Penn National Gaming Betting App
Penn National Gaming, through an agreement with Rivers Casino in Schenectady, New York, plans to gain a foothold in the Empire State if lawmakers approve mobile sports betting.
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Penn National Gaming Betting Apps
- Penn Interactive operates the mobile and desktop apps mychoicecasino.com, Viva Slots and HollywoodRaces.com, which offer more than 100 of the most exciting online Vegas-style slots that can be played for free on any device and easy wagering for horse racing online respectively. MORE ABOUT ONLINE GAMING.
- Penn National intends to officially launch its Barstool Sportsbook mobile app on iOS and android, as well as desktop at 12:00pm EST on Friday, January 22, 2021 and its iCasino products will follow.
- Feb 04, 2021 Penn National Gaming (PENN) Q4 2020 Earnings Call Transcript. We're not trying to convince sports bettors to, you know, leave the app they've been betting on and download our app.
Penn National gets a pair of Wall Street target hikes on Barstool betting app debut. David Portnoy, Erika Nardini of Barstool Sports and Jay Snowden, Penn National Gaming on CNBC's Mad Money.
For now, the idea is a longshot as the governor wants the state’s gaming commission to operate sports betting through one of four commercial casinos. Meanwhile, New York lawmakers may consider legislation that would allow the state’s casinos – which currently have retail sportsbooks – to launch online sports betting with multiple skins.
Through a 20-year partnership with Rivers, Penn National said Monday it would launch its Barstool Sports app into New York through one of the casino’s skins. The Barstool app is currently available in Pennsylvania and Michigan and is expected to launch next month in Illinois.
Penn National leadership plans to roll the sports betting app in at least 10 states by the end of the year. Penn acquired 36% of Barstool Sports last year for $136 million. The company’s sports betting potential based on the media platform has been credited with quadrupling Penn’s stock price in the last 12 months.
Shares of Penn, traded on the Nasdaq, closed Monday at $117.82, down $2.53, or 2.10%. Penn’s stock reached an all-time high of $129 per share on Feb. 5.
“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our company,” Penn National Senior Vice President of Interactive Gaming Jon Kaplowitz said in a statement.
Penn National operates 41 casinos in 19 states. The company will soon have 20 states when it’s approved to take over the operations of Hollywood Casino Perryville in Maryland this year.
New York is not one of the states where Penn operates a casino. A sportsbook at Rivers Schenectady is operated by Rush Street Interactive, on the online and sports betting arm of Rivers’ owner, Rush Street Gaming.
Many states where sports betting is legal, which as Colorado, Indiana, and Iowa, allow casino operators to offer multiple sports wagering skins.
“We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting,” Kaplowitz said. A state the size of New York certainly warrants open competition and a free market approach.”
Also on Monday, Rush Street Interactive struck a similar market access agreement for potential sports betting skins in three states where Penn National has casinos – Ohio, Maryland and Missouri. Only Maryland has legalized sports betting and expects to launch this year. Lawmakers in Ohio and Missouri are considering the activity.
“The addition of Ohio, Maryland and Missouri to our market access portfolio, specifically, builds on Rush Street Interactive’s success in neighboring states and will create enhanced marketing efficiencies for our BetRivers.com brand.” Said Rush Street Interactive President Richard Schwartz.
New York potential
New York Gov. Andrew Cuomo said in January sports betting tax revenues would the state close a four-year budget gap, estimated at between $70 billion to $75 billion. Cuomo said New York has the potential to be “the largest sports wagering market” in the U.S.
A study conducted by Spectrum Gaming estimated the state’s four commercial casinos and three Native American gaming tribes could take in more than $1 billion in online sports betting bets, which would lead to roughly $100 million in taxes for the state government.
Penn National Gaming Yahoo Finance
“There is tremendous excitement in the industry about online sports betting in New York,” said Rivers Schenectady General Manager Justin Moore. “In anticipation of online sports betting coming to New York, Rivers and Penn National have come to this agreement.”
Moore said if mobile sports wagering is approved by New York, BetRivers would have the first skin.
Mobile sports betting in New York could cut into business currently lost to sportsbooks in New Jersey, which offers mobile sports betting.
New York City residents often drive or take a train to New Jersey, sign up for mobile sports betting accounts, and wager online there. FanDuel told Bloomberg News a year ago that an estimated 22% of its New Jersey online wagers came from New York residents.
During the Barstool’s first four months in Pennsylvania, Penn took in more than $218.1 million in total sports wagers, including $71.8 million in December. The company did not provide a revenue figure based on the handle.
However, during the 10 days at the end of January that Barstool was live in Michigan, Penn said the app took in more than $27.5 million in wagers, which accounted for more than $3.3 million in revenues.
