RSI: 34.3% TTM Growth, 0.55 PEG — Casino-First Growth, Colombia's 16% Tax
Rush Street Interactive clears this week's small-cap screen with 34.29% TTM revenue growth, a displayed 0.55 PEG and $182.68 million of trailing operating cash flow, while almost seven of every ten of its players sit in its lowest-spending region and Colombia's 16% emergency tax sets the diligence test.
Rush Street Interactive (NYSE: RSI) cleared all four hard filters in this week's small-cap screen. The Chicago operator of online casino and sports betting brands reported 34.29% trailing-twelve-month revenue growth, a displayed PEG of 0.55, positive trailing operating cash flow of $182.68 million, and a $4.38 billion market capitalisation at the October 9, 2026 close. 12
The screen is a Finviz query run one market-cap bucket at a time for market capitalisations under $10 billion, a PEG below 1 and quarterly sales growth above 30%. The quarterly figure is only a proxy; the trailing-twelve-month test is verified company by company. This week 152 names cleared the proxy, and 54 of them also cleared the trailing test. 3
The June quarter was the company's strongest on every headline line: revenue of $393.8 million, up 46%, net income of $29.3 million, and adjusted EBITDA of $64.6 million, each a quarterly record. Management raised full-year revenue guidance to $1,560 million to $1,600 million. 4
Two features of the business sit behind those records. Almost seven of every ten monthly active users are in Latin America, where each one spends about a sixth of what a North American user spends. And Colombia, the largest of those markets, now carries a 16% emergency consumption tax on online gambling. 45
Screen verification
| Metric | Hard screen filter | RSI observed value | Status | Data source and measurement basis |
|---|---|---|---|---|
| Market capitalisation | Under $10.0B | $4.38B | Pass | StockAnalysis statistics — 231.77 million units outstanding against the October 9, 2026 close of $18.90; Finviz shows $4.38B on the same count |
| TTM revenue growth | Above +30.0% | +34.29% | Pass | $1,366.94 million for the twelve months ended June 30, 2026 against $1,017.90 million a year earlier; Finviz shows "Sales Y/Y TTM" of 34.29% |
| PEG ratio | Under 1.00 | 0.55 (Finviz) | Pass (source-sensitive) | Finviz snapshot — forward P/E divided by projected five-year EPS growth: 22.61 ÷ 41.00% = 0.55. StockAnalysis statistics lists PEG as n/a |
| Operating cash flow (TTM) | Above $0.00 | +$182.68M | Pass | StockAnalysis cash flow statement; the June 2026 Form 10-Q reports $72.17 million generated in the six months to June 30, 2026 |
The trailing revenue figure is reproducible from the quarterly series: $277.91 million in the September 2025 quarter, $324.89 million in December, $370.36 million in March 2026 and $393.78 million in June 2026 sum to $1,366.94 million. The same four quarters a year earlier total $1,017.90 million, and $1,366.94 million against that base is +34.29%. 6
How the PEG of 0.55 is built
Finviz works from forward earnings. A forward P/E of 22.61 divided by a projected five-year EPS growth rate of 41.00% yields 0.55, and the same arithmetic reproduces the peer figures in the valuation table below. 2
StockAnalysis publishes no PEG for RSI at all, and puts the forward P/E at 25.68 on its own earnings basis. The filter pass therefore rests on the Finviz basis. Holding Finviz's 22.61-times forward multiple, a five-year EPS growth estimate below about 22.6% would take its displayed PEG to 1.00. 17
What the operating cash flow is made of
Rolling the filings forward gives the trailing figure: fiscal 2025 generated $165.00 million, the first half of 2026 generated $72.17 million, and the first half of 2025 generated $54.50 million, so the twelve months to June 30, 2026 produced $182.68 million. The company reported the same half-year movement in its second-quarter release. 48
That is 13.4% of trailing revenue, and it takes little capital to produce. The heaviest investing line in the first half was $15.70 million of internally developed software, against $0.60 million of property and equipment. At June 30, 2026 the balance sheet held $339.91 million of cash and the filing reports no outstanding debt. 9
What RSI sells
RSI runs its own online gaming platform and takes the margin between what players stake and what they win. It sells under three brands, and it has operated in most of its markets since they opened. 4
| Market | Brand | What it offers |
|---|---|---|
| Fifteen U.S. states | BetRivers, PlaySugarHouse | Online casino, online sports betting, and retail sports betting at partner casinos |
| Canada — Alberta and Ontario | BetRivers | Online casino and online sports betting |
| Colombia, Mexico and Peru | RushBet | Online casino and online sports betting |
(Markets and brands from the second-quarter release; the June 2026 10-Q records the Alberta launch as having taken place in July 2026 and lists Washington as an additional retail-sports-betting state.)
