olivLaw · US equity research
Rush Street Interactive, Inc. RSI
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Rush Street Interactive is an online casino and sports betting company active in the United States, Canada and Latin America, with online casino as its main driver. In the second quarter of 2026 it reported record revenue of 393.8 million USD, and its full-year 2026 guidance was raised, which makes the company relevant to investors in the regulated gambling sector.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Rush Street Interactive, Inc. (RSI) stock was 12.35 USD (−1.44% on the day), with market capitalisation 2.5 bn USD, P/E 40.9 on diluted EPS of 0.30 USD over the last 12 months, beta 1.12, 52-week range 11.40–34.52 USD. Latest reported quarter (Q3 2026): revenue of 385.9 m USD (+38.8% YoY), net income of 11.8 m USD (+95.4% YoY), diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.06 – 21.62
- in the lower half of the band · %B 0.12 · band width 64.7%
- SMA 50 / 200
- 20.68 / 23.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.40 / -2.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −41.2% | −1.1% | −40.1 pp | — |
| 3 months | −52.4% | −0.5% | −51.9 pp | — |
| 6 months | −55.7% | +4.4% | −60.1 pp | — |
| Year to date | −36.4% | +12.3% | −48.8 pp | — |
| 1 year | −26.4% | +13.5% | −39.9 pp | −30.4% |
| 3 years | +225.0% | +76.4% | +148.6 pp | −25.9% |
| 5 years | −37.5% | +63.7% | −101.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 254.2 m | 262.4 m | 269.2 m | 277.9 m | 324.9 m | 370.4 m | 393.8 m | 385.9 m |
| Cost of revenue | 161.6 m | 170.9 m | 174.1 m | 183.5 m | 213.2 m | 238.2 m | 254.1 m | 245.4 m |
| Operating income | 12.9 m | 14.9 m | 24.3 m | 19.5 m | 28.7 m | 42.8 m | 46.2 m | 42.7 m |
| Depreciation & amortisation | 9.1 m | 9.5 m | 9.8 m | 10.2 m | 10.5 m | 10.7 m | 11.1 m | 12.1 m |
| Pre-tax income | 14.1 m | 16.3 m | -86.2 m | 22.0 m | 36.8 m | 45.8 m | 49.7 m | 46.8 m |
| Income tax | 7.6 m | 5.1 m | -115.0 m | 7.2 m | 17.7 m | 19.6 m | 20.4 m | 18.1 m |
| Net income | 2.0 m | 5.3 m | 16.7 m | 6.1 m | 5.2 m | 9.1 m | 11.5 m | 11.8 m |
| Diluted EPS | — | 0.05 | 0.12 | 0.06 | 0.02 ≈ | 0.08 | 0.10 | 0.10 |
| Operating cash flow | 25.9 m | 28.7 m | 25.8 m ≈ | 41.4 m ≈ | 69.1 m | 20.1 m | 52.1 m ≈ | 71.2 m ≈ |
| Capex | 171.0 k | 161.0 k | 202.0 k ≈ | 227.0 k ≈ | 177.0 k | 252.0 k | 347.0 k ≈ | 883.0 k ≈ |
| Share repurchases | 0 | 5.2 m | 2.5 m ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 13.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 67.3, median 77.1, max 113.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 63.7 m | 278.5 m | 488.1 m | 592.2 m | 691.2 m | 924.1 m | 1.1 bn |
| Revenue YoY | unavailable | +337.4% | +75.3% | +21.3% | +16.7% | +33.7% | +22.8% |
| Net income | -22.5 m | 1.1 m | -19.5 m | -38.6 m | -18.3 m | 2.4 m | 33.3 m |
| Net income YoY | unavailable | unavailable | −1,902.9% | unavailable | unavailable | unavailable | +1,294.8% |
| Diluted EPS | unavailable | -0.01 | -0.51 | -0.61 | -0.27 | 0.03 | 0.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +933.3% |
| net % | -35.3% | 0.4% | -4.0% | -6.5% | -2.6% | 0.3% | 2.9% |
| Free cash flow | -2.9 m | 14.3 m | -52.0 m | -64.5 m | -7.2 m | 105.5 m | 164.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 336.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 303.5 m USD
- Total assets
- 658.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.93x
- ROE
- 13.3%
- ROA
- 6.4%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 278.5 m | 488.1 m | 592.2 m | 691.2 m | 924.1 m | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 190.9 m | 332.1 m | 414.7 m | 465.0 m | 602.0 m | 741.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 87.6 m ≈ | 156.0 m ≈ | 177.5 m ≈ | 226.1 m ≈ | 322.0 m ≈ | 392.8 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Operating income | -133.4 m | -94.3 m | -124.8 m | -51.6 m | 25.0 m | 87.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 2.1 m | 4.2 m | 14.3 m | 29.8 m | 32.2 m | 40.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -131.3 m ≈ | -90.0 m ≈ | -110.5 m ≈ | -21.9 m ≈ | 57.3 m ≈ | 127.4 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 135.0 k | 187.0 k | 573.0 k | — | — | — | SEC (XBRL)· 02 Mar 2023verified |
