CHDN vs RSI: How Churchill Downs Incorporated and Rush Street Interactive Compare (2026)
Last updated July 2026
Short answer
CHDN and RSI are similarly sized, but CHDN trades noticeably cheaper on forward earnings (12.27x vs 36.73x): the market is paying up for RSI's profile and pricing CHDN more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
CHDN vs RSI: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CHDN | RSI | What it tells you |
|---|---|---|---|
| Market cap | $6.23B | $7.03B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 12.27 | 36.73 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 16.45 | 89.24 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.67 | 1.56 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 24% of range | 78% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 5.68 | 19.68 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: CHDN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how CHDN and RSI affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CHDN and RSI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CHDN and RSI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Churchill Downs Incorporated (CHDN) do?
Churchill Downs Incorporated operates through three reportable segments: Live and Historical Racing (the Churchill Downs Racetrack that hosts the Kentucky Derby plus Derby City Gaming and a growing fleet of historical racing machine, or HRM, venues in Kentucky and Virginia), Wagering Services and Solutions (the TwinSpires online horse-race wagering platform, the Exacta HRM technology business, and United Tote), and Gaming (regional casino and racetrack properties). The Kentucky Derby remains the crown jewel, generating record luxury ticket sales and TV audiences, while HRM parlors have become the primary growth engine as new venues open across Kentucky and Virginia.
What does Rush Street Interactive (RSI) do?
Rush Street Interactive, Inc. (NYSE: RSI) runs real-money online casino games and sports betting through its own technology platform in regulated markets across the United States, Canada and Latin America. Its consumer brands include BetRivers, PlaySugarHouse and RushBet, and it is live in roughly fifteen US states plus Ontario, Colombia, Mexico and Peru, with an Alberta launch expected in mid-2026. Unlike the two market leaders, RSI leans heavily on higher-margin online casino (iGaming) rather than pure sports betting, and it has built a differentiated position in Latin America.
CHDN vs RSI: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CHDN drivers: Historical racing machine expansion; Kentucky Derby franchise and pricing power.
- RSI drivers: iGaming mix and margin expansion; Latin America and international expansion.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Churchill Downs carries substantial leverage, with net debt of roughly $4.9 billion and a debt-to-equity ratio well above peers, which magnifies both returns and downside as interest costs and maturities in 2027 and 2028 come due. For RSI, rSI competes against far larger and better-capitalized rivals including FanDuel (Flutter), DraftKings and BetMGM, which can outspend it on marketing and product.
CHDN or RSI: which should you pick?
CHDN vs RSI: the full fundamentals
CHDN. Churchill Downs trades at a mid-teens earnings multiple after record Q1 2026 revenue of about $663 million and adjusted EBITDA near $257 million, with diluted EPS of $1.16. The valuation reflects steady growth alongside heavy leverage (net debt around $4.9 billion), so much of the equity story hinges on HRM expansion continuing to compound EBITDA faster than interest costs rise.
RSI. RSI has moved from a cash-burning growth story to a profitable one, with record Q1 2026 revenue and net income and raised full-year guidance. The valuation is elevated, with a price-to-sales ratio near 5 and a trailing P/E reported anywhere from the mid-40s to roughly 90 depending on the source, so much of the near-term growth appears already reflected in the price.
Headline figures (approximate, July 2026): CHDN shows revenue (ttm) ~$2.9B, fy2025 net income ~$383M, q1 2026 revenue ~$663M (record), q1 2026 adjusted ebitda ~$257M (record); RSI shows revenue (ttm) ~$1.3B, fy2026 revenue guidance ~$1.49B to $1.54B, q1 2026 revenue (yoy) ~$370M (+41%), fy2026 adj. ebitda guidance ~$230M to $250M.
The bottom line: CHDN vs RSI
CHDN and RSI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CHDN and RSI exposure against your real portfolio. It is not an investment adviser.
Investing in Churchill Downs Incorporated with AI
Connect the broker you already use and ask Walnut's AI how CHDN fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CHDN and RSI?
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Churchill Downs Incorporated operates through three reportable segments: Live and Historical Racing (the Churchill Downs Racetrack that hosts the Kentucky Derby plus Derby City Gaming and a growing fleet of historical racing machine, or HRM, venues in Kentucky and Virginia), Wagering Services and Solutions (the TwinSpires online horse-race wagering platform, the Exacta HRM technology business, and United Tote), and Gaming (regional casino and racetrack properties). Rush Street Interactive, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CHDN or RSI the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CHDN or RSI?
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On forward P/E (as of July 2026), CHDN trades at 12.27x and RSI at 36.73x, so CHDN is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CHDN and RSI?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CHDN vs RSI?
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CHDN: Churchill Downs carries substantial leverage, with net debt of roughly $4.9 billion and a debt-to-equity ratio well above peers, which magnifies both returns and downside as interest costs and maturities in 2027 and 2028 come due. The business is exposed to discretionary consumer spending, so a weaker economy could pressure gaming volumes and Derby-week spend. Large capital projects and acquisitions carry execution and financing risk, and regional gaming faces competition and potential regulatory or tax changes. HRM legality and expansion depend on state-by-state rules that could shift. Concentration in a single flagship event also means weather, safety, or reputational issues around the Derby carry outsized weight. RSI: RSI competes against far larger and better-capitalized rivals including FanDuel (Flutter), DraftKings and BetMGM, which can outspend it on marketing and product. State and international gaming taxes can rise unexpectedly (for example a temporary emergency 16% tax decree in Colombia), directly compressing margins. Regulatory change, including new markets opening slowly or existing ones tightening rules, drives much of the growth story and is outside the company's control. The emergence of prediction markets and sweepstakes-style operators adds a new competitive and regulatory wildcard. Finally, the stock trades at a high multiple, so any slowdown in revenue growth or user additions could trigger an outsized share-price decline.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CHDN or RSI; figures are approximate and dated (as of July 2026). Verify current data before investing.