Rush Street Interactive, Inc. (NYSE: RSI) is a US online casino (iCasino) and online sports betting (OSB) operator, founded 2012 as the online arm of Neil Bluhm's Rush Street Gaming (Rivers Casinos), listed on the NYSE via a 2020 SPAC merger with dMY Technology Group, and structured as an up-C entity (RSILP units; Class A / Class V shares). RSI enters FY2026 with FY2025 revenue ~$0.95-1.20B (+18-30% YoY off $0.92B FY2024), adj. EPS ~$0.05-0.20 and an adjusted EBITDA inflection to positive, all under President + CEO Richard Schwartz (CEO since ~2023, ~2-3 year tenure, ~10+ year Rush Street career, architect of the post-2023 disciplined-growth, path-to-profitability and iCasino-led strategy), with co-founder Neil Bluhm as Chairman. The first thesis pillar is the North America iCasino + Online Sports Betting pipeline (~$0.65-0.85B revenue, ~68-75% revenue mix): BetRivers and PlaySugarHouse online casino (slots, table games, live dealer) across Pennsylvania, New Jersey, Michigan, West Virginia, Delaware and Connecticut — with iCasino the majority of North America Online, a higher-margin, higher-retention product than OSB — plus the BetRivers online sportsbook across ~15+ US states (PA, IL, NJ, MI, CO, NY, IN, VA, OH, MD and others) and retail sportsbook partnerships at Rush Street Gaming casinos, with disciplined player acquisition, improving marketing efficiency, MAU and ARPMAU growth, hold-rate and structural margin improvement, and iCasino legalization optionality; FY2026 catalyst is ~$0.75-1.00B North America Online revenue at ~28-38% contribution margin. The second pillar is the Latin America (Rush Street Interactive LatAm) + International pipeline (~$0.20-0.35B revenue, ~25-32% revenue mix): RushBet in Colombia (a leading market position) and Mexico (online casino + sports betting), BetRivers in Ontario Canada, plus new-market entry optionality (Brazil's regulated market, Peru and others), with Latin America MAU/ARPMAU growth and contribution-margin improvement; FY2026 catalyst is continued Latin America revenue growth plus Brazil entry. The capital story: no regular dividend (capital reinvestment, path-to-profitability priority), modest/opportunistic buybacks, a net cash position (~$0.2-0.4B cash, no/minimal debt), ~$0+ net leverage, a non-rated/self-funded credit profile, ~225-240M Class A shares (~410-430M fully diluted including Class V/RSILP units); positive free cash flow generation funds growth investment and selective M&A optionality. At ~$10-22 per share on ~410-430M fully-diluted shares (~$4-9B fully-diluted market cap) RSI trades at ~15-30x EV/EBITDA and ~3-6x P/Sales versus online-gaming peers FanDuel/Flutter, DraftKings, BetMGM/MGM Resorts, Caesars Entertainment, Penn Entertainment/ESPN BET, Bally's, Codere Online, Betsson and Super Group. FY2026 base case is ~$1.0-1.3B revenue + ~$0.10-0.30B adj. EBITDA + ~$0.10-0.30 adj. EPS on a net cash balance sheet; bull case ~$1.2-1.5B revenue + ~$0.20-0.40B adj. EBITDA on iCasino-mix-driven margin gains plus Latin America acceleration plus possible strategic interest; bear case ~$0.95-1.10B revenue + ~$0.05-0.15B adj. EBITDA on competitive intensification from FanDuel, DraftKings and BetMGM, customer-acquisition-cost and promotional intensity, state tax-rate increases (Illinois, New Jersey and others), slow iCasino legalization, hold-rate variance, Latin America regulatory/tax/FX headwinds and up-C share-count considerations. The thesis depends on the North America iCasino + Online Sports Betting pipeline plus the Latin America + International pipeline plus the iCasino-heavy mix plus MAU/ARPMAU growth plus structural margin improvement plus the net cash balance sheet plus the adj. EBITDA inflection plus iCasino legalization optionality and Richard Schwartz's path-to-profitability execution.

