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PENN Entertainment (PENN) to Drive Sports Betting With NHL
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PENN Entertainment, Inc. (PENN - Free Report) and the National Hockey League (NHL) have officially revealed a collaborative partnership. This alliance designates PENN's online sports betting brands, ESPN BET in the United States and theScore Bet in Ontario, as the NHL's Official Sports Betting Partners.
As league partners, PENN's brands gain entitlements, including IP rights and access to media and marketing integrations across League programming and premium NHL experiences. The entitlements will commence immediately and cover the NHL regular season, Stanley Cup Playoffs, 2024 NHL Winter Classic, 2024 NHL Stadium Series and 2024 NHL All-Star Weekend. The partnership with the NHL also involves a collaboration on best-in-class game integrity procedures.
On Nov 14, the company launched its newly-branded online sportsbook, ESPN BET, in 17 states. It leverages ESPN's renowned brand and multiplatform reach, combining it with PENN Entertainment's proprietary in-house technology and extensive sportsbook operational expertise.
The NHL, in a pioneering partnership with ESPN BET and PENN Entertainment, emphasizes the economic benefits of its media rights deal with ESPN and The Walt Disney Company. This alliance aims to enhance fan engagement and promote responsible gaming experiences.
Focus on Sports Betting
Shares of PENN Entertainment have increased 6.7% in past three months against the industry’s 2.4% fall. The company has been benefiting from its 3C’s initiatives, technological investments and improved marketing capabilities. Also, focus on strategic alliances and sports betting bodes well.
Image Source: Zacks Investment Research
Like most gaming companies, PENN is also banking on sports betting following its legalization outside Nevada. PENN Entertainment’s strategic partnerships with DraftKings, PointsBet, theScore and The Stars Group will help it to drive sports betting and iGaming across 19 states. The company focuses on collaborating with various gaming companies to leverage its unique brands, large audience and commitment to serving sports fans.
The company is optimistic about its recent addition of ESPN to the Penn Entertainment family. By utilizing the top sports media outlets in the United States (ESPN) and Canada (theScore), PENN can develop its client base and considerably expand its digital reach.
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.3% on average. Shares of RCL have surged 73.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a rise of 57.7% and 187.9%, respectively, from the year-ago period’s levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 37.5% on average. Shares of LYV have increased 13.7% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 36.5% and 132.8%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 50.3% on average. Shares of SKX have increased 36.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.2% and 44.5%, respectively, from the year-ago period’s levels.
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PENN Entertainment (PENN) to Drive Sports Betting With NHL
PENN Entertainment, Inc. (PENN - Free Report) and the National Hockey League (NHL) have officially revealed a collaborative partnership. This alliance designates PENN's online sports betting brands, ESPN BET in the United States and theScore Bet in Ontario, as the NHL's Official Sports Betting Partners.
As league partners, PENN's brands gain entitlements, including IP rights and access to media and marketing integrations across League programming and premium NHL experiences. The entitlements will commence immediately and cover the NHL regular season, Stanley Cup Playoffs, 2024 NHL Winter Classic, 2024 NHL Stadium Series and 2024 NHL All-Star Weekend. The partnership with the NHL also involves a collaboration on best-in-class game integrity procedures.
On Nov 14, the company launched its newly-branded online sportsbook, ESPN BET, in 17 states. It leverages ESPN's renowned brand and multiplatform reach, combining it with PENN Entertainment's proprietary in-house technology and extensive sportsbook operational expertise.
The NHL, in a pioneering partnership with ESPN BET and PENN Entertainment, emphasizes the economic benefits of its media rights deal with ESPN and The Walt Disney Company. This alliance aims to enhance fan engagement and promote responsible gaming experiences.
Focus on Sports Betting
Shares of PENN Entertainment have increased 6.7% in past three months against the industry’s 2.4% fall. The company has been benefiting from its 3C’s initiatives, technological investments and improved marketing capabilities. Also, focus on strategic alliances and sports betting bodes well.
Image Source: Zacks Investment Research
Like most gaming companies, PENN is also banking on sports betting following its legalization outside Nevada. PENN Entertainment’s strategic partnerships with DraftKings, PointsBet, theScore and The Stars Group will help it to drive sports betting and iGaming across 19 states. The company focuses on collaborating with various gaming companies to leverage its unique brands, large audience and commitment to serving sports fans.
The company is optimistic about its recent addition of ESPN to the Penn Entertainment family. By utilizing the top sports media outlets in the United States (ESPN) and Canada (theScore), PENN can develop its client base and considerably expand its digital reach.
Zacks Rank & Key Picks
PENN Entertainment sports a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Consumer Discretionary sector:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.3% on average. Shares of RCL have surged 73.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a rise of 57.7% and 187.9%, respectively, from the year-ago period’s levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 37.5% on average. Shares of LYV have increased 13.7% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 36.5% and 132.8%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 50.3% on average. Shares of SKX have increased 36.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.2% and 44.5%, respectively, from the year-ago period’s levels.