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RSI on NYSE

Rush Street Interactive, Inc.

In its 2026 annual report the company says: “We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience.”5 It is headquartered in Chicago, Illinois.1 Its shares trade on NYSE under the symbol RSI.1

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Last updated Oct 21, 2026.

Overview

$1.1BRevenue, fiscal 20252
$33.3MNet income, fiscal 20252

Compare with Madison Square Garden Sports Corp., Madison Square Garden Entertainment Corp. or Six Flags, or pick any stock.

  • TickerRSI on NYSE1
  • IndustryServices-Miscellaneous Amusement & Recreation1
  • HeadquartersChicago, Illinois1
  • Incorporated inDE3
  • Business address900 N. Michigan Avenue, Suite 950, Chicago, Il 606113
  • Filer categoryLarge accelerated filer3

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We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. Our mission is to engage and delight players by delivering friendly, fun and fair betting experiences. In furtherance of this mission, we strive to create an online community for our customers where we are transparent and honest, treat our customers fairly, show them that we value their time and loyalty, and listen to feedback. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.7%Operating margin2
2.9%Net margin2
22.8%Revenue growth, 20252
22.6%Return on equity2
$164.2MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online Wagering brought in 99% of the revenue Rush Street Interactive, Inc. broke down this way in fiscal 2025.

  1. Online Wagering$1.1B299%up 23% from 2024
  2. Social Gaming$4.9M20%up 7% from 2024
  3. Retail Sports Services$2.0M20%down 17% from 2024
Products and services by year
Products and services202320242025
Online Wagering$674.1M$917.1M$1.1B
Social Gaming$4.3M$4.6M$4.9M
Retail Sports Services$12.8M$2.4M$2.0M

Regions

United States And Canada brought in 86% of the revenue Rush Street Interactive, Inc. broke down this way in fiscal 2025.

  1. United States And Canada$979.6M286%up 25% from 2024
  2. Latin America And Mexico$154.9M214%up 12% from 2024
Regions by year
Regions202320242025
United States And Canada$611.9M$785.3M$979.6M
Latin America And Mexico$79.3M$138.8M$154.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue65¢$741.7M
  • Other costs24¢$274.3M
  • Income tax8¢$85.1M
  • Profit3¢$33.3M

Out of $1.1B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending0¢$767.0K
  • Share buybacks5¢$7.6M
  • Kept or used elsewhere95¢$156.6M

Out of $165.0M of cash from operations.2

Financial statements

Revenue67892$1.1B in 2025+1682% since 2019
0$500.0M$1.0B$1.5B2019: $63.7M$63.7M20192020: $278.5M$278.5M2020+337%2021: $488.1M$488.1M2021+75%2022: $592.2M$592.2M2022+21%2023: $691.2M$691.2M2023+17%2024: $924.1M$924.1M2024+34%2025: $1.1B$1.1B2025+23%
Operating income67892$87.4M in 2025
-$200.0M-$100.0M0$100.0M2019: -$22.3M-$22.3M20192020: -$133.4M-$133.4M2020+498%2021: -$94.3M-$94.3M2021−29%2022: -$124.8M-$124.8M2022+32%2023: -$51.6M-$51.6M2023−59%2024: $25.0M$25.0M20242025: $87.4M$87.4M2025+249%
Net income67892$33.3M in 2025
-$40.0M-$20.0M0$20.0M$40.0M2019: -$22.4M-$22.4M20192020: $1.1M$1.1M20202021: -$19.5M-$19.5M20212022: -$38.6M-$38.6M2022+98%2023: -$18.3M-$18.3M2023−53%2024: $2.4M$2.4M20242025: $33.3M$33.3M2025+1295%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue$1.1B$924.1M$691.2M
Costs of revenue$741.7M$602.0M$465.0M
Sales and marketing$164.7M$158.6M$160.7M
General and administrative$100.7M$106.2M$87.3M
Depreciation and amortization$40.0M$32.2M$29.8M
Total operating costs and expenses$1.0B$899.0M$742.8M
Income (loss) from operations$87.4M$25.0M-$51.6M
Change in tax receivable agreement liability-$107.8M-$739.0K$0
Interest income, net$9.3M$7.5M$2.8M
Total other (expense) income-$98.5M$6.8M$2.8M
(Loss) income before income taxes-$11.1M$31.8M-$48.8M
Income tax (benefit) expense-$85.1M$24.6M$11.2M
Net income (loss)$74.0M$7.2M-$60.1M
Net income (loss) attributable to non-controlling interests$40.7M$4.8M-$41.8M
Net income (loss) attributable to Rush Street Interactive, Inc.$33.3M$2.4M-$18.3M
Net income (loss) per common share attributable to Rush Street Interactive, Inc. - basic (in USD per share)$0.35$0.03-$0.27
Weighted average common shares outstanding - basic (in shares)95.8M shares81.8M shares68.5M shares
Net loss per common share attributable to Rush Street Interactive, Inc. - diluted (in USD per share)$0.31$0.03-$0.27
Weighted average common shares outstanding - diluted (in shares)236.1M shares88.4M shares68.5M shares

