Rush Street Bundle
Who Owns Rush Street Company?
Understanding the ownership of a company is key to grasping its direction and influence. Rush Street Interactive (RSI), the online gaming and sports betting division of Rush Street Gaming, became a public entity on December 30, 2020, via a SPAC merger with dMY Technology Group.
Rush Street Gaming, founded in the mid-1990s, is known for its regional casinos and expanded into online operations with RSI in 2012. RSI now operates in 19 jurisdictions across North America and Latin America, offering online casino games and sports betting.
The ownership of Rush Street Interactive is a mix of founder stakes, institutional investors, and public shareholders following its IPO. This structure reflects its transition from a privately held entity to a publicly traded company, impacting its governance and strategic decision-making. Examining its Rush Street BCG Matrix can offer further insight into its market positioning.
Who Founded Rush Street?
Rush Street Company's origins trace back to the mid-1990s, established by Neil Bluhm and Greg Carlin. Neil Bluhm, a key figure and Chairman, brought a strong foundation in real estate development, having co-founded JMB Realty. Greg Carlin, also a co-founder, played a crucial role in the company's development.
Founding Visionaries
Neil Bluhm and Greg Carlin are the principal founders of Rush Street Gaming. Bluhm's extensive background includes CPA and legal expertise, alongside his significant role in real estate. Carlin has been instrumental in the company's strategic direction.
Early Real Estate Roots
Neil Bluhm's prior success co-founding JMB Realty in 1970 provided a robust foundation for his ventures in the gaming industry. This experience in real estate investment and development likely informed the early strategies of Rush Street Gaming.
Private Ownership Structure
Rush Street Gaming has consistently operated as a privately held entity. While specific initial equity distributions are not publicly disclosed, ownership has remained with Bluhm and his partners since its inception.
Spin-off into Interactive Gaming
Rush Street Interactive (RSI) was established in 2012, emerging as an affiliate of Rush Street Gaming. This strategic move aimed to capitalize on the growing online gaming and sports betting markets.
Key Leadership in RSI
The founding team of RSI included Neil Bluhm, Greg Carlin, and Richard Schwartz. Schwartz, who assumed the CEO role in August 2021, had been with RSI since its early days as President, starting in April 2012.
Leveraging Existing Capital
RSI benefited from the substantial capital backing of its parent company, Rush Street Gaming. This financial support was crucial for its expansion and the launch of its online platforms.
The establishment of Rush Street Interactive in 2012 marked a significant expansion for the company into the digital realm of gaming. Early ownership details for RSI, like its parent company, are not extensively publicized. However, the strategic vision of its founders was evident in the subsequent launches of PlaySugarHouse in New Jersey in 2016 and BetRivers in Pennsylvania in 2018, demonstrating a clear path toward innovation in online wagering. This period of early development laid the groundwork for the company's growth, building on the established reputation and financial strength of Rush Street Gaming. For a deeper dive into the company's journey, one can explore the Brief History of Rush Street.
Rush Street Interactive's Early Milestones
Rush Street Interactive's inception in 2012 was driven by a clear objective to innovate within the online gaming sector. The company's early strategy focused on leveraging technology and market opportunities.
- Founding of Rush Street Interactive in 2012.
- Affiliation with Rush Street Gaming for initial support.
- Launch of PlaySugarHouse in New Jersey in 2016.
- Launch of BetRivers in Pennsylvania in 2018.
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How Has Rush Street’s Ownership Changed Over Time?
The ownership of the company has seen a significant shift, particularly with its interactive division becoming a public entity. This transition marked a new era for the company's financial structure and stakeholder landscape.
| Entity | Ownership Type | Key Individuals/Groups |
|---|---|---|
| Rush Street Gaming | Privately Held | Neil Bluhm and partners |
| Rush Street Interactive (RSI) | Publicly Traded (NYSE: RSI) | Neil G. Bluhm, Richard Schwartz, Gregory A. Carlin, Harry L. You, Vanguard Group Inc., Blackrock Inc. |
Rush Street Interactive (RSI), a key part of the overall structure, became a publicly traded company on December 30, 2020, following a merger with dMY Technology Group. This SPAC transaction established an initial enterprise value of approximately $1.78 billion. As of July 2025, the ownership of RSI remains notably concentrated, with its founder playing a pivotal role.
RSI Ownership Structure
Rush Street Interactive's ownership is characterized by significant control held by its founders and key insiders, alongside substantial institutional investment.
- Neil G. Bluhm, as Executive Chair, beneficially owns 48.5% of the company's voting power.
- Neil Bluhm and co-founder Richard Schwartz collectively control 53.4% of RSI's common stock.
- Major individual shareholders include Gregory A. Carlin (12.42%) and Harry L. You (2.51%).
- Key institutional investors as of July 2025 are Vanguard Group Inc. (3.69%) and Blackrock Inc. (3.11%).
- Other significant institutional holders include Alliancebernstein LP (2.68%) and Nuveen LLC (1.18%).