[RSI] Rush Street Interactive Thesis 2026: iCasino-Heavy Online Mix Drives Adjusted EBITDA Inflection

Key Takeaways

RSI FY2025 revenue ~$0.95-1.20B (+18-30% YoY) with adj. EPS ~$0.05-0.20 (selected various aggregate ~adj. EBITDA inflection to positive) reflecting continued ~$0.65-0.85B aggregate North America Online (iCasino + online sports betting) revenue + ~$0.20-0.35B aggregate Latin America + Other revenue under continued President + CEO Richard Schwartz (~2-3 year tenure as RSI CEO since ~2023; selected primary post-2023 succession + selected various aggregate ~10+ year Rush Street Interactive / Rush Street Gaming career + selected primary architect of post-2023-2025 disciplined-growth + path-to-profitability + iCasino-led strategy; selected primary Chairman + co-founder Neil Bluhm + Rush Street Gaming heritage; selected various aggregate RSILP up-C structure + Class A / Class V share structure).
North America iCasino + Online Sports Betting Pipeline (~$0.65-0.85B Revenue): ~$0.65-0.85B aggregate North America Online revenue (aggregate ~68-75% revenue mix); selected primary iCasino-heavy revenue mix (selected primary BetRivers + PlaySugarHouse online casino — slots + table games + live dealer + selected various aggregate ~higher-margin + higher-retention iCasino vs online sports betting + selected various aggregate ~Pennsylvania + New Jersey + Michigan + West Virginia + Delaware + Connecticut iCasino states + selected various aggregate ~iCasino revenue ~majority of North America Online) + selected various aggregate online sports betting (selected primary BetRivers online sportsbook + selected various aggregate ~Pennsylvania + Illinois + New Jersey + Michigan + Colorado + New York + Indiana + Virginia + Ohio + Maryland + selected various aggregate ~15+ US states + selected various aggregate ~retail sportsbook partnerships at Rush Street Gaming casinos) + selected various aggregate post-2024-2025 ~disciplined player acquisition + selected various aggregate ~improving marketing efficiency + selected various aggregate ~MAU growth + ARPMAU growth + selected various aggregate ~hold rate + structural margin improvement + selected various aggregate iCasino legalization optionality (selected various aggregate ~new iCasino state legalization potential).
Latin America (Rush Street Interactive LatAm) + International Pipeline (~$0.20-0.35B Revenue + Growth Catalyst): ~$0.20-0.35B aggregate Latin America + Other revenue (aggregate ~25-32% revenue mix); selected primary Rush Street Interactive Latin America (selected primary Colombia (RushBet — online casino + sports betting; selected various aggregate ~leading Colombia market position) + selected various aggregate Mexico (RushBet — online casino + sports betting) + selected various aggregate ~regulated Latin America markets + selected various aggregate ~high-growth + under-penetrated online gaming markets) + selected various aggregate Canada (BetRivers Ontario — online casino + sports betting; selected various aggregate ~regulated Ontario market) + selected various aggregate post-2024-2025 Latin America revenue growth + selected various aggregate ~Latin America MAU + ARPMAU growth + selected various aggregate ~new Latin America market entry optionality (selected various aggregate Brazil regulated market entry + selected various aggregate Peru + selected various aggregate other Latin America markets) + selected various aggregate ~Latin America contribution margin improvement.
Capital position + balance sheet: ~$0.00 aggregate annual dividend (no regular dividend; selected primary capital reinvestment + path-to-profitability priority) + selected various aggregate ~~$0+ aggregate buybacks (selected primary modest/opportunistic) + aggregate net cash position (~~$0.2-0.4B aggregate cash + no/minimal debt) + ~$0+ aggregate net leverage (net cash) + non-rated credit profile (selected primary self-funded; no debt) + ~225-240M aggregate Class A shares (~410-430M aggregate fully-diluted incl. Class V / RSILP units; selected various aggregate up-C structure).
FY2026 thesis catalysts: North America iCasino + Online Sports Betting pipeline (~$0.65-0.85B + BetRivers + PlaySugarHouse iCasino-heavy mix + ~Pennsylvania/New Jersey/Michigan iCasino + 15+ sports betting states + disciplined player acquisition + improving marketing efficiency + MAU/ARPMAU growth + hold rate + structural margin improvement + iCasino legalization optionality) + Latin America (RSILA) + International pipeline ($0.20-0.35B + Colombia RushBet leadership + Mexico RushBet + Ontario BetRivers + Latin America growth + new market entry optionality — Brazil/Peru) + net cash balance sheet + adj. EBITDA inflection to positive + Richard Schwartz disciplined-growth + path-to-profitability execution.