Compare Rush Street Interactive, Inc. with another company

Corporate structure

Rush Street Interactive, Inc. sits at the top of its group. 8 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Rush Street Interactive, Inc.

  • Divisadero Street Capital Management, LP Filed SCHEDULE 13G on Rush Street Interactive, Inc., latest Sep 1, 2026 (9 filings since Jan 26, 2024)
  • Neil Bluhm Filed SCHEDULE 13D/A on Rush Street Interactive, Inc., latest Aug 3, 2026 (3 filings since Mar 2, 2023)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Rush Street Interactive, Inc., latest Jul 31, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Rush Street Interactive, Inc., latest Jul 31, 2026
  • BlackRock Filed SCHEDULE 13G/A on Rush Street Interactive, Inc., latest Jul 8, 2026 (7 filings since Feb 4, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Rush Street Interactive, Inc., latest Mar 27, 2026 (7 filings since Feb 10, 2022)
  • AllianceBernstein Filed SCHEDULE 13G/A on Rush Street Interactive, Inc., latest Nov 14, 2025 (3 filings since Feb 14, 2022)
  • Gregory A. Carlin Filed SC 13D/A on Rush Street Interactive, Inc., latest Dec 4, 2024 (8 filings since Dec 30, 2021)
  • CANYON CAPITAL ADVISORS LLC Filed SC 13G/A on Rush Street Interactive, Inc., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • HG Vora Capital Management, LLC Filed SC 13G/A on Rush Street Interactive, Inc., latest Nov 14, 2024 (4 filings since Feb 14, 2022)
  • Nomura Holdings Filed SC 13G/A on Rush Street Interactive, Inc., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • Goldman Sachs Filed SC 13G/A on Rush Street Interactive, Inc., latest Feb 5, 2024 (2 filings since Feb 13, 2023)
  • Rush Street Interactive, Inc. Chicago, Illinois
    • RSI Development Canada, ULC Subsidiary · Canada
    • RSI Development Colombia, S.A.S. Subsidiary · Colombia
    • RSI IP Holding, LLC Subsidiary · Delaware, United States
    • Rush Street Interactive Colombia S.A.S. Subsidiary · Colombia
    • Rush Street Interactive Development Estonia OÜ Subsidiary · Estonia
    • Rush Street Interactive MI, LLC Subsidiary · Delaware, United States
    • Rush Street Interactive PA, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Rush Street Interactive, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$12.0M2 Dec 31, 2025$10.8M2 Dec 31, 2024+10.7%
Accumulated depreciation$9.5M2 Dec 31, 2025$7.7M2 Dec 31, 2024+23.0%
Property and equipment, net$2.4M2 Dec 31, 2025$3.1M2 Dec 31, 2024−20.2%
Finance-lease assets$5.3M2 Dec 31, 2025$4.2M2 Dec 31, 2024+26.9%
Operating-lease assets (leased space)$3.1M2 Dec 31, 2025$2.4M2 Dec 31, 2024+26.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$336.3M2 Dec 31, 2025$229.2M2 Dec 31, 2024+46.7%
Marketable securities, current$6.2M2 Dec 31, 2025$4.3M2 Dec 31, 2024+44.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$76.4M2 Dec 31, 2025$77.3M2 Dec 31, 2024−1.2%

Properties, in its own words

Our corporate headquarters are located in Chicago, Illinois, where we lease approximately 6,575 square feet of office space. We use this leased space primarily for management, marketing, finance, legal, regulatory compliance, human resources and general administrative teams. This lease is set to expire on April 30, 2027, subject to our option to extend the term for two successive years. We also lease office space in the United States (New Jersey and North Dakota), Colombia (Bogota and Medellín), Estonia (Tartu and Tallinn), Canada (Toronto) and Serbia (Belgrade).

