The following discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by, our Annual Report on Form 10-K for the year ended December 31, 2025 (our “Annual Report”), and our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections of this Report captioned “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.” For a discussion of limitations in measuring certain of our key metrics, see the section of this Report captioned “Limitations of Key Metrics and Other Data.” This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains certain financial measures, in particular the presentation of Adjusted EBITDA, which are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”). We present these non-GAAP financial measures because they provide us and readers of this Report with additional insight into our operational performance relative to earlier periods and relative to our competitors. These non-GAAP financial measures are not a substitute for any GAAP financial information. Readers of this Report should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of Adjusted EBITDA to Net Income, the most comparable GAAP measure, are provided in this Report. Unless the context requires otherwise, all references in this Report to the “Company,” “we,” “us,” or “our” refer to Rush Street Interactive, Inc. and its subsidiaries. Our Business We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. Our mission is to engage and delight players by delivering friendly, fun and fair betting experiences. In furtherance of this mission, we strive to create an online community for our customers where we are transparent and honest, treat our customers fairly, show them that we value their time and loyalty, and listen to feedback. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience. We provide our customers with an array of leading 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 (where permitted). We launched our first social gaming website in 2015 and began accepting real-money bets in the United States in 2016. Currently, we offer real-money online casino, online sports betting and/or retail sports betting in 16 U.S. states and five international markets as outlined in the table below. 20 Table of Contents Jurisdictions Online Casino Online Sports Betting Retail Sports Betting Domestic: Arizona ü Colorado ü Delaware ü ü Illinois ü ü Indiana ü ü Iowa ü Louisiana ü Maryland ü ü Michigan ü ü ü New Jersey ü ü New York ü ü Ohio ü Pennsylvania ü ü ü Virginia ü ü Washington ü West Virginia ü ü International: Alberta* (Canada) ü ü Colombia ü ü Mexico ü ü Ontario (Canada) ü ü Peru ü ü * Launched online casino and online sports betting in July 2026. Our real-money online casino and online sports betting offerings are generally provided under our BetRivers and PlaySugarHouse brands in the United States and Canada and under our RushBet brand in Latin America (which includes Mexico). We operate and/or support retail sports betting for our bricks-and-mortar partners under our brands or our partners’ respective brands depending on the terms of our arrangement. Many of our social gaming offerings are marketed under our own brands, although we also offer social gaming under our partners’ brands as well. Our decision about what brand or brands to use is market and/or partner specific, and is based on brand awareness, market research, marketing efficiency and applicable gaming rules and regulations. Trends in Key Metrics Monthly Active Users MAUs is the number of unique users per month who have placed at least one real-money bet across one or more of our online casino, poker or online sports betting offerings. For periods longer than one month, we average the MAUs for the months in the relevant period. We exclude users who have made a deposit but have not yet placed a real-money bet on at least one of our online offerings. We also exclude users who have placed a real-money bet but only with promotional incentives. MAUs is a key indicator of the scale of our user base and awareness of our brands. We believe that year-over-year MAUs is also generally indicative of the long-term revenue growth potential of our business, although MAUs in individual periods may be less indicative of our longer-term expectations. We expect the number of MAUs to grow as we attract, retain and re-engage users in new and existing jurisdictions and expand our offerings to appeal to a wider audience. 21 Table of Contents The chart below presents our average MAUs in the United States and Canada for the six months ended June 30, 2026 and 2025: The increase in MAUs in the United States and Canada was mainly due to our continued growth and strong customer retention rates in existing markets. Additionally, we continue to achieve a positive response from our strategic advertising and marketing efforts. We also experienced an increase in MAUs associated with increased player engagement surrounding the lead-up to, and beginning of, the 2026 FIFA World Cup. The chart below presents our average MAUs in Latin America (including Mexico) for the six months ended June 30, 2026 and 2025: The increase in MAUs in Latin America was mainly due to our continued growth and strong customer retention rates in Colombia and Mexico. Additionally, we continue to achieve a positive response from our strategic advertising and marketing efforts. We also experienced an increase in MAUs associated with increased player engagement surrounding the lead-up to, and beginning of, the 2026 FIFA World Cup. 22 Table of Contents Average Revenue Per Monthly Active User ARPMAU for an applicable period is monthly revenue divided by average MAUs. This key metric represents our ability to drive usage and monetization of our online offerings. The chart below presents our ARPMAU in the United States and Canada for the six months ended June 30, 2026 and 2025: The year-over-year decrease in ARPMAU was primarily attributable to the significant increase in MAUs during the same period. This trend reflects this influx of new players, who generally generate lower ARPMAU compared to more established players, thus reducing overall ARPMAU. 