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Penn National (PENN) to Launch Sports Betting in Virginia
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Penn National Gaming, Inc. (PENN - Free Report) recently announced plans to launch the Barstool Sportsbook mobile app in the Commonwealth of Virginia. Following the announcement, shares of the company gained 1.8% during the after-hours trading session on Mar 17.
Notably, the company was granted a temporary permit by Virginia Lottery to offer online wagering in the region. It was also awarded one (of the 12) online and mobile sports betting permits available in Virginia.
The company stated that it intends to launch the Barstool Sportsbook mobile app on iOS and android platforms and make it available for desktop users as well. However, it is subject to final regulatory approvals.
Jay Snowden, president and CEO of Penn National, stated, “We look forward to adding Virginia to our portfolio of states where we operate sports betting as we continue our Company’s evolution into the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment.”
Barstool Sports Partnership to Drive Growth
Penn National is leaving no stone unturned to unlock the growth potential with respect to the Barstool Sports partnership. The company has witnessed solid momentum with respect to the Barstool Sportsbook product launches in Pennsylvania, Michigan and Illinois.
Going forward, the company plans to expand its portfolio across Louisiana, Maryland, Ohio, New York, Texas, Massachusetts and Missouri, subject to regulatory approvals. Also, it plans to launch standalone Barstool-branded entertainment destinations, which will act as virtual sports books where sports betting is allowed.
Price Performance
Coming to the price performance, shares of Penn National have surged 77.7% in the past six months compared with the industry’s growth of 51.1%. The outperformance can primarily be attributed to the company’s expansion initiatives and cost-saving efforts.
Going forward, the company remains confident about its long-term prospects on the back of its differentiated omnichannel approach. Also, the partnership with Barstool Sports is likely to drive revenues in the days ahead.
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Penn National (PENN) to Launch Sports Betting in Virginia
Penn National Gaming, Inc. (PENN - Free Report) recently announced plans to launch the Barstool Sportsbook mobile app in the Commonwealth of Virginia. Following the announcement, shares of the company gained 1.8% during the after-hours trading session on Mar 17.
Notably, the company was granted a temporary permit by Virginia Lottery to offer online wagering in the region. It was also awarded one (of the 12) online and mobile sports betting permits available in Virginia.
The company stated that it intends to launch the Barstool Sportsbook mobile app on iOS and android platforms and make it available for desktop users as well. However, it is subject to final regulatory approvals.
Jay Snowden, president and CEO of Penn National, stated, “We look forward to adding Virginia to our portfolio of states where we operate sports betting as we continue our Company’s evolution into the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment.”
Barstool Sports Partnership to Drive Growth
Penn National is leaving no stone unturned to unlock the growth potential with respect to the Barstool Sports partnership. The company has witnessed solid momentum with respect to the Barstool Sportsbook product launches in Pennsylvania, Michigan and Illinois.
Going forward, the company plans to expand its portfolio across Louisiana, Maryland, Ohio, New York, Texas, Massachusetts and Missouri, subject to regulatory approvals. Also, it plans to launch standalone Barstool-branded entertainment destinations, which will act as virtual sports books where sports betting is allowed.
Price Performance
Coming to the price performance, shares of Penn National have surged 77.7% in the past six months compared with the industry’s growth of 51.1%. The outperformance can primarily be attributed to the company’s expansion initiatives and cost-saving efforts.
Going forward, the company remains confident about its long-term prospects on the back of its differentiated omnichannel approach. Also, the partnership with Barstool Sports is likely to drive revenues in the days ahead.
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.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>