We anticipate obtaining additional space as we continue to grow globally and increase headcount. We currently believe that our facilities are suitable and adequate to meet our needs for the immediate future, and that the productive capacity in such facilities is substantially being utilized, taking into consideration the needs of a more remote workforce, and that suitable additional space will be available to accommodate any expansion of our operations as needed.

Item 2 of the 10-K filed Feb 18, 2026.5

Leadership

Who has led Rush Street Interactive, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Masi Niccolo De2020
  2. Gregory A. Carlin2021

Chair

  1. Neil Bluhm2021–now

Chief financial officer

  1. Kyle Sauers2021–now

Chief operating officer

  1. Mattias Stetz2021–now
2025
Board members and other officers (19)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • RSI Development Canada, ULC Canada4
  • RSI Development Colombia, S.A.S. Colombia4
  • RSI IP Holding, LLC Delaware4
  • Rush Street Interactive Colombia S.A.S. Colombia4
  • Rush Street Interactive DE, LLC Delaware4
  • Rush Street Interactive Development Estonia OÜ Estonia4
  • Rush Street Interactive MI, LLC Delaware4
  • Rush Street Interactive PA, LLC Delaware4
  • Rush Street Interactive, LP Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • dMY Technology Group, Inc.Dec 6, 2019 to Dec 28, 20203

Timeline

  1. Jul 29, 20268-K Results of operations37
  2. Jun 3, 20268-K Shareholder vote38
  3. May 7, 20268-K Other events39
  4. Apr 28, 20268-K Results of operations40
  5. Feb 17, 20268-K Results of operations41
  6. Oct 29, 20258-K Results of operations42
  7. Oct 15, 20258-K Executive or director change; Regulation FD disclosure43
  8. Jul 30, 20258-K Results of operations44
  9. May 30, 20258-K Shareholder vote45
  10. Apr 30, 20258-K Results of operations46
  11. Mar 21, 20258-K Executive or director change; Regulation FD disclosure47
  12. Feb 26, 20258-K Results of operations48
  13. Jan 8, 2021New chief executive Gregory A. Carlin becomes CEO15
  14. Feb 20, 2020New chief executive Masi Niccolo De becomes CEO16

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.06 a share, on Oct 29, 2025.49

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results37
  2. Apr 28, 2026Reported quarterly or annual results40
  3. Feb 17, 2026Reported quarterly or annual results41
  4. Oct 29, 2025Reported quarterly or annual results42
  5. Jul 30, 2025Reported quarterly or annual results44
  6. Apr 30, 2025Reported quarterly or annual results46
  7. Feb 26, 2025Reported quarterly or annual results48
  8. Oct 30, 2024Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

505 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 235 insider forms, 57 large holders, 161 other. The latest 20:

  1. Oct 5, 2026144 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 1, 2026144 EDGAR
  6. Sep 25, 20264 EDGAR
  7. Sep 24, 20264 EDGAR
  8. Sep 3, 2026144 EDGAR
  9. Sep 3, 20264 EDGAR
  10. Sep 3, 20264 EDGAR
  11. Sep 3, 20264 EDGAR
  12. Sep 1, 2026SCHEDULE 13G EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Aug 5, 20264 EDGAR
  15. Aug 5, 20264 EDGAR
  16. Aug 5, 20264 EDGAR
  17. Aug 3, 2026144 EDGAR
  18. Aug 3, 2026144 EDGAR
  19. Aug 3, 2026144 EDGAR
  20. Aug 3, 2026144 EDGAR