23 Table of Contents The chart below presents our ARPMAU in Latin America (including Mexico) for the six months ended June 30, 2026 and 2025: The year-over-year increase in ARPMAU in Latin America was primarily driven by a reduction in player bonusing during the six months ended June 30, 2026. This decrease in player bonusing followed a ruling by the Colombian Constitutional Court that a presidential decree imposing a temporary value-added tax on online betting in Colombia, which became effective during the three months ended March 31, 2025, was unconstitutional. Additionally, favorable exchange rate fluctuations also contributed to the year-over-year increase in ARPMAU in Latin America. Non-GAAP Information This Report includes Adjusted EBITDA, which is a non-GAAP performance measure that we use to supplement our results presented in accordance with GAAP. We believe Adjusted EBITDA provides useful information to investors regarding our results of operations and operating performance, as it is similar to measures reported by our public competitors and is regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. We define Adjusted EBITDA as net income before interest income or expense, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance. We include Adjusted EBITDA because management uses it to evaluate our core operating performance and trends and to make strategic decisions regarding the distribution of capital and new investments. Management believes that Adjusted EBITDA provides investors with useful information on our past financial and operating performance, enables comparison of financial results from period-to-period where certain items may vary independent of business performance, and allows for greater transparency with respect to metrics used by our management in operating our business. Management also believes that Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. 24 Table of Contents The table below presents our Adjusted EBITDA reconciled from our net income, the most directly comparable GAAP measure, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Net income $ 29,295 $ 28,830 $ 55,506 $ 40,041 Interest income, net (3,433) (2,181) (6,432) (3,880) Income tax expense (benefit) 20,366 (115,017) 39,932 (109,952) Depreciation and amortization 11,074 9,827 21,801 19,318 Share-based compensation expense 7,318 6,098 14,009 14,911 Change in tax receivable agreement liability — 112,692 — 113,037 Adjusted EBITDA $ 64,620 $ 40,249 $ 124,816 $ 73,475 Key Components of Revenue and Expenses Revenue We currently offer real-money online casino, online sports betting and/or retail sports betting in 16 U.S. states, Colombia, Canada (Alberta and Ontario), Mexico and Peru. We also provide social gaming, where users can earn or purchase (where permitted) virtual credits to enjoy free-to-play games. Our revenue is predominantly generated from our U.S. and Canada operations, with the remaining revenue being generated from our Latin America (including Mexico) operations. We generate revenue primarily through the following offerings: Online Casino Online casino offerings typically include the full suite of games available in bricks-and-mortar casinos, such as table games (i.e., blackjack and roulette), slot machines and poker games. For these offerings (other than online poker), similar to bricks-and-mortar casinos, we generate revenue through hold, or gross winnings, as customers play against the house. For our poker game offerings, like land-based card rooms that are typically incorporated in land-based casinos, we are generally not exposed to the risks of game play or the outcome of the game as players are not playing against the house but are instead playing against each other on a peer-to-peer basis. We generate revenue through rake, or a small commission taken from the total wagers placed on the hand, which is generally subject to a cap, and through tournament entry fees. Like bricks-and-mortar casinos, there is volatility with online casino, but as the number of bets placed increases, the revenue retained from bets placed becomes easier to predict. Our experience has been that online casino revenue is less volatile than sports betting revenue. Our online casino offering consists of a combination of licensed content from leading industry suppliers, customized third-party games, our proprietary online poker platform and a small number of proprietary games that were developed exclusively for us. Third-party content is usually subject to standard revenue-sharing agreements specific to each supplier, where the supplier generally receives a percentage of the net gaming revenue generated from its casino games played on our platform. In exchange, we receive a limited license to offer the games on our platform to customers in permitted jurisdictions. We generally pay much lower fees on revenue generated through our proprietary casino games such as our multi-bet blackjack (with side bets: 21+3, Lucky Ladies, Lucky Lucky), and single-deck blackjack, which primarily relate to hosting/remote gaming server fees and certain intellectual property license fees. With respect to online poker, player liquidity, or the number or volume of players with an operator, is critical to the success of the game, with a greater number of players supporting a wider range and greater volume of games and larger tournaments, thereby increasing the quality of the offering to the consumer. Our online poker offerings include a comprehensive suite of game formats, including cash games, sit & go tournaments, and multi-table tournaments, catering to players of all skill levels. Players play against each other in either ring games (i.e., games for cash on a hand-by-hand basis) or in tournaments (i.e., players play against each other for tournament chips with prize money distributed to the last remaining competitors) or variations thereof. 