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Barclays initiated coverage of Rush Street Interactive with an overweight rating and a $24 price target, citing its U.S. online casino position and customer retention strategy.
Analyst Brandt Montour’s 12-month target implied more than 50% upside from the stock’s level at the time of the report. Shares of the BetRivers parent had fallen 19.5% over the preceding month after a strong start to 2026.
Online Casino Market Share Anchors Barclays’ Thesis
Montour puts Rush Street Interactive’s share of the U.S. internet casino market at 10.4%. He views the company as the industry’s most credible U.S.-focused, iGaming-first stock.
The analyst highlighted a customer acquisition and retention approach that does not depend on sports betting to funnel players into online casinos. Instead, he pointed to RSI’s ongoing work to develop differentiated, gamified promotions.
Montour argued that even if competitors replicate existing offers, RSI can continue developing new promotional experiences. In his assessment, that approach encourages more gameplay and likely gives the operator the highest iGaming retention in the industry.
BetRivers Could Grow Revenue Substantially With More Legal States
Further state-level legalization is another part of Barclays’ growth thesis. Online casinos are live in seven states, with Maine becoming the eighth whenever it launches next year.
Montour modeled a scenario in which RSI maintains a 10% North American iGaming market share and the market generates $384 in revenue per adult. Under those assumptions, each additional percentage point of the population gaining access to regulated internet casinos could increase RSI’s top line by 7%.
The analyst said any market-share attrition in that scenario would likely be temporary and driven by rivals overspending to attract RSI customers.
Mexico Adds Another Growth Opportunity
RSI’s Latin American business is largely concentrated in Colombia and Mexico. Montour estimates that Colombia generates $330 million to $340 million in revenue for the company.
He also identified Mexico as a growth opportunity, with RSI holding a single-digit market share there. The operator maintains active operations in Argentina and Peru as well.
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Source: As reported by Casino.org.
