BlackRock has more than doubled its ownership in Rush Street Interactive (RSI), the parent company of BetRivers, within the past 15 months, according to a filing reported on Wednesday. The financial behemoth now holds over 13.6 million RSI shares, translating to a 13.3% ownership stake as of June 30 this year. Previously, BlackRock owned just 5.9% of RSI as of March 31, 2025. This spike in ownership coincides with a large rise in RSI’s stock value—closing at $29.74 per share on June 30, up an eye-popping 177% from $10.72 at the end of March 2025. Rush Street declined to comment on the filing.
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RSI’s Financial Performance Heats Up
RSI’s stock had languished for years after going public in mid-2020, struggling for momentum against larger operators who were reaching profitable scale. While the focus of many was on capturing sports betting market share, RSI stayed the course with its online casino-first strategy, keeping costs in check. The financials tell the tale: in 2023, RSI reported an adjusted EBITDA of $8.2 million on $691.2 million in revenue. Fast forward to 2024, and those numbers ballooned to $92.5 million on $924.1 million. And by 2025, EBITDA reached $153.7 million on $1.1 billion in revenue. A turnaround indeed.
BlackRock’s Shifting Investment Strategy
Interestingly, BlackRock had reduced its stake before this recent ownership leap. In a previous filing covering up to March 2025, BlackRock held 5.5 million shares, a 10% decrease from the 6.2 million shares it owned as of September 30, 2024. This back-and-forth mirrors broader market dynamics and perhaps reflects a recalibration in response to RSI’s improving performance metrics.
S&P SmallCap 600 Inclusion Fuels Market Activity
RSI’s inclusion in the S&P SmallCap 600 index on June 22 has brought added investor attention, amplifying its market visibility. Since the announcement earlier in June, shares have surged 13.9% by Wednesday’s close. Interestingly, trading volumes spiked even before its official index inclusion—nearly 18.9 million shares changed hands on June 18 alone, compared to RSI’s average daily volume of less than 2.5 million. The market certainly took notice, with RSI’s shares closing at $29.09 that day, up 3.1% from their opening. Next, all eyes will be on RSI as it continues to capitalize on its momentum. Industry analysts will be keenly watching the company’s next quarterly earnings report, anticipated later this quarter, for further signs of financial health and sustainability.
Marcus Chen brings a quantitative approach to poker strategy and sports betting analysis. With a background in data analytics and over eight years covering professional poker circuits, his articles combine statistical insights with practical advice for serious players looking to sharpen their edge at the table.