The 505 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

192 open-market trades by officers, directors and large owners since October 2021: 2 buys and 190 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Markell Jack A.DirectorBuy1,500$19.35$29.0KForm 4
Sep 3, 2026Sauers KyleChief Financial OfficerSale23,000$26.56$610.9KForm 4
Sep 1, 2026STETZ MATTIASChief Operating OfficerSale20,000$25.68$513.6KForm 4
Sep 1, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale158,332$25.69$4.1MForm 4
Aug 3, 2026STETZ MATTIASChief Operating OfficerSale20,000$28.03$560.6KForm 4
Aug 3, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale158,334$28.02$4.4MForm 4
Aug 3, 2026Sauers KyleChief Financial OfficerSale23,000$26.65$613.0KForm 4
Jul 6, 2026Sauers KyleChief Financial OfficerSale23,000$31.53$725.2KForm 4
Jul 1, 2026STETZ MATTIASChief Operating OfficerSale20,000$31.22$624.4KForm 4
Jul 1, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale158,334$31.21$4.9MForm 4
Jun 25, 2026WIERBICKI PAULChief Legal OfficerSale10,000$30.12$301.2KForm 4
Jun 3, 2026Sauers KyleChief Financial OfficerSale23,000$25.44$585.1KForm 4
Jun 1, 2026STETZ MATTIASChief Operating OfficerSale20,000$25.63$512.6KForm 4
Jun 1, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale158,334$25.58$4.1MForm 4
May 6, 2026STETZ MATTIASChief Operating OfficerSale22,350$24.96$557.9KForm 4
May 6, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale106,500$24.96$2.7MForm 4
May 6, 2026BLUHM NEILExecutive ChairmanSale1,371,150$24.96$34.2MForm 4
May 5, 2026STETZ MATTIASChief Operating OfficerSale149,000$24.96$3.7MForm 4
May 5, 2026SCHWARTZ RICHARD TODDChief Executive OfficerSale710,000$24.96$17.7MForm 4
May 5, 2026BLUHM NEILExecutive ChairmanSale9,141,000$24.96$228.2MForm 4

All 192 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Richard Schwartz51$653.8K$6.9M68
2025Kyle Sauers55$554.5K$4.4M68
2025Mattias Stetz46$465.0K$2.2M68
2024Chief Executive Officer$623.8K$9.0M68
2024President and Chief Financial Officer$506.8K$4.2M68
2024Chief Operating Officer$445.0K$2.6M68
2024Chief Legal Officer$415.0K$1.7M68
2023Chief Executive Officer$613.8K$6.9M68
2023President and Chief Financial Officer$496.8K$3.3M68
2023Chief Operating Officer$440.0K$2.1M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.15,078,522$448.4M0.0%+6,751,454
Vanguard Portfolio Management LLC5,609,148$166.8M0.0%+1,223,294
Divisadero Street Capital Management, LP5,425,402$161.4M3.8%−1,001,277
Ameriprise Financial Inc5,014,887$149.2M0.0%+665,728
Hood River Capital Management LLC4,454,433$132.5M1.0%+803,196
Vanguard Capital Management LLC4,431,389$131.8M0.0%+115,025
Invesco Ltd.4,404,873$131.0M0.0%+4,241,771
Driehaus Capital Management LLC4,341,612$129.1M0.7%+1,725,453
Fmr LLC3,996,369$118.9M0.0%+3,869,253
State Street Corp3,875,616$115.3M0.0%+1,855,379
Marshall Wace, Llp3,333,434$99.1M0.1%−914,928
Fuller & Thaler Asset Management, Inc.2,801,508$83.3M0.2%+93,151
Two Sigma Investments, LP2,592,292$77.1M0.1%+27,585
Geode Capital Management, LLC2,579,735$76.7M0.0%+313,617
Arrowstreet Capital, Limited Partnership2,337,608$69.5M0.0%−426,565
Morgan Stanley2,308,793$68.7M0.0%+87,775
Assenagon Asset Management S.A.2,279,334$67.8M0.0%+1,656,201
Alliancebernstein L.P.3,037,961$66.1M0.0%−847,582
1832 Asset Management L.P.1,996,000$59.4M0.1%+337,800
Nuveen, LLC1,872,411$55.7M0.0%+23,680
Renaissance Technologies LLC1,817,500$54.1M0.1%−467,500
Summit Partners Public Asset Management, LLC1,714,499$51.0M1.3%+1,427,499
Emerald Advisers, LLC1,639,592$48.8M1.1%+66,092
William Blair Investment Management, LLC1,635,734$48.6M0.1%−695,313
Oberweis Asset Management Inc/1,627,930$48.4M1.0%+193,370