Online casino supplied 72% of second-quarter revenue, and chief executive Richard Schwartz calls the casino-first mix the foundation of the business. The mix matters because casino play is steadier than sports betting, which rises and falls with the sporting calendar. 4
The two regions are different businesses inside one set of accounts. In the June quarter North America counted about 296,000 monthly active users and Latin America about 653,000, and the company reported average monthly revenue per user of $320 in North America against $55 in Latin America. 4
Those two figures also give the revenue split, which the company does not publish directly. Multiplying users by average revenue and by three months puts North America at roughly $284 million of the $394 million quarter and Latin America at roughly $108 million. 4
Five quarters of growth, and what bought it
| Metric 6 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Revenue | $269.22M | $277.91M | $324.89M | $370.36M | $393.78M |
| Revenue growth (YoY) | +22.16% | +19.73% | +27.83% | +41.14% | +46.27% |
| Adjusted EBITDA 1011 | $40.25M | $36.1M | $44.10M | $60.20M | $64.62M |
| Income from operations | $24.32M | $19.47M | $28.71M | $42.78M | $46.23M |
(Revenue, growth and operating income from StockAnalysis quarterly financials. Adjusted EBITDA for June 2025, December 2025 and both 2026 quarters is as the company reported it in the releases linked in the row; the September 2025 quarter is derived as the $153.7 million fiscal 2025 total less those three reported quarters. The June 2026 revenue, adjusted EBITDA and operating income figures reproduce the second-quarter release and the June 2026 10-Q.)
Three things in that table need explaining.
Growth bent upward in 2026. The September 2025 quarter grew 19.73% and the December quarter 27.83%; the March 2026 quarter grew 41.14% and the June quarter 46.27%. Part of the June acceleration came from the FIFA World Cup, which the company names alongside the reduced bonusing. 9
The 2025 comparison carried a Colombian tax headwind. Colombia imposed a 19% value-added tax on online betting in early 2025, and RSI compensated players for it, which suppressed net gaming revenue through that year. Colombia's Constitutional Court later ruled the decree unconstitutional, the compensation stopped, and Latin American revenue per user rose from $32 in the December 2025 quarter to $55 in June 2026. 911
RSI is an up-C, so the GAAP per-share lines mislead. About half the units sit in Rush Street Interactive LP and belong to pre-IPO holders, and the income statement splits results between the company and that non-controlling interest. The company's adjusted earnings per share reallocates that interest and assumes the units convert, which is why it divides $36.6 million by 237.0 million shares in the June quarter while basic EPS divides $11.5 million by 110.9 million. The year-ago quarter is not comparable either: it carried a $121.1 million deferred-tax benefit and a $112.7 million charge for the tax receivable agreement. 4
Valuation, anchored to three listed peers
| Metric | RSI 1 | DraftKings (DKNG) 12 | Flutter (FLUT) 13 | Penn (PENN) 14 |
|---|---|---|---|---|
| Market capitalisation | $4.38B | $9.72B | $13.84B | $1.97B |
| Enterprise value | $4.04B | $10.65B | $24.81B | $12.15B |
| TTM revenue growth 2151617 | +34.29% | +15.03% | +15.24% | +6.14% |
| Price / sales (TTM) | 3.20x | 1.56x | 0.81x | 0.28x |
| Forward P/E | 25.68x | 37.67x | 13.60x | 9.70x |
| EV / EBITDA (TTM) | 22.49x | 86.73x | 15.63x | 13.92x |
| PEG | n/a (Finviz: 0.55) | n/a | 0.67 | n/a |
(Every row except TTM revenue growth uses one vendor's definitions so the rows mean the same thing on each line. DraftKings' trailing EBITDA is about $123 million on $6.22 billion of revenue, which is what drives its EV/EBITDA of 86.73 times. Market capitalisation, enterprise value, price/sales, forward P/E, EV/EBITDA and PEG come from the StockAnalysis pages linked in each column; TTM revenue growth comes from each company's Finviz quote page; RSI's PEG is Finviz's own calculation. All figures are as of the October 9, 2026 close.)
