Strong User Growth and Financial Flexibility Propel Rush Street Interactive's Buy RatingCatalysts, PT to $24 & Reiterate Buy ► Update: We hosted RSI at the 12th Annual Benchmark StoneX TMT Conference. We think RSI is off to a strong start in Q3, with momentum building across both user growth and monetization. MAU growth accelerated through Q2, with each month stronger than the last, and we think this strength carried into July where we have already seen exceptional results in state-level data. ARPMAU also reached record levels in Q2, underscoring that RSI is not only growing its player base but also driving greater value per user. Marketing spend fell to less than 14% of revenue, the lowest ratio since going public, while still delivering record first-time depositors. This marketing efficiency highlights RSI’s ability to scale customers without significant incremental cost, creating meaningful operating leverage.