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Rush Street Interactive, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRush Street Interactive, Inc.1
  • CIK0001793659
  • Employer ID (EIN)84-36267085
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7990 Services-Miscellaneous Amusement & Recreation1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address900 N. Michigan Avenue, Suite 950, Chicago, IL 606111
  • Phone773-893-58551
  • Shares outstanding103,175,028 Common Class A shares; 129,176,197 Common Class V shares as of Feb 17, 20265
  • Public float$1.4B as of Jun 30, 20255
  • AuditorWithumSmith+Brown, PC, New York, New York PCAOB ID 100; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceDec 6, 20191
  • Filings660 in all: 4 (254), 144 (127), 8-K (52), SC 13G/A (27), DEFA14A (25), 10-Q (20), 3 (20), 424B3 (18)1
    All 40 form types

    SC 13G (14), SCHEDULE 13G/A (10), SC 13D/A (9), UPLOAD (9), CORRESP (8), POS AM (8), EFFECT (7), 10-K (6), DEF 14A (6), ARS (4), SCHEDULE 13G (4), PRER14A (3), S-1 (3), 10-K/A (2), 25-NSE (2), 424B4 (2), FWP (2), S-8 (2), SC 13D (2), SCHEDULE 13D/A (2), 144/A (1), 3/A (1), 4/A (1), 5 (1), 8-A12B (1), 8-K/A (1), CERT (1), DEFM14A (1), DRS (1), PRE 14A (1), PREM14A (1), S-1/A (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Jul 29, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.0001 par value per shareRSINew York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Rush Street Interactive, Inc. names in Item 1A of its 10-K filed Feb 18, 2026: 59 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • Competition in the online and retail sports betting and online gaming industry is intense and, as a result, we may fail to attract and retain customers, which may negatively impact our operations and growth prospects.
  • Our projections, including for revenues, market share, expenses and profitability, are subject to significant risks, assumptions, estimates and uncertainties and may therefore differ materially from our expectations.
  • Our operating results may vary, which may make future results difficult to predict with certainty.
  • Recruitment and retention of our employees, including certain key employees, is vital to growing our business and meeting our business plans. Losing any of our executives or other key employees could harm our business.
  • Clear errors in posting sports betting odds or event information have occurred occasionally, resulting in large liabilities. To date, general industry practice has been to void bets associated with such clear errors or to correct the odds. It cannot be assured that in every case of such clear error regulators will continue to approve the voiding of such errors.
  • We follow the industry practice of restricting and managing betting limits at the individual customer level based on individual customer profiles and risk level; however, there is no guarantee that regulating bodies will allow operators such as us to impose limits at the individual customer level.
  • The success of existing or future online offerings, including win or hold rates, depends on a variety of factors and is not completely controlled by us.
  • If we fail to detect fraud or theft, including by our customers, employees or vendors, our reputation may suffer, which could harm our brand and reputation and negatively impact our business, financial condition, results of operations and prospects, and can subject us to investigations and litigation.
  • Our business depends on a strong brand, and if we are not able to maintain, develop, and enhance our brand, our business and operating results may be negatively impacted. Moreover, our brand and reputation could be harmed if we were to experience significant negative publicity.
  • We rely on many different marketing channels to acquire and retain customers and to promote our brands and our products. If we are not able to effectively acquire and retain customers via such channels then our business, financial condition, results of operations and prospects could be harmed.
  • We rely on strategic relationships with local partners such as land-based casinos, lotteries, Native American tribes or professional sports teams to be able to provide our offerings in certain jurisdictions. If we cannot establish and manage relationships with these partners, our business, financial condition, results of operations and prospects could be adversely affected.
The other 48 risks
  • Our current and projected performance relies heavily upon continued compatibility and interoperability among our app, platform and the major mobile operating systems, distribution of our offerings on third-party platforms and high-bandwidth data capabilities. Disruptions in the availability of these may negatively impact our business, financial conditions, results of operations and prospects.
  • Our growth prospects may suffer if we are unable to develop successful offerings or if we fail to pursue additional offerings. In addition, if we fail to make the right investment decisions in our offerings and technology platform, we may not attract and retain customers and our revenue and results of operations may decline.
  • Our failure to maintain adequate financial, information technology and management processes and controls has in the past resulted in, and could in the future result in, material weaknesses that could lead to errors in our financial reporting, which in turn could adversely affect our business.