25 Table of Contents Online casino revenue (other than from online poker) is generated based on total customer bets less amounts paid to customers for winning bets, less incentives awarded to customers, plus or minus the change in the progressive jackpot reserve. 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 form of bonuses. Online Sports Betting Online sports betting involves a user placing a bet on the outcome of a sporting event, a 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 sports bet offered to customers. While sporting event outcomes may result in revenue volatility, we believe that we can achieve a positive long-term betting win margin. In addition to traditional fixed-odds betting, we also offer other fixed-odd sports betting products including in-game betting and multi-sport and same-game parlay betting. We have also incorporated live streaming of certain sporting events into our online sports betting offering. Integrated into our online sports betting platform is a third-party risk and trading platform currently provided by certain subsidiaries of Kambi Group plc. Online sports revenue is generated based on total customer bets less amounts paid to customers for winning bets, less incentives awarded to customers, plus or minus the change in unsettled sports bets. Retail Sports Betting We provide retail sports betting services to certain land-based partners in exchange for a monthly commission that is calculated based on the land-based retail sportsbook revenue. Services generally include ongoing management and oversight of the retail sportsbook (i.e., within a bricks-and-mortar location), technical support for such partner’s customers, risk management, advertising and promotion, and support for third-party sports betting equipment. In addition, certain relationships with our partners provide us the ability to operate the retail sportsbook at the land-based partner’s facility. 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 We provide social gaming where users can earn or purchase (where permitted) virtual credits to enjoy free-to-play games. Users who exhaust their credits can either purchase additional virtual credits from the virtual cashier, if permitted, or wait until their virtual credits are replenished for free. Virtual credits have no monetary value and can only be used within our social gaming platform. Our social gaming business has three main goals: build online databases in key markets ahead of and post-legalization and regulation; generate revenues; and increase engagement and visitation to our bricks-and-mortar partner properties. Our social gaming products are a marketing tool that keeps the applicable brands present in the minds of our users and engages with users through another channel while providing the entertainment value that users seek. We also leverage our social gaming products to cross-sell to our real-money offerings in jurisdictions where real-money gaming is authorized. We recognize deferred revenue when users purchase virtual credits and revenue when those credits are redeemed. We pay a percentage of the social gaming revenue derived from the sale and redemption of the virtual credits to content suppliers as well as to our land-based partners. Costs and Expenses Costs of Revenue. Costs of revenue consist primarily of (i) revenue share and market access fees, which is reduced by any consideration from the vendor, (ii) third-party platform and content fees, (iii) gaming taxes, (iv) payment processing fees and chargebacks and (v) salaries, bonuses, benefits and share-based compensation for dedicated personnel. These costs are primarily variable in nature and should, in large part, correlate with the change in revenue. Revenue share and market access fees consist primarily of variable amounts paid to local partners that hold the applicable gaming license, providing us the ability to offer our real-money online offerings in the respective jurisdictions. Our third-party platform and content fees are primarily driven by costs associated with third-party casino content, data and streaming, sports betting trading services, geolocation, know-your-customer and platform hosting. Gaming taxes include jurisdictional taxes that are determined based on a percentage of revenue (or similar metrics) or excise taxes that are determined based on bets placed. 26 Table of Contents We incur payment processing costs on player deposits, withdrawals and occasionally chargebacks (i.e., when a payment processor contractually disallows customer deposits in the normal course of business). Sales and Marketing Costs. Sales and marketing costs consist primarily of costs associated with marketing our products and services via different channels, promotional activities and the related customer costs incurred to acquire new customers. These costs also include salaries, bonuses, benefits and share-based compensation for dedicated personnel and are expensed as incurred. Our ability to effectively market is critical to our success. Using experience, dynamic learnings and analytics, we leverage marketing to acquire, convert, retain and re-engage customers. We use a variety of earned media and paid marketing channels, in combination with compelling offers, brand ambassadors, proprietary content, and unique game and site features, to attract and engage customers. Further, we continuously optimize our marketing spend using data collected from our operations. Our marketing spend is based on a return-on-investment model that considers a variety of factors, including the product offerings in the jurisdiction, local advertising rules, the performance of different marketing channels, predicted lifetime value, marginal costs and expenses and behavior of customers across various product offerings. With respect to paid marketing, we use a broad array of advertising channels, including television, radio, social media platforms, sponsorships, affiliates and paid search, and other digital channels. We also use