Rush Street Interactive Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders and Concurrent Repurchase of Shares
Rhea-AI Summary
Rush Street Interactive (NYSE: RSI) priced a secondary offering of 10,000,000 Class A shares by trusts beneficially owned by Neil Bluhm, Richard Schwartz and Mattias Stetz at $26.00 per share, expected to close May 7, 2026.
RSI will not sell shares in the offering, will pay certain offering costs, and plans a concurrent repurchase of 1,153,846 shares from the underwriters and a new $100 million share repurchase program approved by the Board. Underwriters have a 30-day option to buy up to an additional 1,500,000 shares.
Positive
- Concurrent repurchase of 1,153,846 shares funded with cash on hand
- Board approved a $100 million stock repurchase program
- Selling Stockholders will continue to hold significant ownership; Neil Bluhm retains >40% stake
Negative
- Offering by insiders of 10,000,000 shares could increase free float
- Company bears certain offering costs despite receiving no proceeds from the sale
News Market Reaction – RSI
In the May 6 session, RSI declined 4.49%, reflecting a moderate negative market reaction. Argus tracked a trough of -7.4% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 28 | Q1 2026 earnings | Positive | +16.6% | Record Q1 2026 results and raised full-year guidance drove a strong gain. |
| Apr 07 | Earnings date notice | Neutral | +0.7% | Announcement of Q1 2026 earnings release date and call details. |
| Feb 17 | Q4/FY 2025 earnings | Positive | +7.3% | Record Q4 and FY 2025 revenue and EBITDA above guidance supported shares. |
| Jan 26 | Earnings date notice | Neutral | +0.0% | Scheduling fourth-quarter and full-year 2025 earnings release and webcast. |
| Jan 05 | Investor conferences | Positive | +2.4% | Participation in two January 2026 investor conferences supported modest strength. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent earnings and corporate updates have generally been followed by positive price reactions.
Over the last six months, RSI has reported multiple periods of record revenue and rising adjusted EBITDA, with Q4 2025 and Q1 2026 results both showing strong year-over-year growth and positive price reactions of 7.32% and 16.58%. Earnings-date and conference announcements produced smaller gains. Today’s secondary offering and concurrent repurchase follow this period of solid fundamentals and prior guidance raises, adding a capital-markets transaction to an already active news flow.
Key Terms
secondary public offering financial
prospectus supplement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
— Board of Directors Approves
CHICAGO, May 05, 2026 (GLOBE NEWSWIRE) -- Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced the pricing of an underwritten secondary public offering of 10,000,000 shares of its Class A common stock by one or more trusts beneficially owned by Neil Bluhm, RSI’s Executive Chairman, Richard Schwartz, RSI’s Chief Executive Officer, and Mattias Stetz, RSI’s Chief Operating Officer (the “Selling Stockholders”), at a price to the public of
The Selling Stockholders are offering these shares for personal financial planning and estate planning purposes. Upon completion of the offering, Neil Bluhm and trusts and other entities beneficially owned by him will continue to own over
RSI is not offering any shares of Class A common stock in this offering and will not receive any proceeds from the sale of shares by the Selling Stockholders, but will bear the costs associated with the sale of such shares, other than any underwriting discounts and commissions.
Wells Fargo Securities and Morgan Stanley are acting as lead book-running managers and representatives of the underwriters for the offering. Jefferies, Craig-Hallum, Macquarie Capital, Needham & Company and Oppenheimer & Co. are acting as joint book-running managers for the offering. Benchmark, a StoneX Company, Citizens Capital Markets and Oakvale Capital LLP are acting as co-managers for the offering.
Concurrent Share Repurchase. Subject to the completion of the offering, RSI intends to repurchase from the underwriters 1,153,846 shares of RSI’s Class A common stock that are subject to the offering under RSI’s existing stock repurchase program at a price per share equal to the price per share to be paid by the underwriters to the Selling Stockholders in this offering. RSI intends to fund the stock repurchase with cash on hand. The repurchased shares will be cancelled and no longer outstanding following the completion of the stock repurchase. Additionally, after such repurchase, RSI’s existing stock repurchase plan will be replaced by a new
The offering of these securities is being made pursuant to a shelf registration statement on Form S-3 relating to these securities which has been filed with the SEC and declared effective. The offering will be made only by means of a prospectus supplement and an accompanying prospectus. A copy of the prospectus and prospectus supplement relating to the offering may be obtained, when available, by visiting the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement relating to the offering may be obtained if you request it by contacting: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at WFScustomerservice@wellsfargo.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, Telephone: 1-866-718-1649, Email: prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 by gaming industry veterans, RSI was named the 2025 EGR LatAm Awards Operator of the Year – North LatAm, the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the SBC LatinoaméricaAwards 2024 Casino Operator of the Year, the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the 2021 Sportsbook Operator of the Year. RSI was also the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," “propose”, "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Important factors that could cause actual results to differ materially from those indicated in the forward-looking statements related to the offering include risks and uncertainties related to the satisfaction of customary closing conditions. Additional risks and uncertainties related to the offering, RSI and our business can be found under the heading “Risk Factors” in the documents of RSI on file with the SEC, including the risk factors discussed throughout the “Risk Factors” section of our Annual Report on Form 10-K filed on February 18, 2026 with the SEC, as such factors may be updated from time to time in periodic filings made by RSI with the SEC. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts
Media:
lisa@lisajohnsoncommunications.com
Investors:
ir@rushstreetinteractive.com