  • Due to the nature of our business, we are subject to taxation in numerous jurisdictions, and changes in or new interpretation of, tax laws, tax rulings or their application by tax authorities could result in additional tax liabilities and could materially affect our business, financial condition, results of operations and prospects.
  • We operate internationally, which subjects us to additional costs, complexities and risks that could adversely affect our operating results.
  • Negative publicity about us or an adverse shift in public opinion regarding sports betting or online casino may adversely impact our business and customer retention.
  • The success of our online poker offerings depends largely upon maintaining sufficient player liquidity.
  • We depend on RSG and certain of its affiliates to provide us with certain limited services, which may not be sufficient to meet our needs, and we may have difficulty finding replacement services or be required to pay increased costs to replace these services to the extent that our services agreement with RSG terminates or expires.
  • Until fairly recently, we had a history of losses and we could incur losses in the future.
  • Risks Related to Government Regulation
  • Privacy and data protection regulations are complex and rapidly evolving areas. Any failure or alleged failure to comply with these laws could harm our business, reputation, financial condition and operating results.
  • Our growth prospects depend on the legality of real-money gaming in various jurisdictions, and legalization may not occur in as many jurisdictions as we expect, may occur at a slower pace than we anticipate or may be accompanied by restrictions or taxes that make it impracticable or less attractive to operate, which could adversely affect our future results of operations and make it more difficult to meet our financial performance expectations.
  • Failure to comply with regulatory requirements or to successfully obtain a license or permit applied for could adversely impact our ability to comply with licensing and regulatory requirements or to obtain or maintain licenses in other jurisdictions, or could cause financial institutions, online platforms and distributors to stop providing services to us.
  • Our key executives and certain other personnel related to our business are generally subject to licensing or compliance requirements, including determinations of suitability. Failure by such individuals to obtain the necessary licenses or comply with individual regulatory obligations could cause us to be non-compliant with our obligations or imperil our ability to obtain or maintain licenses necessary for us to conduct our business. In addition, our Charter includes provisions that may require stockholders to sell their securities if they are deemed to be “unsuitable”.
  • Risks Related to Intellectual Property and Data Security
  • We rely on information technology and other systems and platforms, and failures, errors, defects or disruptions therein could harm our brand and reputation, subject us to liability, disrupt our business, affect our ability to scale our technical infrastructure and adversely affect our operating results and growth prospects. Further, our offerings, online gaming platform and other software applications and systems, and certain third-party platforms that we use could contain undetected errors.
  • Failure to protect or enforce our intellectual property rights or the costs involved in such enforcement could harm our business, financial condition, results of operations and prospects.
  • We license certain trademarks and domain names to RSG and its affiliates, and RSG’s and its affiliates’ use of such trademarks and domain names may harm our business.
  • We rely on licenses and other agreements to use the intellectual property rights of affiliated and third parties that are incorporated into or used in our offerings. Failure to renew or expand existing licenses or other agreements may require us to modify, limit or discontinue certain offerings, which could materially affect our business, financial condition, results of operations and prospects.
  • Failure to maintain the integrity of our computer systems and customer and/or employee data (wherever it resides) could result in damage to our reputation and subject us to fines, payment of damages, lawsuits and restrictions on our use of data.
  • Use of artificial intelligence in our products or services may result in operational challenges, legal liability, reputational concerns and competitive risks.
  • Changes to consumer privacy laws could adversely affect our ability to market our offerings effectively and may require us to change our business practices or expend significant amounts on compliance with such laws.
  • Our technology transformation strategy places a significant strain on our management, operational, financial and other limited resources.
  • Risks Related to our Third-Party Vendor Relationships
  • We rely on third-party cloud infrastructure, hosting and data center providers and server rooms hosted by certain of our land-based casino partners. Disruption or interference with this infrastructure or server rooms could adversely affect our business, financial condition, results of operations and prospects.