other forms of marketing and outreach, such as our social media channels, first-party websites, media interviews and other media spots and organic searches. These efforts are primarily concentrated within the specific jurisdictions where we operate or intend to operate. We believe there is significant benefit to having a flexible approach to advertising spending as we can quickly redirect our advertising spending based on dynamic testing of our advertising methods and channels. General and Administrative. General and administrative costs consist primarily of administrative personnel costs (including salaries, bonuses, benefits and share-based compensation), professional fees related to legal, compliance, accounting and consulting, indirect technology costs, rent expense, insurance costs, and foreign exchange gains or losses. Depreciation and Amortization. Depreciation and amortization expense consists of depreciation on our property and equipment and amortization of intangible assets (including market access licenses, gaming jurisdictional licenses, internally developed software, developed technology, and other intangibles) and finance lease right-of-use assets over their useful lives. Change in Tax Receivable Agreement Liability. The costs or adjustment to costs associated with the recognition of the TRA liability is recorded in Change in tax receivable agreement liability on the consolidated statements of operations. This cost or adjustment reflects changes in the estimated future payments under the TRA attributable to RSILP Unit exchanges completed prior to June 30, 2025. These prior exchanges increased our tax basis in our 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 change in tax receivable agreement liability, as the associated increase in tax basis and the resulting TRA liability will be accounted for as equity transactions. Results of Operations The following tables set forth a summary of our consolidated results of operations for the interim periods indicated and the changes between periods. We have derived this data from our unaudited condensed consolidated financial statements included elsewhere in this Report. The results of historical periods are not necessarily indicative of the results of operations for any future period. 27 Table of Contents Comparison of the Three Months Ended June 30, 2026 and 2025 Three Months Ended June 30, Change ($ in thousands) 2026 2025 $ % Revenue $ 393,776 $ 269,217 $ 124,559 46 % Costs of revenue 254,116 174,147 79,969 46 % Sales and marketing 49,885 37,132 12,753 34 % General and administrative 32,473 23,787 8,686 37 % Depreciation and amortization 11,074 9,827 1,247 13 % Income from operations 46,228 24,324 21,904 90 % Interest income, net 3,433 2,181 1,252 57 % Change in tax receivable agreement liability — (112,692) 112,692 (100) % Income (Loss) before income taxes 49,661 (86,187) 135,848 (158) % Income tax expense (benefit) 20,366 (115,017) 135,383 (118) % Net income $ 29,295 $ 28,830 $ 465 2 % Revenue. Revenue increased by $124.6 million, or 46%, to $393.8 million for the three months ended June 30, 2026 as compared to $269.2 million for the same period in 2025. The increase was mainly due to and directly correlated with our continued growth across existing markets. The increase reflects higher period-over-period online casino and sports betting revenue of $124.7 million, which was partially offset by a decrease in social gaming revenue of $0.1 million. Costs of Revenue. Costs of revenue increased by $80.0 million, or 46%, to $254.1 million for the three months ended June 30, 2026 as compared to $174.1 million for the same period in 2025. The increase was mainly due to and directly correlated with our continued growth as noted above. Gaming taxes, market access costs, payment processing costs and operating expenses contributed $45.3 million, $14.5 million, $12.4 million and $7.7 million, respectively, to the period-over-period increase in costs of revenue, with personnel costs contributing to the remaining $0.1 million. Costs of revenue as a percentage of revenue remained flat at 65% for the three months ended June 30, 2026 and 2025. Sales and Marketing. Sales and marketing expense increased by $12.8 million, or 34%, to $49.9 million for the three months ended June 30, 2026 as compared to $37.1 million for the same period in 2025. The increase was primarily driven by higher marketing spend related to the 2026 FIFA World Cup, the new market launch in Alberta (Canada), and other strategic investments. Sales and marketing expense as a percentage of revenue decreased to 13% for the three months ended June 30, 2026 as compared to 14% for the same period in 2025. General and Administrative. General and administrative expense increased by $8.7 million, or 37%, to $32.5 million for the three months ended June 30, 2026 as compared to $23.8 million for the same period in 2025. The increase was primarily due to higher personnel and other administrative costs, which is consistent with the ongoing growth of our business. General and administrative expense as a percentage of revenue decreased to 8% for the three months ended June 30, 2026 as compared to 9% for the same period in 2025. Depreciation and Amortization. Depreciation and amortization expense increased by $1.2 million, or 13%, to $11.1 million for the three months ended June 30, 2026 as compared to $9.8 million for the same period in 2025. The increase was mainly due to additional costs to acquire internally developed software and other definite-lived intangible assets. Depreciation and amortization expense as a percentage of revenue decreased to 3% for the three months ended June 30, 2026 as compared to 4% for the same period in 2025. Interest Income, Net. Interest income, net, increased by $1.3 million, or 57%, to $3.5 million for the three months ended June 30, 2026 as compared to $2.2 million for the same period in 2025. The increase in interest income was mainly attributed to higher amounts of cash held in interest-bearing accounts and money market funds as compared to the same period in 2025. Change in Tax Receivable Agreement Liability. Change in tax receivable agreement liability decreased by $112.7 million to nil for the three months ended June 30, 2026. The decrease was associated with our initial recognition of a TRA liability upon realization of future tax benefits associated with the TRA during the three months ended June 30, 2025. 