Online casino and sports betting company Rush Street Interactive (RSI) has been designated as an operating partner for online sports betting by Arizona Rattlers. With this deal, Rush Street has become one of the major sponsors of the professional indoor football franchise.
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The Arizona Department of Gaming has granted Rush Street a temporary event wagering designee license. The company said it was planning to launch online sports betting under its BetRivers brand during the upcoming NFL and NCAA fall football seasons. (See Rush Street stock charts on TipRanks)
The CEO of Rush Street, Richard Schwartz, said, “Arizonans are accustomed to receiving a championship caliber product on the field with the Rattlers, and we look forward to offering them a similarly high-quality product off the field through our award-winning BetRivers platform and top-notch customer service.”
On August 13, Needham analyst Bernie McTernan reiterated a Buy rating on the stock with a price target of $20, implying 33.5% upside potential.
McTernan said, “Rush Street is a leading iGaming destination in the US, and Colombia. The company is looking to capitalize on its positive momentum by entering new markets in the US as legislation passes to unlock new states. The iGaming market has shown the potential to be meaningfully larger than the OSB market and RSI is an iGaming-first operator with a different customer profile relative to DFS/OSB-first competitors.”
Consensus among analysts is a Moderate Buy based on 2 Buys and 1 Hold. The average Rush Street price target of $19 implies 26.8% upside potential.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Rush Street with 10.8% of investors increasing their exposure to RSI stock over the past 30 days.
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