The company's financial performance in Q2 2025 demonstrated strong results, with GAAP revenue reaching $269.2 million and adjusted EBITDA at $40.2 million, marking an 88% year-over-year increase. For the full year 2024, RSI reported revenue of $924.1 million, a 34% increase from 2023, and achieved a net income of $7.2 million, a substantial improvement from a net loss of $60.1 million in 2023. This financial growth underscores the company's operational success and its position within the competitive landscape, as detailed in the Competitors Landscape of Rush Street.
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Who Sits on Rush Street’s Board?
The Board of Directors at Rush Street Interactive (RSI) is instrumental in guiding the company, with its structure reflecting a significant concentration of ownership. Neil G. Bluhm, as Executive Chairman, holds substantial influence, having been Chairman since 2012.
| Director Name | Role | Relationship |
|---|---|---|
| Neil G. Bluhm | Executive Chairman | Significant beneficial owner (48.5% voting power) |
| Richard Schwartz | Co-founder and CEO | Co-controls voting power with Neil G. Bluhm |
| Leslie Bluhm | Director | Daughter of Neil G. Bluhm |
| Andrew Bluhm | Director | Son of Neil G. Bluhm |
| Thomas Winter | Director | Appointed December 2024 |
Neil G. Bluhm and Richard Schwartz together command a significant portion of the company's voting power, controlling 53.4% of the common stock. This combined control means they have a strong say in director elections. The board also includes family members, with Neil Bluhm's daughter, Leslie Bluhm, and son, Andrew Bluhm, serving as directors. This family representation and concentrated voting power are key aspects of the Rush Street Company ownership structure. As of April 25, 2024, the company's proxy statement detailed the board composition for the 2024 annual meeting. The voting structure involves Class A and Class B common stock, with holders of both classes having voting rights. While specific details on dual-class share structures beyond founder control are not widely publicized, the substantial voting power held by Bluhm and Schwartz underscores their significant influence over the Rush Street Company. In December 2024, the board size was increased from eight to nine directors with the appointment of Mr. Thomas Winter. There have been no reported proxy battles or activist investor campaigns impacting RSI's governance in recent public records.
Understanding Board Influence
The composition and voting power of the board significantly shape the strategic direction of the company. Understanding who controls the majority of votes is crucial for assessing the Growth Strategy of Rush Street.
- Neil G. Bluhm holds 48.5% of the total voting power.
- Neil G. Bluhm and Richard Schwartz collectively control 53.4% of common stock.
- Family members, Leslie and Andrew Bluhm, are also on the board.
- The board size was expanded to nine directors in December 2024.
- No major proxy battles have been publicly reported.
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What Recent Changes Have Shaped Rush Street’s Ownership Landscape?
Over the past 3-5 years, Rush Street Interactive (RSI) has undergone significant transformations, notably its public debut on the NYSE in late 2020 via a SPAC merger. This strategic move facilitated capital infusion for growth and established its presence in public markets, impacting its ownership landscape.
| Financial Metric | Q2 2025 | Q2 2024 | Full Year 2024 | Full Year 2023 |
|---|---|---|---|---|
| GAAP Revenue | $269.2 million | $220.7 million | $924.1 million | $689.6 million |
| Net Income | $28.8 million | ($1.5 million) | $7.2 million | ($60.1 million) |
| Adjusted EBITDA | $40.2 million | $21.4 million | N/A | N/A |
The ownership structure of Rush Street Interactive remains notably influenced by its founders, even after its public listing. As of July 2025, Executive Chairman Neil Bluhm maintains a commanding 48.5% of the total voting power, underscoring a concentrated control that is characteristic of a closely held entity. This founder-led governance is a key aspect of the Rush Street Company ownership, with co-founder Richard Schwartz also holding a substantial interest. While the company has not recently engaged in major share buybacks or secondary offerings, its strategic focus remains on enhancing its product suite through technological advancements and expanding its operational footprint, now covering 19 jurisdictions. This expansion strategy is complemented by targeted acquisitions of technology and gaming licenses, as seen in Q1 2025, aimed at building proprietary capabilities. Understanding the Marketing Strategy of Rush Street provides further context to their growth trajectory.
Founder Influence on Ownership
Neil Bluhm, as Executive Chairman, holds significant voting power, reflecting a founder-centric approach to the company's governance and strategic direction.
Public Listing and Funding
The company's public listing in December 2020 provided access to capital markets, supporting its expansion initiatives and operational growth.
Financial Performance Growth
RSI demonstrated robust financial growth, with Q2 2025 GAAP revenue up 22% year-over-year and full-year 2024 revenue increasing by 34%.
Strategic Expansion and Acquisition
The company continues to expand its market presence across 19 jurisdictions and pursues acquisitions to bolster its technological capabilities and market access.
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- What is Brief History of Rush Street Company?
- What is Competitive Landscape of Rush Street Company?
- What is Growth Strategy and Future Prospects of Rush Street Company?
- How Does Rush Street Company Work?
- What is Sales and Marketing Strategy of Rush Street Company?
- What are Mission Vision & Core Values of Rush Street Company?
- What is Customer Demographics and Target Market of Rush Street Company?
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