28 Table of Contents Income Tax Expense (Benefit). Income tax expense was $20.4 million for the three months ended June 30, 2026 as compared to income tax benefit of $115.0 million for the same period in 2025. Income tax expense during the three months ended June 30, 2026 was primarily attributable to the profitability of our foreign operations for which both current and deferred taxes are recorded while income tax benefit during the three months ended June 30, 2025 was primarily attributable to the release of a valuation allowance as it is more likely than not that some portion of the deferred asset may be realized. Comparison of the Six Months Ended June 30, 2026 and 2025 Six Months Ended June 30, Change ($ in thousands) 2026 2025 $ % Revenue $ 764,137 $ 531,624 $ 232,513 44 % Costs of revenue 492,312 345,030 147,282 43 % Sales and marketing 97,277 79,271 18,006 23 % General and administrative 63,741 48,759 14,982 31 % Depreciation and amortization 21,801 19,318 2,483 13 % Income from operations 89,006 39,246 49,760 127 % Interest income, net 6,432 3,880 2,552 66 % Change in tax receivable agreement liability — (113,037) 113,037 (100) % Income (Loss) before income taxes 95,438 (69,911) 165,349 (237) % Income tax expense (benefit) 39,932 (109,952) 149,884 (136) % Net income $ 55,506 $ 40,041 $ 15,465 39 % Revenue. Revenue increased by $232.5 million, or 44%, to $764.1 million for the six months ended June 30, 2026 as compared to $531.6 million for the same period in 2025. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into new markets. The increase reflects higher period-over-period online casino and sports betting revenue of $232.7 million, which was partially offset by a decrease of retail sports betting revenue of $0.1 million and social gaming revenue of $0.1 million. Costs of Revenue. Costs of revenue increased by $147.3 million, or 43%, to $492.3 million for the six months ended June 30, 2026 as compared to $345.0 million for the same period in 2025. The increase was mainly due to and directly correlated with, our expansion and continued growth as noted above. Gaming taxes, market access costs, payment processing costs and operating expenses contributed $78.0 million, $28.4 million, $24.5 million and $16.1 million, respectively, to the period-over-period increase in costs of revenue, with personnel costs contributing to the remaining $0.3 million. Costs of revenue as a percentage of revenue decreased to 64% for the six months ended June 30, 2026 as compared to 65% for the same period in 2025. Sales and Marketing. Sales and Marketing expense increased by $18.0 million, or 23%, to $97.3 million for the six months ended June 30, 2026 as compared to $79.3 million for the same period in 2025. The increase was primarily driven by higher marketing spend related to the 2026 Olympic Winter Games and the 2026 FIFA World Cup, the new market launch in Alberta (Canada), and other strategic investments. Sales and marketing expense as a percentage of revenue decreased to 13% for the six months ended June 30, 2026 as compared to 15% for the same period in 2025. General and Administrative. General and administrative expense increased by $15.0 million, or 31%, to $63.7 million for the six months ended June 30, 2026 as compared to $48.8 million for the same period in 2025. The increase was primarily due to due to higher personnel and other administrative costs, which is consistent with the ongoing growth of our business. General and administrative expense as a percentage of revenue decreased to 8% for the six months ended June 30, 2026 as compared to 9% for the same period in 2025. Depreciation and Amortization. Depreciation and amortization expense increased by $2.5 million, or 13%, to $21.8 million for the six months ended June 30, 2026 as compared to $19.3 million for the same period in 2025. The increase was mainly due to additional costs to acquire internally developed software and other definite-lived intangible assets. Depreciation and amortization expense as a percentage of revenue decreased to 3% for the six months ended June 30, 2026 as compared to 4% for the same period in 2025. 29 Table of Contents Change in Tax Receivable Agreement Liability. Change in tax receivable agreement liability decreased by $113.0 million to nil for the six months ended June 30, 2026. The decrease was associated with our initial recognition of a TRA liability upon realization of future tax benefits associated with the TRA during the six months ended June 30, 2025. Interest Income, Net. Interest income increased by $2.6 million, or 66%, to $6.4 million for the six months ended June 30, 2026 as compared to $3.9 million for the same period in 2025. The increase in interest income was mainly attributed to higher amounts of cash held in interest-bearing accounts and money market funds as compared to the same period in 2025. Income Tax Expense (Benefit). Income tax expense was $39.9 million for the six months ended June 30, 2026 as compared to income tax benefit of $110.0 million for the same period in 2025. Income tax expense during the six months ended June 30, 2026 was primarily attributable to the profitability of our foreign operations for which both current and deferred taxes are recorded while income tax benefit during the six months ended June 30, 2025 was primarily attributable to the release of a valuation allowance as it is more likely than not that some portion of the deferred asset may be realized. Seasonality and Other Trends Impacting Our Business Our results of operations may, and generally