RSI grows about twice as fast as DraftKings and Flutter and more than five times as fast as Penn, and it carries the richest sales multiple of the four. Its EV/EBITDA of 22.49 times sits between Flutter's 15.63 and DraftKings' distorted 86.73. 1213
The sell-side view on that multiple is not unanimous. Twelve analysts cover RSI, and in October 2026 nine rated it Strong Buy, two Buy and one Hold. 7
Recent target changes point in both directions. Susquehanna maintained Buy and cut its target to $27 from $37 on October 9, 2026; Stifel initiated at Buy with $34 on September 21; Oppenheimer kept Buy at $36 on September 3; Wells Fargo raised its target to $36 from $35 on July 31; and J.P. Morgan kept Hold at $30 on July 30. Finviz lists an average target of $34.83 against the October 9 close of $18.90. 27
One gaming analyst reached the opposite conclusion in January 2026, calling the shares fairly valued at 15.5 times consensus 2027 EBITDA and among the most expensive names in gaming, lodging and leisure. 18
Growth catalysts
Alberta was added to the plan only in July. RSI launched online casino and sports betting in Alberta during July 2026, and the second-quarter release is the first that includes it in the guidance assumptions. 49
Online casino is growing faster than the North American base it sits in. North American users in online casino markets rose 64% year over year in the June quarter, against 51% for North America as a whole. 4
Latin American users keep arriving, and each one is worth more. Latin American monthly active users rose 62% year over year to about 653,000, and revenue per user in the region roughly doubled from $32 to $55 across two quarters. 411
Marketing is getting cheaper per dollar of revenue. Adjusted sales and marketing was $48.6 million in the June quarter, or 12.3% of revenue, against 13.4% a year earlier on a quarter with $269.2 million of revenue. 4
A $100 million repurchase authorisation replaced the old $50 million one. The board approved the larger programme when the May 2026 secondary offering closed, and the company immediately bought and retired 1,153,846 shares from the underwriters at $24.96, for about $28.8 million. 9
Market entry is funded from the balance sheet. The company entered Alberta with $339.91 million of cash and no outstanding debt, so new jurisdictions do not require borrowing. 9
Monitorable risks
1. Colombia's 16% tax is a live variable, not a settled cost. Decree 0240, signed on March 12, 2026, created a 16% national consumption tax on online gambling, and full-year guidance assumes it stays in force. Colombia accounted for 13.3% of RSI's revenue on the company's February 2025 disclosure, so the decree moves a material slice of the base. Trigger: any extension or increase of the decree, or Latin American revenue per user falling back below $40. Monitoring horizon: the guidance assumptions paragraph in each quarterly release. 4519
2. The growth is concentrated in the cheapest region. Latin America supplied about 653,000 of 949,000 monthly active users at $55 each, while North America supplied 296,000 at $320. Adding users in Latin America grows the headline at a fraction of the revenue per user. Trigger: Latin American user growth below 40% year over year, or North American online casino user growth below 30%. Monitoring horizon: the monthly-active-user table in each quarterly release. 4
3. The World Cup quarter does not repeat. On the 38%-to-41% full-year guide, the second half has $795.9 million to $835.9 million of revenue to produce, against $602.8 million in the second half of 2025. That is growth of about 32% to 39%, below the 46% just reported. Trigger: September-quarter revenue below roughly $390 million, the low end of that half-year run-rate, or any reduction of the full-year guide. Monitoring horizon: the October 28 report. 46
4. The multiple is the richest of the four operators, on the smallest EBITDA. RSI trades at 22.49 times trailing EBITDA against Flutter's 15.63 and Penn's 13.92. The full-year guide implies second-half adjusted EBITDA of $120.2 million to $140.2 million, or roughly $60 million to $70 million a quarter against the $64.6 million just reported. Trigger: September-quarter adjusted EBITDA below $60 million, or a full-year outcome under the $245 million floor. Monitoring horizon: the adjusted EBITDA reconciliation in each release. 41314
5. The unit count keeps rising, and the tax receivable agreement is large. Units outstanding grew 4.74% over the year, and the tax receivable agreement liability reached $238.93 million at June 30, 2026 against $159.13 million of equity attributable to RSI. Three executives sold 10.0 million Class A shares at $24.96 in the May 2026 offering, and the company paid $30.5 million of employee withholding taxes on vested shares in the first half. Trigger: unit growth above 5% a year, further selling by named officers, or tax receivable agreement payments above $1 million a quarter. Monitoring horizon: the offering and repurchase note in each 10-Q. 19
6. The PEG pass rests on one vendor. Finviz's 0.55 divides a 22.61-times forward multiple by a 41.00% five-year EPS growth estimate, and StockAnalysis publishes no PEG for the company. The 41.00% estimate is doing most of the work. Trigger: that estimate falling below about 22.6% while the forward multiple holds near 22.6 times, which would put the displayed PEG at 1.00. Monitoring horizon: the estimate on the quote page and any revision after each report. 12
Next reporting checkpoint
The third-quarter 2026 report is the next hard test of everything above.
