Rush Street Interactive (RSI)/Fanatics Rumors Likely 'Accurate' - Benchmark
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Benchmark analyst Mike Hickey weighed in on Rush Street Interactive (NYSE: RSI) on rumors about potential acquisition talks between the company and Fanatics. Hickey believes the rumors.
He commented, "Rush Street has a leadership position in online sports betting and online casino, both of which are potentially massive markets and will continue to benefit from ongoing legalization. We believe speculation around potential acquisition talks between Fanatics and Rush Street are accurate. Fanatics recently hired Matt King as CEO, an astonishing move considering FanDuel has the #1 market share position in U.S. online sports betting market and was moving toward an initial public offering. We believe that Fanatics desires to compete as an online sportsbook operator, and that building a sportsbook from scratch would be non-optimal given the current growth of the OSB and iGaming markets and the necessity to acquire extensive technology and licenses to compete in each state."
The firm reiterated a Buy rating and $25.00 price target on RSI.
Shares of Rush Street Interactive closed at $16.79 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Mergers and Acquisitions, Rumors
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