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Penn National (PENN) Launches Online Betting in Ontario

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Penn National Gaming, Inc. (PENN - Free Report) has been sparing no effort to expand its online betting presence. The company’s subsidiary Score Digital Sports Ventures (Canada) Inc. (“theScore Bet”) has launched theScore Bet mobile Sportsbook and Casino in Ontario.

The company is very optimistic about its success in Ontario, as the region is likely to be the largest regulated market in North America. The company stated that theScore Bet is integrated with its flagship media app, theScore, to deliver a suite of cutting-edge features, which brings media and betting together in one ecosystem.

Jay Snowden, president and CEO of Penn National, said, “With its large user base, superior technology and mobile gaming expertise, theScore Bet is in a strong position and I’m highly encouraged about the opportunity ahead.”

Zacks Investment Research
Image Source: Zacks Investment Research

Online Betting: A Major Growth Driver

Most gaming companies are now banking on sports betting following its legalization outside Nevada. The company has been focusing on collaborating with various gaming companies for leveraging its unique brands, large audience and commitment to serving sports fans.

The Zacks Rank #3 (Hold) company is quite optimistic about the endless brand value of Barstool and theScore. The acquisition of theScore, which is the strongest sports brand in Canada, will automatically drive Penn National’s brand expansion in the country. Along with the amplification of the company’s brand value, this will aid in cross-promotion and cross-marketing between two large brands.

On Jan 22, 2021, the company unveiled Barstool Sports online sports betting app in Michigan. It witnessed solid demand and acquired a significant number of new customers on the back of Barstool media partnership tools. The company’s Barstool Sportsbooks and iCasino offerings in Michigan and Pennsylvania continue to drive performance.

Shares of the company have fallen 38.2%, compared with the industry’s decline of 22.4%. However, the stock has gained 8.1% in the past month.

Key Picks

Some better-ranked stocks in the Consumer Discretionary sector are Funko, Inc. (FNKO - Free Report) , Boyd Gaming Corporation (BYD - Free Report) and Bluegreen Vacations Holding Corporation (BVH - Free Report) .

Funko sports a Zacks Rank #1 (Strong Buy) at present. FNKO has a trailing four-quarter earnings surprise of 96.2%, on average. Shares of the company have declined 18.2% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Funko’s current financial-year sales and EPS (earnings per share) suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels.

Boyd Gaming presently carries a Zacks Rank #2 (Buy). BYD has a trailing four-quarter earnings surprise of 48.8%, on average. Shares of the company have gained 5.6% in the past year.

The Zacks Consensus Estimate for BYD’s current financial-year sales and EPS indicates growth of 2.3% and 2.9%, respectively, from the year-ago period’s reported levels.

Bluegreen Vacations presently carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has increased 32.7% in the past year.

The Zacks Consensus Estimate for BVH’s current financial-year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.