• Loading stock data...
Tuesday, December 3, 2024

Rush Street Interactive Makes Stock Market Debut

Rush Street
Rush Street Interactive

Rush Street Interactive started trading on the New York Stock Exchange last week after going public through a SPAC merger that values the company at $1.8 billion.

The move signals the continued growth in publicly traded gambling companies and the future promise of sports betting and online casinos. RSI closed its first two days of trading at $21.65 per share, down about 6% from the company’s debut.

RSI operates online casinos and mobile sportsbooks in New Jersey and Pennsylvania, as well as mobile sportsbooks in Colorado, Illinois, Indiana and Iowa.

Publicly Traded Gaming Boom

  • DraftKings went public in April through a SPAC merger.
  • Golden Nugget Online Gaming — owned by Houston Rockets owner Tilman Fertitta — went public on Dec. 30 through a SPAC merger.
  • Mobile gaming company Skillz went public in December through a SPAC merger.
  • Sports betting data provider Genius Sports is going public through a SPAC merger early this year as well.

With a stake in both online casinos and sports betting, Rush Street CEO Greg Carlin believes a mature U.S. iGaming market could be worth $20 billion, while sports betting could hit $15 billion.

U.S. bettors legally wagered $3 billion on sports for the first time in October 2020.

At the end of 2020, there were 20 legal U.S. sports betting markets, but just five states with legal iGaming or online poker. Both will increase in 2021 as multiple states have passed legislation to legalize them.

A look at the potential: In an established online betting market like Pennsylvania, sports wagering grew 153.7% year-over-year in November.

Comparatively, online casino slot and table games exploded in the state, jumping 673.4% and 592.2%, respectively.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Oct 1, 2024; Brooklyn, New York, USA; Las Vegas Aces guard Kelsey Plum (10) drives past New York Liberty forwards Kayla Thornton (5) and Betnijah Laney-Hamilton (44) during game two of the 2024 WNBA Semi-finals at Barclays Center.

Kelsey Plum Backs Out of Unrivaled

She’s skipping the new league’s season, along with Caitlin Clark.
Nov 26, 2024; Las Vegas, Nevada, USA; Oregon Ducks guard Keeshawn Barthelemy (9) approaches Texas A&M Aggies guard CJ Wilcher (10) during the first half at MGM Grand Garden Arena. Mandatory

Is This $9 Million Basketball Tournament the ‘Future of College Sports’?

NIL opportunities for players are scheduled throughout the six-day tournament.

Endeavor to Sell OpenBet, IMG Arena to Its CEO Ari Emanuel

The move is “a necessary step” as Endeavor seeks to go private.
Vanderbilt Commodores quarterback Diego Pavia (2) throws the ball as Auburn Tigers take on Vanderbilt Commodores at Jordan-Hare Stadium in Auburn, Ala., on Saturday, Nov. 2, 2024. Vanderbilt Commodores defeated Auburn Tigers 17-7.

Vandy QB Pavia Sues NCAA for 2 More Years of Eligibility

Diego Pavia beat Alabama. Can he beat the NCAA’s eligibility rules?

Featured Today

Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.
November 30, 2024

U.S. Investors Are Gunning for England’s Small Soccer Clubs

Is another Hollywood-like success story possible among the U.K.’s smallest clubs?
Nov 1, 2024; Boise, Idaho, USA; Boise State Broncos running back Ashton Jeanty (2) leads the team onto the field prior to the first quarter against the San Diego State Aztecs at Albertsons Stadium.
November 29, 2024

Schools Are Scrambling to Prepare for the NCAA Revenue-Sharing Era

In the post–House v. NCAA world, “everyone’s kind of on their own.”
Nov 4, 2024; Kansas City, Missouri, USA; Recording artist Taylor Swift arrives prior to a game between the Tampa Bay Buccaneers and the Kansas City Chiefs at GEHA Field at Arrowhead Stadium.
November 29, 2024

The PWHL Could Be Inviting a Date With Taylor Swift’s Legal Team

The Toronto Sceptres may have opened a Pandora’s box of trademark issues.

Endeavor, TKO Consolidate Sports Assets, Hoping They’re Better Together

The move brings On Location, Professional Bull Riders, and IMG under TKO.
Sep 11, 2024; Los Angeles, California, USA; The Nike shoes worn by Seattle Storm center Mercedes Russell in the first half against the LA Sparks at Crypto.com Arena.
opinion
September 28, 2024

New Nike CEO Must Do It

The biggest task the new CEO faces is intangible: Refresh the brand.
October 1, 2024

Nike CFO Says ‘Adversity Creates Sharper Focus’

Amid a downbeat but expected set of earnings, Nike says it sees signs of optimism.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
A Nike swoosh on a building in Eugene, Oregon.
September 23, 2024

Wall Street: Things Will Get Worse for Nike Before They Get Better

Some analysts are skeptical of how much the new CEO will change.
Crypto.com soccer advertising
September 15, 2024

The Champions League Is Back. So Is Crypto Sponsorship

Crypto investment is making its debut in the biggest European soccer competition.
Sep 9, 2024; Santa Clara, California, USA; San Francisco 49ers wide receiver Deebo Samuel (1) warms up before a game against the New York Jets at Levi's Stadium.
September 12, 2024

The NFL’s Private Equity Era Won’t Be the Bloodbath You Think—for Now

“It’s a different kind of investment thesis entirely.”
ESPN commentator Jay Williams speaking at a conference.
September 11, 2024

Jay Williams Supports PE in College Sports: ‘I Would Like to Own 49% of Duke Basketball’

Williams wants in when PE gets into college sports.