Stifel: Rush Street Interactive Has ‘Scarcity Value’ in Growing iGaming Market

Following a 7.42% single-day drop, Rush Street Interactive (NYSE: RSI), previously one of this year’s hottest gaming stocks, is down 14.71% over the past month—a pullback at least one analyst calls a buying opportunity.

In a new report, Stifel analyst Jeffrey Stantial initiated coverage of the BetRivers owner with a “buy” rating and a $34 price target, implying upside of 57.6% from today’s closing price.

That represents a 30% premium to DraftKings (NASDAQ: DKNG), according to the analyst. Stantial is bullish on Rush Street Interactive in part because it is viewed as the most credible U.S.-focused, iGaming-first stock in the industry.

Among other publicly traded operators focused on iGaming, Super Group (NYSE: SGHC) stands out, but it doesn’t operate in the U.S. That leaves Rush Street Interactive as the premier domestic option for investors looking to capitalize on internet casino growth.

Rush Street Interactive Stock, Plenty of Catalysts

Stantial highlights several catalysts that could facilitate a rebound by Rush Street Interactive stock, including potential “takeout optionality providing valuation support.”

While RSI has been mentioned as a takeover target in the past, serious buyout rumors last surfaced three years ago. Chicago-based RSI previously signaled openness to acquisition discussions—and with a market cap of around $5.4B–$5.7B today, it remains a prime target for suitors aiming to accelerate their iGaming footprint.

Stantial points to the operator’s exposure to several fast-growing Latin American markets and ability to grow monthly active users (MAUs) in the face of soaring competition as among the other catalysts for the stock.

“Competition in U.S. iCasino has intensified and market share is structurally assailable, though we argue RSI have sufficiently proven strong iCasino operators with industry-leading MAU growth and marketing/promo efficiency widening further since early-2025,” says the analyst.

Rush Street Interactive Has a Firm Balance Sheet

Rush Street’s strong balance sheet is another reason the sell-side is bullish on the stock. The company concluded the second quarter with cash and cash equivalents of nearly $340 million against total debt of just $5.5 million.

Combine those data points with the iGaming-first approach and Rush Street may be all the more appealing to dip buyers at a time when some rivals are spending big on prediction markets and attracting new sports betting clients.

“We take a positive long-term view on RSI and tactically recommend using the trailing two-month pullback as a buying opportunity,” concludes Stantial.