Company Background

Rush Street Interactive, Inc. (NYSE: RSI) is a US online casino (iCasino) and online sports betting (OSB) operator, founded 2012 (selected primary post-2012 founding as the online arm of Rush Street Gaming — Neil Bluhm's land-based casino group (Rivers Casinos) + selected post-2012-2020 BetRivers + PlaySugarHouse buildout + selected post-2020 SPAC merger / NYSE listing via dMY Technology Group + selected post-2020 RSILP up-C structure). Selected post-2020 NYSE listing as Rush Street Interactive; selected post-2020-2025 US iCasino + sports betting expansion + Latin America (Colombia / Mexico) + Canada (Ontario) buildout; selected post-2023-2025 Richard Schwartz CEO era (selected primary post-2023 succession + disciplined-growth + path-to-profitability + iCasino-led strategy); selected primary Chairman + co-founder Neil Bluhm + Rush Street Gaming heritage; HQ Chicago Illinois; ~700-1,000 employees.

RSI operates as a single online gaming business reported broadly by geography: North America Online (~68-75% revenue mix; ~$0.65-0.85B; BetRivers + PlaySugarHouse iCasino across PA/NJ/MI/WV/DE/CT + BetRivers online sportsbook across ~15+ US states + retail sportsbook partnerships at Rush Street Gaming casinos) + Latin America + Other (~25-32% revenue mix; ~$0.20-0.35B; RushBet Colombia + RushBet Mexico + BetRivers Ontario Canada). Revenue mix tilt: iCasino-heavy (selected various aggregate ~majority of North America Online from iCasino vs OSB — distinct from FanDuel (FLUT) / DraftKings (DKNG) OSB-heavy mix). Geographic mix: US ~55-65% + Latin America (Colombia + Mexico) ~25-32% + Canada (Ontario) ~5-10%.

Capital position: ~$0.00 aggregate annual dividend (no regular dividend; capital reinvestment + path-to-profitability priority) + ~~$0+ aggregate buybacks (modest/opportunistic) + aggregate net cash position (~~$0.2-0.4B cash + no/minimal debt) + ~$0+ aggregate net leverage + non-rated credit profile + ~225-240M aggregate Class A shares (~410-430M fully-diluted incl. Class V / RSILP units).

North America iCasino + Online Sports Betting Pipeline (~$0.65-0.85B Revenue)

The North America iCasino + Online Sports Betting pipeline is RSI's foundation thesis: ~$0.65-0.85B aggregate North America Online revenue (aggregate ~68-75% revenue mix); selected primary iCasino-heavy revenue mix (selected primary BetRivers + PlaySugarHouse online casino — slots + table games + live dealer + selected various aggregate ~higher-margin + higher-retention iCasino vs online sports betting + selected various aggregate ~Pennsylvania + New Jersey + Michigan + West Virginia + Delaware + Connecticut iCasino states + selected various aggregate ~iCasino revenue ~majority of North America Online) + selected various aggregate online sports betting (selected primary BetRivers online sportsbook + selected various aggregate ~Pennsylvania + Illinois + New Jersey + Michigan + Colorado + New York + Indiana + Virginia + Ohio + Maryland + selected various aggregate ~15+ US states + selected various aggregate ~retail sportsbook partnerships at Rush Street Gaming casinos) + selected various aggregate post-2024-2025 ~disciplined player acquisition + selected various aggregate ~improving marketing efficiency + selected various aggregate ~MAU growth + ARPMAU growth + selected various aggregate ~hold rate + structural margin improvement + selected various aggregate iCasino legalization optionality.

