Barclays Bullish on Rush Street Interactive, Cites iGaming, Promo Strength

After a strong start to 2026, shares of Rush Street Interactive (NYSE: RSI) have fallen 19.5% over the past month. For risk-tolerant investors, however, the sell-off may present a compelling buying opportunity as Wall Street analysts remain bullish on the iGaming stock.

Barclays analyst Brandt Montour is a member of that group. He recently initiated coverage of the BetRivers parent with an “overweight” rating and a 12-month price target of $24, implying upside of more than 50% from where the stock trades at this writing.

Rush Street Interactive has long been heralded as the most credible U.S.-focused, iGaming-first stock in the industry – an attribute Montour highlights in a client report. The analyst notes the operator commands 10.4% share in the U.S. internet casino market – an impressive perch considering the companies ranking ahead of RSI are all major players in online sports betting. They use sports wagering to funnel bettors to iGaming whereas RSI relies on a unique customer acquisition/retention strategy.

The analyst adds that RSI is adept at gamifying its platform, making bettors feel as though they’re gaining value, “which inevitably leads to that higher rate of game play and, to us, likely the highest iGaming retention in the industry.”

More iGaming Legalization Could Boost RSI

Today, iGaming is live in seven states, with Maine hashing out details that could lead to a launch, making it the eighth state to join the live and legal fray.

As Montour points out, Rush Street Interactive would benefit from iGaming expansion because internet casinos accounted for 80% of the operator’s North American revenue in fiscal 2026 – a percentage that’s far higher than rivals such as BetMGM, DraftKings (NASDAQ: DKNG) and Penn Entertainment (NASDAQ: PENN).

The analyst notes that if RSI holds a 10% North American iGaming market share with revenue of $384 per adult, each percentage point of the population that gains access to regulated internet casinos could boost the operator’s top line by 7%.

He adds that any attrition in that scenario would be temporary and likely the result of rivals overspending to pilfer customers from RSI.

LatAm Still a Catalyst

Often underappreciated in the RSI stock thesis is the company’s Latin America footprint, which largely centers on Mexico and Colombia. Colombia drives $330 million to $340 million in revenue for RSI, but Mexico is a real growth story.

Montour notes that while RSI holds a single-digit market share in Mexico, the country’s population size relative to Colombia implies RSI can generate significant top-line growth there without needing dominant market share. RSI’s revenue growth in Mexico jumped at a 39% compound annual growth rate (CAGR) from 2018 through 2026.

The company also maintains active operations in Argentina and Peru.