do, fluctuate due to seasonal trends and other factors such as level of customer engagement, online casino and sports betting results and other factors that are outside of our control or that we cannot reasonably predict. Our quarterly financial performance depends on our ability to attract and retain customers. Customer engagement in our online offerings may vary due to, among other things, customer satisfaction with our platform, the number, timing and type of sporting events, the length of professional sports seasons, our offerings and marketing efforts and those of our competitors (including those not just in the online gaming industry but also in prediction markets or in the entertainment industry broadly), other forms of entertainment available to our customers, weather conditions, public sentiment, an economic downturn or other economic factors such as inflation, economic uncertainty or macroeconomic conditions. As customer engagement varies, so may our quarterly financial performance. Our quarterly financial results may also be impacted by the number and amount of betting losses and jackpot payouts we experience. Although our losses are limited per wager to a maximum payout, when looking at bets across a period of time, these losses can be significant. We offer progressive jackpot games in our online casino offerings. Each time a customer plays a progressive jackpot game, we contribute a portion of the amount bet to the jackpot for that game or group of games. When a progressive jackpot is won, it is paid out and reset to a predetermined base amount. Winning the jackpot is determined by a random mechanism; we cannot foresee when a jackpot will be won, and we do not insure against jackpot payouts. Paying the progressive jackpot decreases our cash position. Our online sports betting and retail sports betting operations experience seasonality based on the relative popularity and frequency of certain sporting events. Although sporting events occur throughout the year, our online sports betting customers are most active during the NFL, NBA, college football and basketball seasons. With respect to our online sports betting and retail sports betting operations, customer activity tends to increase, and we may experience increased volatility, in connection with major sporting events such as the NFL super bowl, the NBA finals and NCAA basketball March Madness. In addition, sports betting activity is impacted by the occurrence of periodic events (e.g., World Cup, Copa América, UEFA, Olympics). From a legislative perspective, we continue to see strong momentum to legalize and regulate online sports betting in new jurisdictions in the Americas. As expected, many of these new jurisdictions are first trying to legalize and regulate online sports betting before considering whether to legalize and regulate online casino. However, given the tax generation success of online casino in markets where it has been legalized, we also continue to see strong momentum for online casino in several jurisdictions in the Americas that are looking for additional revenue sources to fund expanding budgets. Additionally, we have seen governmental officials or legislative or regulatory bodies in certain jurisdictions in which we operate consider, and in limited cases to date, approve, increases in gaming-related taxes or other types of taxes on companies operating in the gaming industry. While it is unclear at this time if this will continue, any proposed legislation or other similar actions to increase existing taxes on online sportsbook and/or casino could negatively impact our business, profitability and cash flows. We operate within the global gaming and entertainment industry, which is comprised of diverse products and offerings that compete for consumers’ time and disposable income. We face and expect to continue to face significant competition from other industry players both within existing and new markets including from competitors with access to more resources, existing assets such as brands or databases, or experience. Customer demands for new and innovative offerings and features require us to continue to invest in new technologies, features and content to improve the customer experience. Many jurisdictions in which we operate or intend to operate in the future have unique regulatory and/or technological 30 Table of Contents requirements, which require us to have robust, scalable networks and infrastructure, and agile engineering and software development capabilities. The global gaming and entertainment industry has seen significant consolidation, regulatory change and technological development over the last few years, and we expect this trend to continue into the foreseeable future, which may create opportunities for us but may also create competitive and margin pressures. We are starting to see some other online gaming operators rationalize their marketing spend in North American jurisdictions, although their marketing spend may vary by quarter depending on, among other things, sports calendars, new market launches and prior commitments. Liquidity and Capital Resources Our principal sources of liquidity are cash on hand and cash flows from operations. We regularly monitor our liquidity position, working capital needs and capital allocation strategy to ensure we maintain adequate resources to support our business operations, fund strategic initiatives and fulfill other corporate and contractual obligations, including those under our TRA and the amended and restated partnership agreement of RSILP (the “A&R Partnership Agreement”). As of June 30, 2026, we had $339.9 million in cash and cash equivalents, excluding legally restricted customer cash deposits that we segregate from our operating cash balances. We intend to continue to finance our operations without third-party debt and entirely from operating cash flows and cash on our balance sheet. Our current working capital needs relate mainly to supporting our existing businesses, the