The key according to analysts is the lower cost Penn pays for customer acquisition. Barstool came to the table with a built-in loyal following of some 66 million nationwide fans who regularly log on to the platform’s social-media sites.
“We remain very confident in our ability to win sizable share in new markets based on the power of the Barstool brand and media assets,” Kaplowitz said.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
Launch to Include Fundraiser for the Barstool Fund to Support Michigan Small Businesses Impacted by the COVID-19 Pandemic
Penn National Gaming, Inc. (NASDAQ:PENN) ('Penn National' or the 'Company') announced today that the Michigan Gaming Control Board ('MGCB') has approved the Company's applications to offer online sports wagering and iCasino products in Michigan. Penn National intends to officially launch its Barstool Sportsbook mobile app on iOS and android, as well as desktop at 12:00pm EST on Friday, January 22, 2021 and its iCasino products will follow shortly thereafter, subject to final regulatory approvals. This follows the opening of the Company's retail Barstool Sportsbook at Greektown Casino Hotel ('Greektown') in downtown Detroit on December 23, 2020.
'This is an exciting time to be launching our online Barstool Sportsbook in Michigan,' said Jay Snowden, President and CEO of Penn National. 'We have been incredibly pleased with the success of the mobile app since launching in Pennsylvania in September. Our customers have thoroughly enjoyed engaging with Dave Portnoy, Dan ‘Big Cat' Katz and other Barstool fan favorites, and we expect more of the same in Michigan. As the only gaming operator with a fully integrated sports media and entertainment partner, Penn can provide our customers the opportunity to interact with Barstool personalities online and also in-person at our new Barstool Sportsbook at Greektown.'
Penn National Race Track
During the opening weekend of the Barstool Sportsbook, Penn National will be partnering with Barstool Sports on a fundraiser to support Michigan small businesses impacted by COVID-19. From the hours of 12:00pm on Friday, January 22 to 11:59pm on Sunday, January 24, Michigan residents will have their first-time deposit on the Barstool Sportsbook mobile app matched with a donation to The Barstool Fund provided they wager equal or more than their first-time deposit during the weekend. The Barstool Fund was started by Mr. Portnoy in December to raise money to sustain small businesses around the country that have been hard hit by the ongoing pandemic. In addition, visitors to the retail Barstool Sportsbook at Greektown will have their first-time rated wager matched by Greektown Casino with a donation to Fund.
'We're proud to be able to support those small businesses impacted by COVID-19 as part of our opening plans,' said Mr. Snowden. 'I also want to thank the MGCB and its staff for their time and effort in reviewing and approving our applications. In addition, I want to thank our team at Penn Interactive, our great partners at Barstool Sports, and our risk management and platform providers, Kambi and White Hat Gaming, for their many months of hard work and collaboration. We're off to a fast start in 2021 and look forward to continuing our Company's evolution into the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment,' concluded Mr. Snowden.
About Penn National Gaming
With the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company's portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company's omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.
About Barstool Sports
Founded in 2003 by David Portnoy, Barstool Sports is a leading digital sports, entertainment and media platform that delivers original content across blogs, podcasts, radio, video and social, supported by nearly 70 dedicated personalities. It benefits from its base of loyal monthly unique visitors, including an estimated 48% of males and 44% of females in the Millennial and Generation X generations across the United States. In 2019, Barstool Sports grew by approximately 65%, delivering nearly $100 million in revenue from digital and audio advertising, ecommerce, events, licensing and subscription.
Forward-Looking Statements
Penn National Gaming Betting App
This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as 'expects,' 'believes,' 'estimates,' 'projects,' 'intends,' 'plans,' 'goal,' 'seeks,' 'may,' 'will,' 'should,' or 'anticipates' or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to, risks related to the following: (a) the magnitude and duration of the impact of the COVID-19 pandemic on capital markets, general economic conditions, unemployment, consumer spending and the Company's liquidity, financial condition, supply chain, operations and personnel; (b) the launch of the Barstool Sportsbook app is subject to regulatory approvals, which may be delayed; (c) the impact of significant competition from other companies for online sports betting; (d) the Company's ability to achieve the expected financial returns related to its Barstool Sportsbook app; (e) the risk of failing to maintain the integrity of the Company's information technology infrastructure and safeguard its business, employee and customer data in connection with the Company's online sports betting; (f) the Company's and its business partners' ability to obtain various regulatory approvals required to own, develop and/or operate the Barstool Sportsbook app may be delayed or may not occur; and (g) other factors included in 'Risk Factors' of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Penn National Gaming Betting App Play
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