At a glance
Rush Street Interactive Inc is worth $3.49B, about 49 times its fiscal 2025 earnings. Revenue grew 22.8% to $1.13B in fiscal 2025, with 2.9% kept as profit; over 5 years it has grown 32.4% a year. It pays no dividend; it spent $11.1M buying back its shares over FY2021–FY2025. The stock returned −19.1% over the past year with dividends reinvested and −5.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 78.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 28 months after the low.
The business in plain English
Rush Street Interactive runs real-money online casino and sports betting sites and apps for players in the US, Canada and Latin America. Its main brands are BetRivers and PlaySugarHouse in the US and Canada, and RushBet in Latin America, including Mexico. Its annual report (10-K) for the year ended December 31, 2025 says it offered online casino, online sports betting or in-person sports betting in 16 US states, plus Colombia, Mexico, Peru and Ontario, Canada.
Selling directly to players, which the company calls business-to-consumer (B2C), made up more than 99% of revenue in 2025. Like other betting operators, it keeps the share of wagers that players do not win back. A small business-to-business (B2B) arm runs in-person sports betting for land-based casinos in return for a monthly commission. Most US states require online operators to partner with a local casino, lottery or sports team, so these partnerships shape where it can operate.
Revenue was about $1.13 billion in 2025. The US and Canada brought in about $980 million, or 86%, and Latin America and Mexico about $155 million, or 14%. The company went public in December 2020 through a merger with dMY Technology Group, a blank-check company (a listed shell company formed to merge with a private business).
Price history
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RSI -19.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States And Canada | $979.6M | 86.3% |
| Latin America And Mexico | $154.9M | 13.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $385.9M, up 38.8% from a year earlier, and net income was $11.8M (+95.4%).
- For fiscal 2025, revenue was $1.13B (+22.8% year over year; +32.4% a year from FY2020 to FY2025) with a 2.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.4% good |
|---|---|
| Operating margin | 7.7% watch |
| Free cash flow margin | 14.5% good |
| Return on equity (FY2025) | 22.6% good |
| Return on assets (FY2025) | 5.1% watch |
| Cash and investments | $387.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $278.5M | $1.1M | $14.3M |
| FY2021 | $488.1M | $-19.5M | $-52.0M |
| FY2022 | $592.2M | $-38.6M | $-64.5M |
| FY2023 | $691.2M | $-18.3M | $-7.2M |
| FY2024 | $924.1M | $2.4M | $105.5M |
| FY2025 | $1.13B | $33.3M | $164.2M |
Valuation snapshot
| Market value | $3.49B |
|---|---|
| P/E ratio | 48.8 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RSI price data to Oct 28, 2026 | -22.1% | -19.1% | +66.1% | -5.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.1% |
| 2025 | +41.6% |
| 2024 | +205.6% |
| 2023 | +25.1% |
| 2022 | -78.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 78.6% over that stretch · deepest drop along the way 78.6%, back to its old high 28.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($147K) and 31 sales ($47.6M), 26 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 5, 2026 | Richard Todd Schwartz Chief Executive Officer, Director | sell | $8.9M |
| May 5, 2026 | Richard Todd Schwartz Chief Executive Officer, Director | sell | $8.9M |
| Jul 1, 2026 | Richard Todd Schwartz Chief Executive Officer, Director | sell (plan) | $1.7M |
| Jul 1, 2026 | Richard Todd Schwartz Chief Executive Officer, Director | sell (plan) | $1.7M |
| Aug 3, 2026 | Richard Todd Schwartz Chief Executive Officer, Director | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.3% | Jun 30, 2026 |
| Divisadero Street Capital Management, LP | 6.2% | Aug 31, 2026 |
| Vanguard Portfolio Management | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.02% | Jun 30, 2026 |
| AllianceBernstein L.P. | 4.3% | Sep 30, 2025 |
ETFs with the most weight in RSI
| BETZ Roundhill Sports Betting & iGaming ETF | 4.22% |
| ODDS Pacer BlueStar Digital Entertainment ETF | 1.86% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.8% |
| VAMO Cambria Value & Momentum ETF | 0.8% |
| TMAT Main Thematic Innovation ETF | 0.78% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.42% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.38% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.25% |
What could go wrong
- Depends on local casino and lottery partners. Most US states require online operators to partner with a land-based casino, lottery, Native American tribe or sports team. Losing such partners, or failing to sign new ones, could shut it out of markets.
