Rush Street Interactive, Inc. (RSI) SEC Filings & Earnings Calls

Regulatory and Tax Risk in Latin America

“The decrease in player bonusing followed a ruling by the Colombian Constitutional Court that a presidential decree imposing a temporary value-added tax on online betting in Colombia, which became effective during the three months ended March 31, 2025, was unconstitutional.”

Concentration of Insider Ownership and Related Party Transactions

“Neil Bluhm and his adult children...are direct or indirect owners, directors and/or officers of certain land-based casinos. The Company has entered into certain agreements with these affiliated land-based casinos.”

Tax Receivable Agreement Liability

“Tax receivable agreement liability, non-current $ 238,930 as of June 30, 2026.”

Regulatory and tax risk: changes in tax structures or regulatory environment in operating jurisdictions could impact profitability

“Guidance assumes similar tax structures, including the temporary emergency 16% tax decree in Colombia.”

Competitive dynamics and market maturation could slow growth rates

“Guidance incorporates prudent assumptions about market maturation and competitive dynamics.”

Dependence on continued market access and licensing in multiple jurisdictions

“Only operations in live jurisdictions as of today's date are included in guidance.”

Increased float may pressure stock price; insider selling could signal lack of confidence.

“Selling shareholders include insiders; offering size is 11.5M shares.”

Tax increase risk in operating jurisdictions

“We have seen governmental officials or legislative or regulatory bodies in certain jurisdictions in which we operate consider, and in limited cases to date, approve, increases in gaming-related taxes or other types of taxes on companies operating in the gaming industry.” · word for word

Competitive pressure and marketing spend rationalization

“We are starting to see some other online gaming operators rationalize their marketing spend in North American jurisdictions, although their marketing spend may vary by quarter depending on, among other things, sports calendars, new market launches and prior commitments.” · word for word

Regulatory and tax risk in key markets

“Guidance assumes continued operations under similar tax structures, including temporary emergency 16% tax decree in Colombia.”

Market maturation and competitive dynamics

“Guidance incorporates prudent assumptions about market maturation and competitive dynamics.”

Controlled Company Governance Risk

“Consequently, we are a 'controlled company' within the meaning of the NYSE’s corporate governance standards. ... we do not have a majority of independent directors on the Board. Additionally, our Compensation Committee ... and our NCG Committee do not consist entirely of independent directors.” · word for word

Related-Party Transaction Risk

“Royalties related to arrangements with affiliated casinos were $72.9 million for the year ended December 31, 2025.” · word for word

Tax Receivable Agreement Liability

“As of December 31, 2025 and 2024, the Company recognized a TRA liability of $130.1 million (including $1.2 million classified as current liability) and $0.7 million, respectively.” · word for word

Concentrated Voting Control

“Messrs. Neil Bluhm and Richard Schwartz (and the trusts and entities controlled by each of them, respectively) collectively beneficially owned and had the right to vote approximately 119,401,861 of the outstanding shares of our Common Stock (representing approximately 51.3% of the voting power).” · word for word

Colombia VAT Impact on ARPMAU

“The year-over-year decrease in ARPMAU in Latin America for 2025 compared to 2024 was mainly driven by the negative impact of our additional player bonusing as a result of the value-added tax imposed on customer deposits in Colombia.” · word for word

Tax Receivable Agreement Liability

“Change in tax receivable agreement liability increased by $107.0 million to $107.7 million in 2025 as compared to $0.7 million in 2024.” · word for word

Regulatory and Tax Changes

“Legislative or regulatory restrictions and gaming taxes may make it less attractive or more difficult for us to do business in a particular jurisdiction.” · word for word

Regulatory headwinds in Latin America, including emergency VAT tax decree in Colombia, could impact operations.

“Guidance incorporates assumption that RSI continues to operate in markets under similar tax structures, including the emergency VAT tax decree in Colombia.”

Market maturation and competitive dynamics may slow growth; guidance includes prudent assumptions about these factors.

“Guidance ranges reflect our confidence in the underlying strength of our business, while incorporating prudent assumptions about market maturation and competitive dynamics.” · word for word

Regulatory and Tax Risk in Latin America

“The year-over-year decrease in ARPMAU in Latin America was mainly driven by the negative impact of additional player bonusing as a result of the value-added tax imposed on customer deposits in Colombia.” · word for word

Insider Selling Risk

“Richard Schwartz, Chief Executive Officer and Director...adopt...August 15, 2025...2,482,800 shares.” · word for word

Tax Receivable Agreement Liability

“Tax receivable agreement liability, non-current $ 122,904 as of September 30, 2025.”

Dependence on regulatory environment and tax structures in live jurisdictions

“Guidance assumes operations in live jurisdictions under similar tax structures”