| Pre-tax income | -128.7 m | -66.4 m | -125.4 m | -48.8 m | 31.8 m | -11.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 2.9 m | 4.7 m | 9.0 m | 11.2 m | 24.6 m | -85.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 1.1 m | -19.5 m | -38.6 m | -18.3 m | 2.4 m | 33.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -0.01 | -0.51 | -0.61 | -0.27 | 0.03 | 0.31 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 52.2 m | 57.4 m | 63.5 m | 68.5 m | 88.4 m | 236.1 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 255.6 m | 281.0 m | 179.7 m | 168.3 m | 229.2 m | 336.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 779.0 k | 5.8 m | 11.2 m | 10.5 m | 14.9 m | 15.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 294.5 m | 341.8 m | 264.5 m | 228.6 m | 285.0 m | 406.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 2.0 m | 4.9 m | 6.9 m | 4.6 m | 3.1 m | 2.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 9.8 m | 53.4 m | 69.0 m | 74.9 m | 77.3 m | 76.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 308.6 m | 408.7 m | 350.3 m | 318.6 m | 379.5 m | 658.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 12.0 m | 6.5 m | 29.8 m | 32.3 m | 25.8 m | 41.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 401.0 m | 83.9 m | 143.9 m | 137.7 m | 163.1 m | 210.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 575.9 m | 101.0 m | 159.5 m | 152.5 m | 181.2 m | 355.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | -267.3 m | 307.7 m | 190.9 m | 166.1 m | 198.3 m | 303.5 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 16.2 m | -48.2 m | -60.3 m | -5.9 m | 106.4 m | 165.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 1.9 m | 3.8 m | 4.2 m | 1.3 m | 925.0 k | 767.0 k | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 14.3 m ≈ | -52.0 m ≈ | -64.5 m ≈ | -7.2 m ≈ | 105.5 m ≈ | 164.2 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -6.2 m | -37.0 m | -29.0 m | -33.8 m | -33.4 m | -37.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 241.1 m | 125.6 m | -1.2 m | -518.0 k | -2.7 m | -37.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 0 | 3.5 m | 0 | 0 | 0 | 7.6 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.10 – 10.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.10 – 10.91 (Mid 7.41)7 companies used · median multiple 24.5x · quartiles 13.6x – 36.1xBRSL, DIS, MSGE, MTN, PRKS, PRSU, SEAT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 63 (vs peers) | 13% |
| FCF conversion · Quality | 559.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 24.2% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 40.9x | 13 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.5% | 8 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation51/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Rush Street Interactive, Inc. (RSI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 22.8%; net margin 2.6%; ROE 23.0%.
The estimated value range is 4.10–10.91 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.41 USD, the price of 12.35 USD leaves a potential of -40.0% (value / price − 1) and a margin of safety of -66.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 559.1%
- Revenue CAGR 3Y: 24.2%
- Current ratio: 2.2x
- FCF yield: 8.3%
What contradicts it
- P/E (TTM): 40.9x
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −26% / +225% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +65% / +70% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | +10% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −75% / −100% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
1- and 3-year price returns: for RSI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.92 Total return -60% · Per year -60% | 8.66 Total return -30% · Per year -30% | 12.99 Total return 5% · Per year 5% |
| 3 years | 5.84 Total return -53% · Per year -22% | 11.45 Total return -7% · Per year -2% | 18.70 Total return 51% · Per year 15% |
| 5 years | 6.92 Total return -44% · Per year -11% | 15.15 Total return 23% · Per year 4% | 26.93 Total return 118% · Per year 17% |
- Exit P/E± 2.86
- Net margin± 2.00
- Annual revenue growth± 1.49
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Rush Street Interactive is an online casino and sports betting company active in the United States, Canada and Latin America, with online casino as its main driver. In the second quarter of 2026 it reported record revenue of 393.8 million USD 3, and its full-year 2026 guidance was raised 3, which makes the company relevant to investors in the regulated gambling sector.
SWOT
Strengths
- The proprietary platform allows fast launches and frequent updates, and the company has considerable experience entering new markets 1.
- Product and brand diversification, including social games used to build player databases, supports customer retention 1.
- Record quarterly revenue and adjusted EBITDA reported in 2026 point to solid operational execution 3.
Weaknesses
- Reliance on state-level legislation and on local partners such as casinos or sports teams limits the company's control over market access 1.
- Sports betting and jackpot results can vary widely between quarters, which makes revenue hard to predict 1.
- Revenue per active user in some markets fell as a large number of new, lower-value players joined 2.
Opportunities
- Entry into new markets such as Alberta and further expansion in Latin America could add revenue and users 12.