- Legalization may be slower or heavily taxed. Growth depends on more states and countries allowing real-money online gaming. Legalization may come more slowly than expected or with taxes and limits that make markets unattractive. Tax changes can also hit existing markets.
- Player luck and odds errors swing results. Results depend partly on how much players win, which the company cannot fully control. Errors in posted odds have caused large liabilities, and regulators may not always let it void (cancel) those bets.
- Controlling holders call the shots. RSI is a “controlled company” under NYSE rules, so it relies on exemptions from some governance requirements. Its controlling holders control the company, and their interests may conflict with those of other shareholders.
- Short record of profits. The company lost money in 2021, 2022 and 2023 and warns it could lose money again. Its 2025 net profit was only 2.9% of revenue, which leaves little room for setbacks.
- Fierce competition, including from prediction markets. Online casino and sports betting are crowded markets. The company warns that sports prediction markets, where people trade contracts on game outcomes, may create new rivals. Losing players could hurt growth and profits.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Rush Street Interactive does not pay a dividend and paid none from 2021 through 2025, so it provides no regular income. An investor who needs cash would have to sell shares, possibly after a sharp fall. Buybacks have been small: about $11.1 million in total over 2021–2025. The company did produce about $164 million of free cash flow (cash left after running and investing in the business) in 2025, and it held about $345 million in cash and investments as of June 30, 2026.
The stock has been very volatile. Its price record starts after the 2020 COVID crash, so it has no record from the 2008 or 2020 downturns. In the 2022 bear market it fell 78.6% between January 3 and October 12, 2022. It did not get back to its earlier level until February 14, 2025, about 28 months after the low. Its deepest fall on record was 86.9%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Rush Street Interactive pay a dividend?
No. Rush Street Interactive paid no dividends from 2021 through 2025, and the stock had no dividend yield as of October 28, 2026. Its only cash returns to shareholders have been small share buybacks, about $11.1 million in total over 2021–2025. After losses in 2021 through 2023, it earned a modest profit in 2024 and 2025. The stock may suit investors who want growth rather than income. Any income would have to come from other holdings.
How does Rush Street Interactive make money?
Mostly by taking bets directly from players. Through its BetRivers, PlaySugarHouse and RushBet apps and websites, it offers real-money online casino games and online sports betting, keeping the share of wagers that players do not win back. This direct-to-player business made up more than 99% of revenue in 2025. A small side business runs in-person sports betting for land-based casinos for a monthly commission. In 2025, 86% of its roughly $1.13 billion in revenue came from the US and Canada and 14% from Latin America and Mexico.
Is Rush Street Interactive profitable?
Yes, but only modestly. In 2025 it earned net income of $33.3 million, or $0.31 per diluted share, on revenue of $1.13 billion. That is a net margin of 2.9%, meaning less than 3 cents of profit per dollar of sales. It lost money in 2021, 2022 and 2023 and earned just $2.4 million in 2024. Free cash flow was stronger, at $164.2 million in 2025. In the quarter ended June 30, 2026, revenue rose 46.3% from a year earlier to $393.8 million, while net income fell 30.8% to $11.5 million.
Which states does Rush Street Interactive operate in?
Sixteen US states, according to its annual report filed February 18, 2026: Arizona, Colorado, Delaware, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, Washington and West Virginia. It also operated in Ontario, Canada, and in Colombia, Mexico and Peru. The company says these 20 markets have a combined population of over 360 million. The mix of online casino, online sports betting and in-person sports betting differs from place to place.
How has Rush Street Interactive stock performed?
Unevenly, with very large swings. As of October 28, 2026, the shares were down 22.1% year to date, down 50.7% over three months and down 19.1% over one year. Over three years they gained 358% in total, but over five years they lost 25%. Calendar-year returns ranged from a 78.2% loss in 2022 to a 205.6% gain in 2024. In the year to October 28, 2026, the shares fell as much as 56.2% from a peak.