revenue
2
$453MM
2022
Customer Contacts 1 million
North American Markets Live 2
15
North American Annual Revenue
2
$540MM
2023
Customer Contacts 1 million
North American Markets Live 2
16
North American Annual Revenue
2
$612MM
2024
Customer Contacts 954k
North American Markets Live 2
16
North American Annual Revenue
2
$785MM
2025
Customer Contacts 1.31M
North American Markets Live 2
16
North American Annual Revenue
2
$980MM
(1) Customer satisfaction score. (2) U.S. and Canada markets only.
18
Over 140 Years of Collective C-Suite Gaming Industry Experience
RICHARD SCHWARTZ
Chief Executive Officer
KYLE SAUERS
President & Chief Financial Officer
MATTIAS STETZ
Chief Operating Officer
SHUBHAM TYAGI
Chief Technology Officer
LAURA MCALLISTER COX
Chief Compliance Officer
PAUL WIERBICKI
Chief Legal Officer
ROB PICARD
Chief Strategy Officer
MICHELLE ARMER
Chief People Officer
BRIAN SAPP
Chief Marketing Officer
23 5 22 510 22 3 14
Years of Gaming Experience
39Previous Experience
Leader and innovator in
Promoted to President in • Chief Operating Officer
Chief Technology Officer • Chief Compliance Offer
Chief Legal Officer and
Senior Administrative,
Chief People Officer and
Chief Marketing Officer
the gaming industry for over 20 years
Strong grasp of player psychology and user experience
Started the interactive business for WMS Industries (now Light & Wonder)
Previously, an executive at Telecom Italia Lab US
October 2025
Chief Financial Officer since 2020
Prior to joining RSI, held senior finance roles throughout the tech and healthcare industries including CFO at Echo Global Logistics
since 2016
Extensive experience in marketing, sports betting operations and media content creation for sports betting
Previously CCO at Unibet Group where he spent a decade shaping Unibet's long-term strategy and oversaw day-to-day sports marketing and operations
since 2025
Oversees RSI Product, Engineering and IT / Communications teams and RSI's European teams
Former Chief Technology Officer for Warner Bros, Discovery - Sports
and experienced gaming attorney
Previously Vice President of Regulatory Compliance and Legal Counsel of Rush Street Gaming, LLC and Executive Vice President and General Counsel for Gaming Partners International
member of RSI's Board of Directors and Nominating and Governance Committee
General Counsel of LAMB Capital Advisors since 2015
Previously Senior Counsel, Business and Legal at AbbVie Inc. and Partner at Kirkland & Ellis
Commercial Sales & Business Development Executive
20+ years in Global iGaming, Technology, & Capital Markets
Co-founder of two online gaming businesses with successful exits
Former Commercial Director at Xanadu Consultancy, Thomson Reuters and SunTrust Robinson Humphrey
industry specialist with extensive knowledge of workplace culture and infrastructure
Previously, served as Chief People officer at CareerBuilder
and mobile marketing veteran
Previously served in executive and marketing leadership roles at Rec Room, Jam City, and WB Games
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Financial Overview
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