growth of these businesses in their existing markets and their expansion into other geographic regions, as well as our personnel’s compensation and benefits. We expect our material cash requirements during the upcoming 12-month period to include $13.4 million of non-cancellable purchase obligations with marketing vendors, $4.6 million of minimum license and market access fees, and $2.8 million of lease payments. We also have $46.6 million of additional non-cancellable purchase obligations that will be due subsequent to the upcoming 12-month period. In addition, we will continue to pursue expansion into new markets, such as our recent expansion into Alberta, Canada, which is expected to require significant investments. We are required to make payments equal to 85% of the tax benefits we realize in connection with the TRA. These obligations under the TRA, while mainly non-current in nature, reduce future operating cash flows as the associated tax benefits are realized. Although the actual timing and amount of any payments made under the TRA will vary, such payments may be significant. Any payments made under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to us and, to the extent that payments required under the TRA are unable to be made for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid. To date, no material payments under the TRA have been made. Payments associated with the TRA liability are expected to include $0.8 million in the next 12 months and additional obligations of $238.9 million are expected subsequent to the upcoming 12-month period. RSILP is a partnership for U.S. federal income tax purposes and, as such, taxable income will be allocated for U.S. federal income tax purposes to the holders of RSILP Units. The A&R Partnership Agreement requires RSILP to make tax distributions to holders of RSILP Units (including the Special Limited Partner) calculated at certain assumed rates. In some cases, these assumed rates may be significantly higher than the holders’ actual tax rates. The amount of these tax distributions can be significant, in particular as RSILP’s profitability increases, which will generally reduce the amount of overall cash flow that might have otherwise been available to us. To date, no material tax distribution payments have been made, and no material payments thereunder are expected in the next 12 months. We expect our existing cash and cash equivalent and cash flows from operations to be sufficient to fund our operating activities and capital expenditure requirements for at least the next 12 months and thereafter for the foreseeable future. It is possible that we may need additional cash resources due to changed business conditions or other developments, including unanticipated regulatory developments, significant acquisitions, partnerships or marketing initiatives, deteriorating macroeconomic conditions and competitive pressures. We expect our capital expenditures and working capital requirements to continue to increase in the immediate future to support our growth as we seek to expand our offerings across more of North America, Latin America and worldwide, which will require significant investment in our online gaming platform and our personnel, in particular in product development, engineering and operations roles. We also expect certain costs such as marketing, market access and license fees to increase to the extent we pursue expansion opportunities in new and existing jurisdictions. In particular, we are party to several non-cancelable contracts with vendors and licensors for marketing, other strategic partnerships and leases, pursuant to which we are obligated to make future minimum payments under the non-cancelable terms of these contracts. Additionally, our continued profitability will trigger future quarterly tax distribution obligations payable to the limited partners of RSILP under the A&R Partnership Agreement. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity 31 Table of Contents or debt financing. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to decrease our level of investment in new product, service or market launches and related marketing initiatives or to scale back our existing operations, which could have an adverse impact on our business and financial prospects. Surety Bonds We had been issued $31.2 million and $31.3 million in surety bonds as of June 30, 2026 and December 31, 2025, respectively, that are used to satisfy regulatory requirements related to securing cash held for the benefit of customers. We had been issued $6.5 million and $6.4 million in surety bonds as of June 30, 2026 and December 31, 2025, respectively, to satisfy regulatory requirements necessary to operate in certain jurisdictions. There have been no claims against any of our surety bonds and the likelihood of future claims is expected to be remote. Debt and Letters of Credit As of June 30, 2026 and December 31, 2025, we had no outstanding debt. As of June 30, 2026 and December 31, 2025, we had an outstanding letter of credit for $9.3 million and $6.2 million, respectively, in connection with our operations in Colombia, for which no amounts had been drawn. Stock Repurchase Program On October 24, 2024, our Board of Directors authorized the repurchase of an aggregate of up to $50 million of our Class A Common Stock through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws (the “Stock Repurchase Program”). On May 5, 2026, we and certain selling stockholders entered into an underwriting agreement with Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the underwriters, in connection with the secondary public offering of Class A common stock beneficially owned by Neil Bluhm, our Executive Chairman, Richard Schwartz, our Chief Executive Officer, and Mattias Stetz, our Chief Operating Officer or their respective trusts (collectively the “Selling Stockholders”). The Selling Stockholders exchanged certain of their RSILP Units and offered for sale 10.0 million shares of our Class