BlackRock reported Wednesday that it has more than doubled its ownership of BetRivers parent Rush Street Interactive over a 15-month period.
The world’s largest asset manager with more than $12.5 trillion in managed assets filed an amended statement of ownership for RSI showing the firm owns more than 13.6 million shares as of June 30, or 13.3% of the company. Its previous ownership statement showed BlackRock owned 5.9% as of March 31, 2025.
BlackRock’s substantial increase in RSI comes as the stock price has nearly tripled over the same period. RSI closed at $29.74 on June 30, up 177% from its March 31, 2025 closing price of $10.72.
RSI declined to comment on the filing.
BetRivers parent stock improves as EBITDA explodes
RSI’s stock underperformed for years after a decent start following its IPO in mid 2020, slogging through most of 2022 through 2024 at low levels while being outshined by larger operators that were starting to turn the corner on losses and achieve profitable scale.
While operators were focused on building out databases with any sports betting customers, Rush Street remained focused on its online casino-first approach and kept acquisition costs down.
The stock turned around beginning in 2024, though, as BetRivers began to take off and margins improved significantly.
- 2023: Adjusted EBITDA of $8.2 million on $691.2 million in revenue
- 2024: Adjusted EBITDA of $92.5 million on $924.1 million in revenue
- 2025: Adjusted EBITDA of $153.7 million on $1.1 billion in revenue
BlackRock was reducing its stake
BlackRock had lowered its stake in that filing covering ownership through March 2025.
It reported owning 5.5 million RSI shares, which was down 10% from the 6.2 million owned as of Sept. 30, 2024.
RSI added to S&P SmallCap 600 index
The RSI stock is getting more exposure since the company announced in early June that it would be added to the S&P SmallCap 600 index on June 22. Shares are up 13.9% through Wedneday’s close since it opened as part of the index.
The rally began before its official inclusion, though.
The stock saw volume of nearly 18.9 million on June 18, the last trading day before it hit the index, compared to average daily volume of less than 2.5 million.
RSI closed at $29.09 that day, up 3.1% from its open.