FY2025 North America iCasino + Online Sports Betting dynamics ($0.65-0.85B aggregate revenue): selected continued post-2024 ~+15-30% aggregate North America Online revenue growth (selected primary post-2024-2025 iCasino growth + selected various aggregate ~MAU growth + ARPMAU growth + selected various aggregate ~disciplined player acquisition + improving marketing efficiency + selected various aggregate ~hold rate + structural margin improvement + selected various aggregate BetRivers + PlaySugarHouse iCasino across PA/NJ/MI + selected various aggregate ~15+ sports betting states) + ~$0.65-0.85B aggregate North America Online revenue + selected various aggregate ~25-35% aggregate North America Online contribution margin. Selected post-2024 ~$0.05-0.20 aggregate annual EPS contribution (selected various aggregate ~adj. EBITDA inflection to positive) as North America iCasino + Online Sports Betting pipeline drives the dominant revenue + the profitability turn.

FY2026 catalyst: continued North America iCasino + Online Sports Betting pipeline + ~$0.05-0.20 aggregate EPS contribution (selected various aggregate ~adj. EBITDA expansion) under continued Richard Schwartz leadership (~2-3 year tenure). Selected aggregate ~$0.75-1.00B aggregate FY2026 North America Online revenue + selected various ~+10-25% aggregate growth + selected various aggregate iCasino-heavy mix + selected various aggregate ~MAU growth + ARPMAU growth + selected various aggregate ~disciplined player acquisition + improving marketing efficiency + selected various aggregate ~hold rate + structural margin improvement + selected various aggregate iCasino legalization optionality (~new iCasino state potential) + selected various aggregate ~28-38% aggregate North America Online contribution margin (improvement). Risks: FanDuel / Flutter Entertainment (FLUT, ~$30-45B Mcap; #1 US OSB + iCasino) + DraftKings (DKNG, ~$15-25B; #2 US OSB + iCasino) + BetMGM / Entain + MGM Resorts (MGM, ~$10-15B; iCasino + OSB) + Caesars Entertainment (CZR, ~$5-10B; Caesars Digital — OSB + iCasino) + Penn Entertainment / ESPN BET (PENN, ~$2-4B; OSB + iCasino) + Bally's (BALY; iCasino + OSB) + Hard Rock Digital + Fanatics Betting + bet365 (private) + selected various aggregate online casino + online sports betting competitive considerations + customer acquisition cost (CAC) + promotional intensity considerations + state-by-state regulatory + tax rate considerations (selected various aggregate ~tax increases — Illinois + New Jersey + others) + iCasino legalization pace considerations (limited new states) + hold rate / sports outcomes variance considerations + responsible gaming + regulatory considerations.

Latin America (Rush Street Interactive LatAm) + International Pipeline (~$0.20-0.35B Revenue + Growth Catalyst)

The Latin America (RSILA) + International pipeline is RSI's primary growth thesis: ~$0.20-0.35B aggregate Latin America + Other revenue (aggregate ~25-32% revenue mix); selected primary Rush Street Interactive Latin America (selected primary Colombia (RushBet — online casino + sports betting; selected various aggregate ~leading Colombia market position) + selected various aggregate Mexico (RushBet — online casino + sports betting) + selected various aggregate ~regulated Latin America markets + selected various aggregate ~high-growth + under-penetrated online gaming markets) + selected various aggregate Canada (BetRivers Ontario — online casino + sports betting; selected various aggregate ~regulated Ontario market) + selected various aggregate post-2024-2025 Latin America revenue growth + selected various aggregate ~Latin America MAU + ARPMAU growth + selected various aggregate ~new Latin America market entry optionality (selected various aggregate Brazil regulated market entry + selected various aggregate Peru + selected various aggregate other Latin America markets) + selected various aggregate ~Latin America contribution margin improvement.

FY2025 Latin America (RSILA) + International dynamics: selected primary ~$0.20-0.35B aggregate Latin America + Other revenue + selected various aggregate RushBet Colombia (leading market position) + selected various aggregate RushBet Mexico + selected various aggregate BetRivers Ontario Canada + selected various aggregate post-2024-2025 ~Latin America MAU + ARPMAU growth + selected various aggregate ~Latin America revenue growth + selected various aggregate ~Latin America contribution margin improvement + selected various aggregate FX considerations (~Colombian peso + Mexican peso). Selected post-2024 ~$0.02-0.08 aggregate annual EPS contribution as Latin America (RSILA) + International pipeline drives incremental growth + margin.