A Common Stock at a price of $24.96 per share pursuant to our shelf registration statement on Form S-3 (File No. 333-252810). The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of our Class A Common Stock, which the underwriters exercised in full. We did not receive any proceeds from the sale of shares by the selling stockholders. Following the offering, we were no longer considered a controlled company under applicable New York Stock Exchange rules. In connection with the offering, we repurchased from the underwriters under the Stock Repurchase Program and immediately retired 1,153,846 shares of our Class A Common Stock at a purchase price of $24.96 per share, which was equal to the price paid by the underwriters to the selling stockholders in the offering, for an aggregate purchase price of approximately $28.8 million. Upon the closing of this offering, the Stock Repurchase Program was replaced in its entirety by a new stock repurchase program approved by our Board of Directors, pursuant to which we are authorized to repurchase up to an aggregate of $100 million of our Class A Common Stock through open market purchase, privately negotiated transactions or other transactions in accordance with applicable securities laws. During the three and six months ended June 30, 2025, we repurchased 234,397 and 733,019 shares, respectively, of Class A Common Stock pursuant to the Stock Repurchase Program. The aggregate purchase price was approximately $2.5 million during the three months ended June 30, 2025 and $7.6 million during the six months ended June 30, 2025, at an average price of $10.55 and $10.41, respectively. The repurchased shares were re-issued under our Equity Incentive Plan during the six months ended June 30, 2026. During the three and six months ended June 30, 2026, we repurchased 1,153,846 shares of Class A Common Stock pursuant to our Stock Repurchase Program. Class A Common Stock repurchased during the three and six months ended June 30, 2026 were immediately retired and were not held as treasury stock. 32 Table of Contents Cash Flows The following table shows our cash flows from operating activities, investing activities and financing activities for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, ($ in thousands) 2026 2025 Net cash provided by operating activities $ 72,172 $ 54,499 Net cash used in investing activities (21,868) (19,111) Net cash used in financing activities (61,451) (33,851) Effect of exchange rate changes on cash, cash equivalents and restricted cash 13,380 7,659 Net change in cash, cash equivalents and restricted cash $ 2,233 $ 9,196 Operating activities. Net cash provided by operating activities for the six months ended June 30, 2026 increased by $17.7 million to $72.2 million, as compared to $54.5 million during the same period in 2025. The increase was primarily brought by higher period-over-period net income totaling $15.5 million and increase in non-cash expenses of $20.0 million, which was partially offset by changes in operating assets and liabilities of $17.8 million. The decrease in non-cash expenses was driven primarily by deferred income taxes and additional depreciation and amortization totaling $131.3 million and $2.5 million, respectively, which was partially offset by decrease in change in tax receivable agreement liability and share-based compensation expense totaling $113.0 million and $0.9 million, respectively. Investing activities. Net cash used in investing activities for the six months ended June 30, 2026 increased by $2.8 million to $21.9 million, as compared to $19.1 million during the same period in 2025. The increase reflects increased costs for internally developed software totaling $2.6 million and additional acquisitions of gaming licenses, other intangible assets and property and equipment totaling $1.3 million, $1.1 million and $0.2 million, respectively. This was partially offset by higher cash inflow from short-term investments totaling $2.2 million and lower period-over-period acquisition of developed technology totaling $0.2 million. Financing activities. Net cash used in financing activities for the six months ended June 30, 2026 increased by $27.6 million to $61.5 million, as compared to $33.9 million during the same period in 2025. The period-over-period increase primarily reflects increase in repurchases of Class A Common Stock, payments for employee taxes related to shares withheld and payments of tax receivable agreement liability totaling to $21.2 million, $6.3 million and $1.0 million, respectively. This was partially offset by decrease in principal payments of finance liabilities and increase in proceeds from exercise of stock options totaling $1.1 million and $1.0 million, respectively. Effect of exchange rate changes on cash, cash equivalents and restricted cash. The effect of exchange rate changes increased cash, cash equivalents and restricted cash by $13.4 million for the six months ended June 30, 2026 as compared to an increase of $7.7 million for the same period in 2025. These changes were due to fluctuations in foreign currency exchange rates (primarily the Colombian Peso) from period to period. Critical Accounting Policies and Estimates We have prepared our unaudited condensed consolidated financial statements in accordance with GAAP. In doing so, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period. Management bases estimates on historical experience and other assumptions it believes to be reasonable under the circumstances and evaluates these estimates on an ongoing basis. Actual results may differ from these estimates. Management has discussed the development, selection and disclosure of these estimates and assumptions with the Audit Committee of the Board. There were no material changes during the quarter ended June 30, 2026, to the critical accounting policies and estimates discussed in our Annual Report. For a more complete discussion of our critical accounting policies and estimates, refer to our Annual Report.