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RSI: The Efficiency Leader in Online Sports Betting
Blank Capital Research Team
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Executive Summary
Rush Street Interactive, Inc. (RSI) is an online casino and sports betting company operating under the BetRivers and PlaySugarHouse brands in the United States and Latin America.
Investment Thesis
RSI is the 'profitable underdog' of the iGaming sector. While giants like DraftKings and FanDuel spent billions on national TV ads, RSI focused on 'high-value' iCasino players and a hyper-localized marketing strategy. The result is a much faster path to profitability and superior unit economics. iCasino revenue—which is significantly more profitable and stable than sports betting—now makes up the majority of RSI's mix. With a clean balance sheet and a growing presence in the highly lucrative Colombian and Peruvian markets, RSI is a prime candidate for multiple expansion or acquisition by a larger operator.
Key Growth Drivers
iCasino Focus Moat
Rush Street's specialization in online slots and table games provides them with significantly higher margins and customer lifetime value than pure sportsbooks.
High-Margin Emerging Markets
Successful expansion into Latin America provides a high-growth, low-cost engine that diversifies their revenue away from the competitive U.S. market.
Efficiency and Execution
RSI has one of the lowest customer acquisition costs (CAC) in the industry, reflecting their data-driven approach to player marketing and retention.
Valuation & Financial Modeling
RSI trades at an attractive multiple relative to its recurring revenue and EBITDA growth. We believe the market is underestimating the strategic value of its profitable iCasino platform. The stock is a top 'Best-of-Breed' pick in the gaming space.
Risk Factors & Bear Case
Intense competition from massive, well-capitalized U.S. sportsbooks could eventually pressure margins. Furthermore, any adverse changes in state regulations regarding online casino legalization would hit their growth runway.
Conclusion
Rush Street Interactive is a high-quality growth stock in a secularly growing industry. It offers exceptional efficiency and high-margin iGaming exposure. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Communication Services Sector Median (N=134)
Metric
RSI
Benchmark
P/E Ratio
39.4x
+51%
EV/EBITDA
35.3x
+610%
Price / Book
7.5x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-79.4%
$4.34Spot: $21.09
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Communication Services sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 44.7GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
19.1%
Sector: 1.0%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Rush Street Interactive, Inc. (RSI) receives a "Hold" rating with a composite score of 47.8/100, ranked #447 out of 4446 stocks. Key factor scores: Quality 45/100, Value 56/100, Momentum 63/100. This is quantitative analysis only — not investment advice.
Rush Street Interactive, Inc. (RSI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Rush Street Interactive, Inc. Do?
Rush Street Interactive, Inc. operates as an online casino and sports betting company in the United States and Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the company offers full suite of games comprising of bricks-and-mortar casinos, table games, and slot machines. The company markets its online casino and sports betting under BetRivers.com, PlaySugarHouse.com, and RushBet.co brands. Rush Street Interactive, Inc. was founded in 2012 and is headquartered in Chicago, Illinois. Rush Street Interactive, Inc. (RSI) is classified as a mid-cap stock in the Communication Services sector, specifically within the Entertainment industry. The company is led by CEO Richard Schwartz and employs approximately 470 people. With a market capitalization of $2.3B, RSI is one of the notable companies in the Communication Services sector.
Rush Street Interactive, Inc. (RSI) Stock Rating — Hold (April 2026)
As of April 2026, Rush Street Interactive, Inc. receives a Hold rating with a composite score of 47.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.RSI ranks #447 out of 4,446 stocks in our coverage universe. Within the Communication Services sector, Rush Street Interactive, Inc. ranks #12 of 134 stocks, placing it in the top 10% of its Communication Services peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
RSI Stock Price and 52-Week Range
Rush Street Interactive, Inc. (RSI) currently trades at $21.09. The stock lost $0.32 (1.5%) in the most recent trading session. The 52-week high for RSI is $22.65, which means the stock is currently trading -6.9% from its annual peak. The 52-week low is $9.66, putting the stock 118.3% above its annual trough. Recent trading volume was 862K shares, suggesting relatively thin trading activity.
Is RSI Overvalued or Undervalued? — Valuation Analysis
Rush Street Interactive, Inc. (RSI) carries a value factor score of 56/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 39.42x, compared to the Communication Services sector average of 26.08x — a premium of 51%. The price-to-book ratio stands at 7.55x, versus the sector average of 1.87x. The price-to-sales ratio is 2.20x, compared to 0.55x for the average Communication Services stock. On an enterprise value basis, RSI trades at 35.34x EV/EBITDA, versus 4.98x for the sector.
