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Few stocks enjoyed the kind of returns that gambling stock Rush Street Interactive (NYSE: RSI) posted in 2024.

The online and land-based casino gaming and sports betting company saw its stock price surge about 205% higher in 2024, and the iGaming stock has continued its climb in 2025. Rush Street Interactive stock is up about 2% year-to-date and is trading at just under $14 per share.

What drove Rush Street stock in 2024, and can it continue to soar in 2025?

International expansion

Rush Street Interactive (RSI), based in Chicago, owns a broad portfolio of gambling and gaming properties. Its most well-known might be the BetRivers online sports betting brand, which is available in several Midwestern states and Ontario, Canada. It also owns an online casino platform that is offered in eight U.S. states. In addition, it owns land-based casinos, including properties Pittsburgh, Philadelphia, Portsmouth, Va., and French Lick, Ind.

And just this week, Rush Street launched an in-person sportsbook at the Swinomish Casino and Lodge in Washington state. 

Also, a big part of Rush Street’s growth has been its expansion into Latin America. It was the first U.S.-based company to expand into Latin America when it established a presence in Columbia in 2018. In 2022 it moved into Mexico, and this past year it got approval to launch RushBet online gaming and gambling in Peru.

“We’re excited to bring this expertise to Peru, where we see significant potential for growth in both online casino and sports betting segments,” RSI CEO Richard Schwartz said back in July. “This launch is not just about entering a new market; it’s about building on our vision to create an engaging, unique Online Gaming experience across the Americas.”  

RSI doesn’t report fourth quarter earnings until March, but it had a blowout third quarter ended September 30. Revenue rose 37% to a record $232 million while the company generated $3.2 million in profit — its first quarterly profit. In the same quarter a year ago, it had a net loss of $13.4 million.

Further, it had adjusted EBITDA of $23.1 million, up from $4.1 million in Q3 of 2023.

Its number of monthly active users climbed 28% in the United States and Canada to about 168,000. In Latin America, monthly active users (MAU) spiked 122% to approximately 329,000.

Is RSI stock a buy?

In the third quarter, Rush Street also improved its balance sheet, with cash and cash equivalents of $216 million, up from $194 million in the previous quarter. The strong financials allowed Rush Street to initiate a $50 million share repurchase program. Stock buybacks typically result in the share price rising due to the fact that the number of outstanding shares is reduced.

The company also raised its guidance for the full fiscal year. It is calling for revenue between $900 million and $920 million in 2024, increasing the midpoint by $30 million compared to the prior guidance. If revenue comes in at the midpoint of $910 million, that would be a 32% year-over-year increase over 2023.

Adjusted EBITDA for the full year is targeted to fall between $82 million and $86 million, increasing the midpoint by $16 million compared to the prior guidance. At the midpoint, the adjusted EBITDA of $84 million would dwarf the $8.2 million of adjusted EBITDA in 2023.

RSI recently got some price target upgrades from Wall Street analysts, including Needham and Jefferies. Analysts liked RSI’s diversified portfolio and its focus on iGaming, which is poised for growth. They were also bullish on RSI’s growing international footprint.

The stock has a median price target of $14.50, which suggests muted growth in 2025. But I imagine that those targets will shift higher, as both Needham and Jefferies were at $17 per share. That would suggest 21% growth over the current $14 per share price.

Even with its massive 205% spike in 2024, RSI still has plenty of room to run, particularly within its growing iGaming and international markets. It is also now profitable and improving its cash flow, which should bode well for continued investment and growth. Its P/E ratio is a bit high at 38, so watch that. But overall, RSI looks like a solid option. Investors should be focused on the fourth quarter results in early March to get more visibility on its outlook.

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