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Penn National (PENN) Expands Online Sports Betting in Illinois
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Penn National Gaming, Inc. (PENN - Free Report) recently announced plans for the launch of Barstool Sportsbook mobile app in Illinois. The news surfaced after Illinois Gaming Board granted permission to Penn National for online wagering in the region.
With a scheduled launch on Mar 11, 2021, the company intends to launch the Barstool Sportsbook mobile app on iOS and android platforms. It is also likely to make it available for desktop users as well.
To support the launch, the company will also offer a range of promotional bets. This includes odds boosts on the Cubs and White Sox to win the 2021 World Series, a $1,000 risk-free bet after an initial deposit and an array of wagering options related to the upcoming March Madness college basketball tournament.
With respect to the launch, Jay Snowden, president and CEO of Penn National, stated, “As the only gaming operator with a fully integrated sports media and entertainment partner, our customers in Illinois will now be able to engage with these Barstool personalities through the online Barstool Sportsbook and enjoy their unique take on Chicago sports.”
Increased Focus on Barstool Sports Partnership
In February 2020, Penn National had reached an agreement to acquire 36% interest in Barstool Sports for nearly $163 million. Per the agreement, Penn National will be Barstool Sports, a leading digital sports media company’s gaming partner. Moreover, the partnership provides Penn National with access to a database of 66 million sports enthusiasts (or Barstool loyalist), out of which 60% are into sports betting and the remaining are avid betters.
On Jan 22, 2021, the company unveiled Barstool Sports online sports betting app in Michigan. Notably, the company witnessed solid demand and acquired a significant number of new customers on the back of Barstool media partnership tools. With respect to the Barstool Sportsbook app in Pennsylvania, the company witnessed solid momentum during the fourth quarter on the back of strong retention, CRM efforts and creative promotions.
Despite the pandemic, the company announced that it will continue to invest in projects, which will generate EBITDA in the short term. The company is confident about its long-term growth, which will be supported by differentiated omni-channel approach. Going forward, the company plans to launch standalone Barstool branded entertainment destinations, thereby acting as a virtual sports books, where sports betting is allowed.
In the past six-months, shares of Penn National have surged 85.2% compared with the industry’s 36.8% growth.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Penn National (PENN) Expands Online Sports Betting in Illinois
Penn National Gaming, Inc. (PENN - Free Report) recently announced plans for the launch of Barstool Sportsbook mobile app in Illinois. The news surfaced after Illinois Gaming Board granted permission to Penn National for online wagering in the region.
With a scheduled launch on Mar 11, 2021, the company intends to launch the Barstool Sportsbook mobile app on iOS and android platforms. It is also likely to make it available for desktop users as well.
To support the launch, the company will also offer a range of promotional bets. This includes odds boosts on the Cubs and White Sox to win the 2021 World Series, a $1,000 risk-free bet after an initial deposit and an array of wagering options related to the upcoming March Madness college basketball tournament.
With respect to the launch, Jay Snowden, president and CEO of Penn National, stated, “As the only gaming operator with a fully integrated sports media and entertainment partner, our customers in Illinois will now be able to engage with these Barstool personalities through the online Barstool Sportsbook and enjoy their unique take on Chicago sports.”
Increased Focus on Barstool Sports Partnership
In February 2020, Penn National had reached an agreement to acquire 36% interest in Barstool Sports for nearly $163 million. Per the agreement, Penn National will be Barstool Sports, a leading digital sports media company’s gaming partner. Moreover, the partnership provides Penn National with access to a database of 66 million sports enthusiasts (or Barstool loyalist), out of which 60% are into sports betting and the remaining are avid betters.
On Jan 22, 2021, the company unveiled Barstool Sports online sports betting app in Michigan. Notably, the company witnessed solid demand and acquired a significant number of new customers on the back of Barstool media partnership tools. With respect to the Barstool Sportsbook app in Pennsylvania, the company witnessed solid momentum during the fourth quarter on the back of strong retention, CRM efforts and creative promotions.
Despite the pandemic, the company announced that it will continue to invest in projects, which will generate EBITDA in the short term. The company is confident about its long-term growth, which will be supported by differentiated omni-channel approach. Going forward, the company plans to launch standalone Barstool branded entertainment destinations, thereby acting as a virtual sports books, where sports betting is allowed.
In the past six-months, shares of Penn National have surged 85.2% compared with the industry’s 36.8% growth.
Penn National — which shares space with Caesars Entertainment, Inc. (CZR - Free Report) , MGM Resorts International (MGM - Free Report) and Red Rock Resorts, Inc. (RRR - Free Report) in the Zacks Gaming industry — has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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