10 Best Casino Stocks To Buy According to Analysts

3. Rush Street Interactive, Inc. (NYSE:RSI)

Average Price Target Upside as of September 1: 49.41%

Number of Hedge Fund Holders: 27

Rush Street Interactive, Inc. (NYSE:RSI) operates as an online casino and sports betting (in-person) company. It provides real monkey online casinos, sports betting facilities, and other social games through various brand names including PlaySugarHouse and RushBet.

The company was held by 27 hedge funds in the second quarter of 2024 with total stakes worth $234.35 million. Rush Street Interactive, Inc. (NYSE:RSI) is one of the best casino stocks to buy according to analysts. 9 analysts have a consensus Buy rating on the stock, with their 12-month median price target of $14 presenting a 49% upside from current levels.

Rush Street Interactive, Inc. (NYSE:RSI) has operations in the US, Mexico, Latin America, and Canada. During the second quarter results for fiscal 2024, the company revealed that it improved its US and Canada Monthly Active Users by 24%, whereas MAUs for Latin America grew 79% year-over-year. Thereby demonstrating a growing market presence across all its operating regions.

Its iCasino segment was a success with revenue for the segment growing 40% year-over-year. The sports betting segment was also impressive and posted a 25% increase during the same time. Overall, the revenue of Rush Street Interactive, Inc. (NYSE:RSI) reached $220.4 for the quarter, up 34% from the previous year. The company has improved its earnings as a result of a robust financial performance, demonstrated by a $20 million improvement in adjusted EBITDA year-over-year.

Here is what Carillon Tower Advisers has to say about Rush Street Interactive, Inc.  in its Q3 2021 investor letter:

Rush Street Interactive is an online casino (iGaming) and sports gambling company. The company reported a strong quarter that delivered upside to investor expectations, and the Rush Street also lifted its forward guidance targets. Also aiding the stock the quarter were a few notable transactions in the online sports betting/iGaming space in which the company operates. These transactions helped to revalue Rush Street’s offerings and drive positive investor sentiment.”