  • We rely on third-party providers to validate the identity and location of our customers, and if such providers fail to perform adequately or provide accurate information or we do not maintain business relationships with them, our business, financial condition, results of operations and prospects could be adversely affected.
  • Our platform contains third-party open-source software components, and failure to comply with the terms of the underlying open-source software licenses could restrict our ability to provide our offerings.
  • We rely on third-party payment processors to process customer deposits and withdrawals made on our platform, and if we cannot manage our relationships with such third parties and other payment-related risks, our business, financial condition, results of operations and prospects could be adversely affected.
  • We rely on third-party service and content providers (including risk management, trading, sports data, streaming and game providers) and if such third parties do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition, results of operations and prospects could be adversely affected.
  • If Internet or other technology-based service providers experience service interruptions, our ability to conduct our business may be impaired and our business, financial condition, results of operations and prospects could be adversely affected.
  • Our growth will depend, in part, on the success of our strategic third-party relationships. Overreliance on certain third parties or our inability to extend existing relationships or agree to new relationships may cause unanticipated costs for us and impact our future financial performance.
  • Risks Related to Our Arrangements with Affiliates
  • We are a “controlled” company within the meaning of the NYSE rules and, as a result, we qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements.
  • The Controlling Holders control us, and their interests may conflict with ours or yours in the future.
  • We have arrangements with our affiliates that impact our operations.
  • Risks Related to our Liquidity and Capital Resources
  • We may require additional capital to support our growth plans, and such capital may not be available on terms acceptable to us, if at all. This could hamper our growth and adversely affect our business.
  • We may invest in or acquire other businesses or enter into partnerships, and our business may suffer if we are unable to successfully integrate acquired businesses or otherwise manage the growth associated with such transactions.
  • Risks Related to our Securities, Corporate Structure, Governing Documents and Tax Receivable Agreement
  • If we raise capital in the future by issuing shares of common or preferred stock or other equity or equity-linked securities, convertible debt or other hybrid equity securities, existing stockholders may experience dilution, such new securities may have rights senior to those of our common stock, and the market price of our securities may be adversely affected.
  • Our principal asset is our interests in RSILP (held through our wholly owned subsidiaries), and accordingly we depend on distributions from RSILP to pay taxes and expenses.
  • In certain cases, payments under the TRA may exceed the actual tax benefits we and our consolidated subsidiaries (including the Special Limited Partner) realize or be accelerated.
  • The trading price of our securities could be volatile and subject to wide fluctuations in response to various factors, and the market price of our securities may decline.
  • There can be no assurance that we will be able to comply with the NYSE’s continued listing standards.
  • Our Charter’s exclusive forum provision may have the effect of discouraging lawsuits against our directors and officers.
  • Provisions in our Charter may inhibit a takeover of the Company, which could limit the price investors might be willing to pay in the future for securities and could entrench management.
  • General Risk Factors
  • Economic downturns and political and market conditions beyond our control, including reduced consumer discretionary spending, and adverse developments with respect to financial institutions and associated liquidity risk could adversely affect our business, financial condition, results of operations and prospects.
  • We may be subject to litigation in the operation of our business, and an adverse outcome in one or more proceedings could adversely affect our business.
  • We could be subject to future governmental investigations and inquiries, legal proceedings and enforcement actions. Any such investigation, inquiry, proceeding or action could adversely affect our business.
  • Our insurance may not provide adequate levels of coverage against claims.
  • We may have difficulty accessing the service of banks, credit card issuers and payment processing providers, which may make it difficult to provide our offerings.
  • Emerging technologies and products, such as sports-based prediction markets, blockchain and cryptocurrency, may disrupt traditional gaming models and create new competitive threats for us.
  • Catastrophic events or geopolitical conditions may disrupt our business.

Legal proceedings

From time to time we become involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. These proceedings may be at varying stages, and many of these proceedings may seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

The opening of Item 3, Legal Proceedings.5

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