Overall, RSI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Rush Street Interactive, Inc. Profitability — ROE, Margins, and Quality Score
Rush Street Interactive, Inc. (RSI) earns a quality factor score of 45/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 19.1%, compared to the Communication Services sector average of 1.0%, which is within a healthy range. Return on assets (ROA) comes in at 8.8% versus the sector average of -0.0%.
On a margin basis, Rush Street Interactive, Inc. reports gross margins of 34.7%, compared to 56.4% for the sector. The operating margin is 6.1% (sector: 0.4%). Net profit margin stands at 5.4%, versus -0.9% for the average Communication Services stock. Revenue growth is running at 26.1% on a trailing basis, compared to 3.0% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
RSI Debt, Balance Sheet, and Financial Health
Rush Street Interactive, Inc. has a debt-to-equity ratio of 117.0%, compared to the Communication Services sector average of 82.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.93x, suggesting adequate working capital coverage. Total debt on the balance sheet is $0. Cash and equivalents stand at $273M.
RSI has a beta of 1.03, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Rush Street Interactive, Inc. is 55/100, reflecting average volatility within the normal range for its sector.
Rush Street Interactive, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Rush Street Interactive, Inc. reported revenue of $1.04B and earnings per share (EPS) of $0.35. Net income for the quarter was $58M. Gross margin was 34.7%. Operating income came in at $65M.
In FY 2025, Rush Street Interactive, Inc. reported revenue of $1.13B and earnings per share (EPS) of $0.35. Net income for the quarter was $74M. Gross margin was 34.6%. Revenue grew 22.8% year-over-year compared to FY 2024. Operating income came in at $87M.
In Q3 2025, Rush Street Interactive, Inc. reported revenue of $278M and earnings per share (EPS) of $0.06. Net income for the quarter was $15M. Gross margin was 34.0%. Revenue grew 19.7% year-over-year compared to Q3 2024. Operating income came in at $19M.
In Q2 2025, Rush Street Interactive, Inc. reported revenue of $269M and earnings per share (EPS) of $0.18. Net income for the quarter was $29M. Gross margin was 35.3%. Revenue grew 22.2% year-over-year compared to Q2 2024. Operating income came in at $24M.
Over the past 8 quarters, Rush Street Interactive, Inc. has demonstrated a growth trajectory, with revenue expanding from $220M to $1.04B. Investors analyzing RSI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
RSI Dividend Yield and Income Analysis
Rush Street Interactive, Inc. (RSI) does not currently pay a dividend. This is common among smaller companies in the Entertainment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Communication Services dividend stocks may want to explore other Communication Services stocks or use the stock screener to filter by dividend yield.
RSI Momentum and Technical Analysis Profile
Rush Street Interactive, Inc. (RSI) has a momentum factor score of 63/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
RSI vs Competitors — Communication Services Sector Ranking and Peer Comparison
Comparing RSI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full RSI vs S&P 500 (SPY) comparison to assess how Rush Street Interactive, Inc. stacks up against the broader market across all factor dimensions.
RSI Next Earnings Date
No upcoming earnings date has been announced for Rush Street Interactive, Inc. (RSI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy RSI? — Investment Thesis Summary
Rush Street Interactive, Inc. presents a balanced picture with arguments on both sides. Price momentum is positive at 63/100, suggesting the trend favors buyers.
In summary, Rush Street Interactive, Inc. (RSI) earns a Hold rating with a composite score of 47.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on RSI stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
26.1%
Sector: 3.0%
+781% VS SCTR
Gross Margin
Core pricing power
34.7%
Sector: 56.4%
-38% VS SCTR
Operating Margin
Operating efficiency
6.1%
Sector: 0.4%
+1335% VS SCTR
Net Margin
Bottom-line conversion
5.4%
Sector: -0.9%
-731% VS SCTR
Return on Equity
Equity capital efficiency
19.1%
Sector: 1.0%
+1874% VS SCTR
Return on Assets
Asset base utilization
8.8%
Sector: -0.0%
-22175% VS SCTR
Debt/Equity
Financial leverage load
117.0%
Sector: 82.0%
-43% VS SCTR
Dividend Yield
Direct cash return
0.0%
Sector: 0.0%
-NaN% VS SCTR
+304%
Price / Sales
2.2x
+300%
Rush Street Interactive, Inc. exhibits a 316% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
8.8%
Sector: -0.0%
Gross Margin
Pricing power and cost efficiency
34.7%
Sector: 56.4%
Operating Margin
Core business profitability
6.1%
Sector: 0.4%
Net Margin
Bottom-line profitability
5.4%
Sector: -0.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.