- Report date: Wednesday, October 28, 2026, after the market close, confirmed by the company on October 7, 2026. 20
- Consensus for the year: revenue of $1.58 billion, up 39.6%, and adjusted EPS of $0.62, up 67.4%, from twelve analysts. The company guides to $1,560 million to $1,600 million of revenue and $245 million to $265 million of adjusted EBITDA. 47
Four things to check in that report:
- Revenue against the guide's own arithmetic. The second half has $795.9 million to $835.9 million to produce; a September quarter near $390 million keeps the full-year range in reach.
- Adjusted EBITDA against the $60 million quarterly run-rate the $245 million floor allows.
- The two user bases. Whether Latin American user growth holds near 60% and whether North American online casino user growth stays above 50%.
- The Colombian assumption. Whether the guidance paragraph still assumes the 16% decree remains, and at what cost to revenue per user.
Watchlist conclusion
RSI passes all four hard filters on the sources cited here: a $4.38 billion market capitalisation, 34.29% trailing revenue growth, positive trailing operating cash flow of $182.68 million, and a displayed PEG of 0.55 whose construction the reader can now reproduce and test. The filter that most needs testing is the last one, because one vendor publishes it and a second publishes none. 12
The business is a casino-first platform with three quarters of accelerating growth, 13.4% operating cash flow margins, no debt and a $100 million buyback. The part that needs watching is where the growth sits: 653,000 Latin American users at $55 each are a different asset from 296,000 North American users at $320 each, and the fastest-growing market among them has just been handed a 16% consumption tax. 59
Two numbers settle the next step. Adjusted EBITDA needs to clear about $60 million in the September quarter to keep the $245 million floor in reach, and revenue per Latin American user needs to hold above $40 now that Colombia's tax is back. If both hold, the 0.55 PEG describes a company whose earnings are still catching up to its user base; if either slips, the multiple has run ahead of the growth. 4
This article reports figures and company statements as published. It is not investment advice, and it is not a recommendation to buy or sell any security.
References
- 1StockAnalysis — Rush Street Interactive statistics
stockanalysis.com
- 2Finviz — Rush Street Interactive quote
finviz.com
- 3Finviz — this week's screen
finviz.com
- 4
- 5
- 6StockAnalysis — Rush Street Interactive quarterly financials
stockanalysis.com
- 7StockAnalysis — Rush Street Interactive forecast
stockanalysis.com
- 8StockAnalysis — Rush Street Interactive cash flow statement
stockanalysis.com
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- 10
- 11
- 12StockAnalysis — DraftKings statistics
stockanalysis.com
- 13StockAnalysis — Flutter statistics
stockanalysis.com
- 14StockAnalysis — Penn Entertainment statistics
stockanalysis.com
- 15Finviz — DraftKings quote
finviz.com
- 16Finviz — Flutter quote
finviz.com
- 17Finviz — Penn Entertainment quote
finviz.com
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- 19Legal Sports Report — RSI stock slides on Colombian online gaming VAT
legalsportsreport.com
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