Rush Street Interactive, Inc. (NYSE: RSI)

Rush Street Interactive, Inc. is a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the United States, Canada and Latin America. The company delivers its services through proprietary technology and branded offerings such as BetRivers, PlaySugarHouse and RushBet, aiming to provide friendly, fun and fair betting experiences to its users. It operates in 16 U. S. states and 4 international markets, offering real money gaming options where regulated.

The company generates revenue mainly from its business to consumer operations, which offer real money online casino, online sports betting and social gaming directly to players via its websites and mobile apps, and from its business to business operations, which supply retail sports betting services to land based partners such as casinos in exchange for a monthly commission. In the business to consumer model, revenue is derived from the hold on casino games, the rake on poker games, and the margin on sports bets, while the business to business model earns commissions based on the activity of partner sportsbooks. The business to consumer segment contributed more than 99% of total revenue for the year ended December 31, 2025 and 98% for the prior year, indicating that direct to consumer activities dominate the revenue mix. Additionally, the company’s loyalty program, iRush Rewards, awards tier points, loyalty points and bonus store points that can be redeemed for exclusive games and incentives, further encouraging repeat play and higher lifetime value.

The company operates through the following segments:

• B2C: This segment provides real money online casino games including slots, table games and poker, online sports betting across a range of sports and bet types, and social gaming that offers free to play experiences using virtual credits. It operates under the BetRivers and PlaySugarHouse brands in the United States and Canada and under the RushBet brand in Latin America, and includes a loyalty program that rewards customers with tier points, loyalty points and bonus store points redeemable for exclusive games and incentives.

• B2B: This segment offers retail sports betting services to bricks and mortar casinos, Native American tribes and other licensed partners, providing technology, risk management, advertising support and ongoing oversight of the sportsbook in exchange for a monthly commission based on the partner’s sportsbook revenue. It also assists partners with market access, regulatory compliance and player acquisition ahead of online gaming launches, leveraging relationships built before regulation takes effect. The business to business model allows the company to generate revenue in jurisdictions where direct to consumer operations may be restricted due to licensing requirements.

Rush Street Interactive holds a strong position in the competitive online gaming industry due to its proprietary online gaming platform that enables rapid feature updates and personalized user experiences, its proven ability to be among the earliest operators to launch in newly regulated markets, and its flexible business model that allows it to act as either a business to consumer operator or a business to business supplier depending on local regulations and partner needs. The company competes with other online gaming operators that were early entrants and with brick and mortar casinos that have launched online offerings, differentiating itself through its diversified product suite, strong unit economics with customer lifetime value exceeding $5,000 for mature cohorts, and a seasoned executive team with extensive global gaming experience. Its social gaming offering, which runs on the same platform as real money products, helps build user databases in advance of regulation and drives engagement with land based partner properties, further strengthening its market access and brand awareness.

The company serves individual gamers through its business to consumer channels and collaborates with a variety of partners including state lotteries, land based casinos, Native American tribes and professional sports franchises. Specific partners named in the filing include the Delaware Lottery, Little River Casino Resort, Swinomish Indian Tribal Community, Coushatta Casino Resort, New Orleans Pelicans, Detroit Pistons, Pittsburgh Penguins and Philadelphia Flyers, reflecting a broad customer base that spans both end consumers and business collaborators. In addition, the company works with numerous bricks and mortar casinos across its operating states and with various tribal entities in the United States and Canada, providing technology and support for their sportsbook operations.