BetRivers parent Rush Street Interactive is tied to an application to offer federally regulated prediction markets, marking the latest legacy sportsbook to enter the controversial industry.
According to a note from Susquehanna analyst Joseph Strauff, the designated contract market application would position RSI to potentially launch its own sports event contracts. While none of the public documents reference the BetRivers parent company by name, Strauff said the application gives RSI a path into prediction markets without requiring a full commitment to the sector.
An RSI spokesperson declined to comment on the report when reached by LSR.
Latest sportsbook in predictions
The Event Horizon newsletter first reported the application from an entity called Eventive III, filed with the CFTC on May 20. Documents reference a related entity called Eventive IV as well.
RSI appears to be following the path that its sports betting peers began in late 2025. DraftKings, Fanatics, FanDuel, PrizePicks and Underdog all offer prediction markets in one way or another.
The filings come as numerous legal fights play out over whether sports event contracts should be regulated by states as gambling products or by the federal government under commodities law.
BetRivers offers online sports betting in 15 states and online casinos in five states plus Ontario. RSI will launch its second Canadian market when Alberta online casinos and sportsbooks go live in July.
DraftKings utilizing Railbird for contracts
This week, DraftKings self-certified its first sports event contracts through Railbird, an exchange it acquired to offer contracts it fully controls, instead of sourcing them from a different DCM.
Prediction markets have emerged as a key growth opportunity for sportsbook operators seeking access to customers in states such as California and Texas, where online sports betting remains illegal. Those operators have increasingly blurred the distinction between prediction markets and traditional sports betting, directing customer in states where sports betting is illegal to event contracts under a universal interface.
Interest from sportsbook operators has accelerated since Kalshi launched sports event contracts shortly after President Donald Trump returned to office. Sports contracts now account for more than 85% of Kalshi’s trading volume, according to company figures.
Legal fight continues
The CFTC has sued six states — Arizona, Connecticut, Illinois, Minnesota, New York and Wisconsin — seeking to block efforts to restrict prediction markets. The agency argues federal law gives it exclusive authority over event contracts, while state regulators, tribes and many gaming industry stakeholders contend the products function as sports betting and should be regulated by states.
The American Gaming Association estimates states have lost more than $1 billion in potential tax revenue to prediction markets, a calculation Kalshi has dismissed as “fake math” promoted by casino industry interests.
Several states have warned that offering sports event contracts could jeopardize gaming licenses, but Nevada remains the only state to take licensing action, forcing DraftKings and FanDuel to withdraw licenses and applications tied to the state.
BetMGM partner MGM Resorts, Caesars and Penn Entertainment have all remained on the sidelines of the predictions expansion as they own and operate casinos in Nevada.