FY2026 catalyst: continued Latin America (RSILA) + International pipeline + ~$0.02-0.08 aggregate EPS contribution + selected various aggregate ~Latin America revenue growth + selected various aggregate RushBet Colombia leadership + RushBet Mexico growth + BetRivers Ontario + selected various aggregate ~Latin America MAU + ARPMAU growth + selected various aggregate ~new Latin America market entry optionality (Brazil regulated market entry + Peru + other markets) + selected various aggregate ~Latin America contribution margin improvement. Risks: bet365 (private; international online gaming) + Betsson (Sweden; STO BETS; Latin America online gaming) + Caliente / PlayCity (Mexico) + Codere Online (CDRO; Latin America + Spain online gaming) + Flutter (FLUT — Brazil via Betfair + others) + Entain / BetMGM (Brazil) + Kaizen Gaming (private; Brazil betano) + Rei do Pitaco + selected various aggregate Latin America online casino + online sports betting competitive considerations + Latin America regulatory + tax considerations (Colombia tax changes + Brazil regulated market launch dynamics + Mexico regulatory) + FX considerations (Colombian peso + Mexican peso + Brazilian real) + Latin America market penetration + competitive intensity considerations + Brazil regulated market entry timing + economics considerations + Latin America customer acquisition cost considerations.

Capital Position + Balance Sheet

Capital position + balance sheet: ~$0.00 aggregate annual dividend (no regular dividend; selected primary capital reinvestment + path-to-profitability priority) + selected various aggregate ~~$0+ aggregate buybacks (selected primary modest/opportunistic) + aggregate net cash position (~~$0.2-0.4B aggregate cash + no/minimal debt) + ~$0+ aggregate net leverage (net cash) + non-rated credit profile (selected primary self-funded; no debt) + ~225-240M aggregate Class A shares (~410-430M aggregate fully-diluted incl. Class V / RSILP units; selected various aggregate up-C structure) + selected various aggregate ~stock-based compensation + RSILP unit considerations.

FY2026 catalyst: continued no dividend + selected continued ~$0+ aggregate buybacks (modest/opportunistic) + selected various aggregate ~$0.2-0.5B aggregate cash growth (selected primary positive free cash flow generation + adj. EBITDA inflection) + selected continued net cash position + no debt + selected continued non-rated/self-funded credit profile + selected various aggregate ~up-C structure simplification optionality (selected various aggregate RSILP unit exchanges) + selected various aggregate ~potential capital return initiation longer-term (selected various aggregate buyback expansion as profitability matures). Selected no dividend + selected net cash + selected ~$0.2-0.4B aggregate cash + no debt support continued North America iCasino + Online Sports Betting + Latin America growth investment + selective M&A optionality + path-to-sustained-profitability.

Key Core Metrics

FY2025 revenue ~$0.95-1.20B (+18-30% YoY) vs $0.92B FY2024; adj. EPS ~$0.05-0.20; ~adj. EBITDA inflection to positive
Revenue by geography: North America Online ~68-75% ($0.65-0.85B; BetRivers + PlaySugarHouse iCasino across PA/NJ/MI/WV/DE/CT + BetRivers online sportsbook ~15+ US states) + Latin America + Other ~25-32% ($0.20-0.35B; RushBet Colombia + RushBet Mexico + BetRivers Ontario)
Revenue mix tilt: iCasino-heavy (~majority of North America Online from iCasino vs OSB; distinct from FLUT/DKNG OSB-heavy mix)
Geographic mix: US ~55-65% + Latin America ~25-32% + Canada ~5-10%
North America Online contribution margin: ~25-35% aggregate
MAU + ARPMAU growth; disciplined player acquisition + improving marketing efficiency
US iCasino states: PA + NJ + MI + WV + DE + CT (~6 states); US OSB states: ~15+
Latin America: RushBet Colombia (leading position) + RushBet Mexico; Canada: BetRivers Ontario
Aggregate adj. EBITDA: ~$0.05-0.15B FY2025 (inflection to positive)
Aggregate free cash flow: ~positive FY2025 (selected various aggregate)
Net cash position (~$0.2-0.4B cash + no/minimal debt); ~$0+ aggregate net leverage
Non-rated credit profile (self-funded; no debt)
~225-240M aggregate Class A shares; ~410-430M aggregate fully-diluted (incl. Class V / RSILP units)
No dividend; modest/opportunistic buybacks (~$0+ aggregate FY2025)
Up-C structure (RSILP units; Class A / Class V); Chairman + co-founder Neil Bluhm + Rush Street Gaming heritage
~700-1,000 employees
Richard Schwartz CEO since ~2023 (~2-3 year tenure; ~10+ year Rush Street Interactive / Rush Street Gaming career)
HQ Chicago Illinois; founded 2012; NYSE listing 2020 (SPAC merger via dMY Technology Group)