- Growth of online casino and online poker could raise the average value of customers 13.
- Major sporting events, such as those in the 2026 calendar, could lift both user numbers and betting volume 23.
Threats
- Changes in regulation or taxation, including court and authority decisions, could reduce margins or close markets 12.
- Grey market operators and new forms of competition outside regulation could attract customers with aggressive offers 1.
- Cybersecurity risks and platform availability issues could damage reputation and disrupt operations 1.
Risks
- Changing regulationhigh
Legislative changes or differing interpretations of rules in the jurisdictions where the company operates could seriously affect its ability to operate 1.
- Intense competitionhigh
Larger rivals or grey market operators could offer more generous bonuses, forcing margin cuts or higher marketing spend 1.
- Taxationmedium
Tax changes in several jurisdictions could create additional liabilities and weigh on profitability, particularly in Latin America 13.
- Cybersecuritymedium
Cyberattacks or technical failures could compromise customer data and lead to litigation or penalties 1.
- Dependence on partnersmedium
Losing local partners or failing to negotiate with them could block access to certain markets 1.
Investment thesis
What would need to be true (bull case)
- Reported quarterly results and the raised guidance suggest that demand for regulated online casino could keep supporting the company's growth 3.
- Expansion into new jurisdictions and Latin America could add new revenue streams if they develop as planned 12.
- The proprietary platform and product diversification may help the company hold its position against competitors if technology investment continues 1.
What would break the thesis
- Growth in revenue per active user may be limited by an influx of new, lower-value players, which could slow margin expansion 2.
- If regulation or taxes tighten, the company could lose profitability or access to important markets 1.
- The company's forecasts carry significant uncertainty, and results may differ materially from expectations 1.
What to watch
- Quarterly results and any change to full-year 2026 guidanceQ3 2026
- Revenue and active-user trends in Alberta after launchQ3 2026
- Colombian tax regime and its effect on ARPMAU in Latin America2027
- New legalised jurisdictions and launch dates announced by the companynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Rush Street Interactive, Inc. ('RSI') offers real-money online casino, online sports betting and retail sports betting in bricks-and-mortar locations, as well as free-to-play social games with virtual credits 1. The company operates in 16 U.S. states and five international markets, under brands such as BetRivers, PlaySugarHouse and RushBet 12. Its primary B2C model generated more than 99% of revenue in fiscal 2025 1, and a complementary B2B model supplies retail sports betting services to partners for a monthly commission 1.
Segments
Online casino
Online casino is the company's main engine, representing 72% of revenue in the second quarter of 2026 3, and its casino-first strategy aims at sustainable growth of active players in regulated markets.
Market context
The company competes in regulated online gambling markets in North America and Latin America, with an aggregate population of over 360 million people in the markets it serves 1. Growth depends on legalisation in new jurisdictions, and the launch in Alberta, Canada in July 2026 2 extends its geographic footprint.
Demand is supported by monthly active users growing 58% from the second quarter of 2025 3, while revenue per active user in North America stayed high as the number of new players rose 13.
Trends
- Legalisation in new statestailwind
Broader legal online gaming across more U.S. states and Canadian provinces could open new markets to the company, which aims to enter quickly where regulation allows 1.
- Growing player basetailwind
Monthly active users rose in North America and Latin America, and retention of existing customers supports revenue growth if this pace is sustained 23.
- Taxation and new leviesheadwind
Temporary taxes imposed in Colombia and fiscal pressure in other jurisdictions could compress margins, and the company's guidance assumes current tax structures continue 13.
- Competition and grey marketsmixed
Intense competition, including from grey market operators and prediction-market platforms, could force the company to raise marketing spending or accept lower margins 1.
Competitive position
The company competes with online and bricks-and-mortar casino and betting operators, locally licensed casinos, state lotteries, social gaming, and platforms offering event contracts regulated by the CFTC 1. Some competitors have longer operating histories and established relationships across sectors 1.
Grey market operators that avoid licensing and gaming tax requirements can offer more aggressive promotions, creating an uneven playing field for the company 1. Industry consolidation could produce larger, better-funded rivals 1.
- Locally licensed casino and betting operators
Companies holding traditional casino or betting licences that compete for the same players in U.S. states 1.
- CFTC-regulated event contract platforms
Companies offering event contracts on sporting events under a different regulatory and tax framework from the company 1.
- Grey market operators and sweepstakes casinos
Operators in jurisdictions with unclear rules that can attract customers with aggressive offers without compliance costs 1.
- Fantasy sports and skill game providers
Products competing for customers' leisure time and spending on entertainment, not always classed as traditional gambling 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Rush Street Interactive ( NYSE : RSI ) Shares Down 4 . 4 % – What Next ?Surge — GDELT DOC · 21 Oct 2026 · RO
The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report07 May 2026Other events · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report18 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rush Street Interactive, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rush Street Interactive, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Rush Street Interactive, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.