NetGaming Debuts in Ontario with Rush Street Interactive

BetRivers' RSI affiliation brings Ontario players access to an ever-growing library of NetGaming titles such as Zeus's Thunderbolt, Bison Gold, and Fireball Inferno.

Ziv Chen

Last Updated: June 23, 2025 2:48 PM EDT • 3 minute read

NetGaming Debuts in Ontario with Rush Street Interactive — Pictured: Toronto Blue Jays pitcher Jeff Hoffman fails to field the ball at Rogers Centre. Photo by Kevin Sousa via Imagn Images.

NetGaming has launched its range of online casino games in the Ontario online casino market through a strategic partnership with iGaming operator Rush Street Interactive, Inc. (RSI). The launch is NetGaming's entry into the Canadian regulated online market, further expanding its presence in North America.

BetRivers' RSI affiliation brings Ontario players access to an ever-growing library of NetGaming titles. Zeus's Thunderbolt, Bison Gold, and Fireball Inferno will be the first titles to launch on the casino platform. More content from the studio will roll out in phases, adding diversity to BetRivers' content library through various titles optimized for region-specific tastes. It's a big boost to online casinos in Canada.

This launch marks the first stage of a comprehensive rollout plan. NetGaming and RSI have expressed ambitions to roll out the partnership across several U.S. states, including Delaware, Michigan, New Jersey, Pennsylvania, as well as in Mexico.

“We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region,” said Pallavi Deshmukh, CEO of NetGaming.

The Ontario debut also reflects the growing number of global content providers seeking to distribute their content through licensed North American platforms. Ontario’s regulated market is popular among iGaming operators, with gaming revenue reaching $313.2 million in April, representing a 25% year-over-year increase.

JPMorgan starts RSI coverage with neutral rating

JPMorgan initiated coverage of RSI on Monday with a neutral rating and a $14 price target. The investment bank acknowledged RSI's position in the North American iGaming space, which has some 9% market share, but cited valuation concerns.

RSI stock has risen 46.6% over the past year, with a market capitalization of $1.3 billion.

JPMorgan analysts mentioned RSI's solid product portfolio and market exposure as strengths. Still, they noted that shares are trading at 17x estimated 2026 EV/EBITDA, which is at a premium to relative peers DraftKings and Flutter, at around 2x and 4x lower multiples, respectively. The difference in valuation raises questions about RSI's relative growth prospects.

JPMorgan further noted an RSI conundrum: it has solid fundamentals, but its revenue and EBITDA growth expectations lag those of its peers. Combined with a deceleration in U.S. iGaming legislative growth, that has created an uninspiring investment thesis. The firm determined that investors may be able to get a superior risk/reward opportunity elsewhere in gaming names.

Despite the neutral rating, RSI posted Q1 2025 results that were strong. The company's earnings per share were $0.09, higher than the estimated $0.07, and revenue was $262.4 million, $3.55 million above expectations. Online casino revenue increased by 25%, while sports betting increased by 11%.

RSI also launched MLB PropPacks to increase its sportsbook product offerings.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.