Market Evaluation

RSI FY2026 market evaluation: at ~$10-22 share price + ~410-430M aggregate fully-diluted shares = ~$4-9B fully-diluted market cap (selected various aggregate ~$2.5-5B aggregate Class A float-based market cap); no dividend. Selected primary RSI peers: FanDuel / Flutter Entertainment (FLUT, ~$30-45B Mcap; #1 US OSB + iCasino) + DraftKings (DKNG, ~$15-25B; #2 US OSB + iCasino) + BetMGM / MGM Resorts (MGM, ~$10-15B; iCasino + OSB) + Caesars Entertainment (CZR, ~$5-10B; Caesars Digital) + Penn Entertainment / ESPN BET (PENN, ~$2-4B; OSB + iCasino) + Bally's (BALY, ~$0.5-1B; iCasino + OSB) + Codere Online (CDRO, ~$0.3-0.6B; Latin America + Spain online gaming) + Betsson (Sweden; STO BETS, ~$2-3B; Latin America online gaming) + Super Group / Betway (SGHC, ~$2-4B; international online gaming) + selected various aggregate online casino + online sports betting companies. Selected RSI ~15-30x EV/EBITDA (online gaming operator with iCasino-heavy mix + BetRivers + PlaySugarHouse + ~6 iCasino states + ~15+ OSB states + RushBet Colombia leadership + RushBet Mexico + BetRivers Ontario + adj. EBITDA inflection + net cash balance sheet + Latin America growth optionality + iCasino legalization optionality) + selected ~3-6x P/Sales + selected ~25-50x P/E (early profitability) + no dividend + selected aggregate ~$1.0-1.3B aggregate FY2026 revenue + selected aggregate ~$0.10-0.30B aggregate FY2026 adj. EBITDA + net cash balance sheet + selected aggregate North America iCasino + Online Sports Betting + Latin America (RSILA) + International pipeline. FY2026 base case: ~$1.0-1.3B aggregate revenue + ~$0.10-0.30B adj. EBITDA + ~$0.10-0.30 adj. EPS + net cash balance sheet. Bull case: North America iCasino + Online Sports Betting pipeline acceleration (iCasino-heavy mix + MAU/ARPMAU growth + disciplined player acquisition + improving marketing efficiency + hold rate + structural margin improvement + new iCasino state legalization) + Latin America (RSILA) + International pipeline acceleration (RushBet Colombia leadership + RushBet Mexico growth + BetRivers Ontario + Brazil regulated market entry + Peru + Latin America contribution margin improvement) + potential M&A / strategic interest drives ~$1.2-1.5B aggregate revenue + ~$0.20-0.40B adj. EBITDA + ~$0.25-0.50 adj. EPS + re-rating. Bear case: FanDuel/Flutter + DraftKings + BetMGM + Caesars Digital + Penn/ESPN BET competitive intensification + customer acquisition cost + promotional intensity + state-by-state regulatory + tax rate increases (Illinois + New Jersey + others) + iCasino legalization pace (limited new states) + hold rate / sports outcomes variance + Latin America regulatory + tax + FX considerations (Colombian peso + Mexican peso + Brazilian real) + Brazil regulated market launch dynamics + responsible gaming + regulatory considerations + up-C structure / share count considerations drives ~$0.95-1.10B revenue + ~$0.05-0.15B adj. EBITDA + ~$0.00-0.10 adj. EPS. The thesis depends on the North America iCasino + Online Sports Betting pipeline + Latin America (RSILA) + International pipeline + iCasino-heavy mix + MAU/ARPMAU growth + structural margin improvement + net cash balance sheet + adj. EBITDA inflection + iCasino legalization optionality + Latin America growth + Richard Schwartz disciplined-growth + path-to-profitability execution.