Barstool Sportsbook Penn National
Penn National Gaming has ended the year on a very high note through the launch of three Barstool Sportsbooks. These launches are a great milestone in the Pennsylvania-based gaming company’s very ambitious expansion plans. Sports bettors in both states can therefore look forward to some very robust sports betting services going forward.
Per the agreement, Penn National will be Barstool Sports, a leading digital sports media company’s gaming partner. The company will launch Barstool Sportsbooks across the United Sates in the coming. Penn National Gaming has ended the year on a very high note through the launch of three Barstool Sportsbooks. These launches are a great milestone in the Pennsylvania-based gaming company’s very ambitious expansion plans. Sports bettors in both states can therefore look forward to some very robust sports betting services going forward. 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. The agreement gives Penn a 20-year deal and “second skin” access to the state of New York. Barstool Sportsbook is now operational in Pennsylvania and Michigan. The company plans to have online.
Speaking on the launches, Penn National’s Senior Vice President of Regional Operations Rafael Verde pointed out that “the new designs incorporate the spirit of the Barstool Sports brand”. As such, their customer will be treated to very unique sports betting and dining experiences.
For anyone who is itching to try out the new Barstool Sportsbook offerings, they are based at Greektown Casino Hotel in Detroit, Michigan, Holly Casino Lawrenceburg in Indiana, and Ameristar East Chicago Casino & Hotel.
Just in Time
Besides letting the company kick off 2021 on a rather high note, the new launches are also pretty timely as they come as operational restrictions loosen across the United States. The Michigan launch, for instance, came just as the state’s three commercial casinos reopened following the state-ordered three-week shutdown. This, like most other things this year, was a result of health and safety concerns due to the coronavirus pandemic.
Barstool Sportsbook Penn National Racing
The extension of the company’s footprint in both states is not too surprising especially considering that it already had a presence in both states. Penn National Gaming already had two casinos in Indiana and some presence in Michigan.
It also very helpful that the gaming and hospitality operator currently owns a chunky 36 percent stake in Barstool Sports. Ventures into any other regulated market across the United States are thus bound to be much easier to pull off.
Maryland Next in Line
One of the other regulated gaming markets that Penn National Gaming currently has its sights set on include Maryland. The company has already entered into a definitive agreement with Gaming and Leisure Properties, Inc. to acquire the operations of Hollywood Casino Perryville, MD. This acquisition deal is estimated to be worth upwards of $3.1 million in cash. As expected, this is still subject to working capital adjustments.
Maryland just recently legalized online gambling after the overwhelming passage of Question 2 on Election Day. It is now expected to be a very lucrative online gambling space, one that Penn National Gaming will certainly not be willing to miss out on. Give the company’s track record in other states including Pennsylvania, its success in Maryland is almost guaranteed.
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Barstool Sportsbook is a hot trend. That’s not a statement; it’s a fact. Like a sounder of pigs, Wall Street analysts have been listening to the grunts and snorts of 66 million Barstool Sports followers, the cohesive chants in perfect harmony as they worship their deity, Dave Portnoy.
The chanting continues, and Penn National Gaming’s stock continues to surge. This is what the casino company has been counting on.
Penn saw something when it partnered with the no-filter sports media company, and after it recently sold 16.1 million shares of stock to raise $982.1 million in gross proceeds, the only place left to go is up. Now, experts can’t stop talking about it, which plays into Portnoy’s hand and works to Penn’s advantage.
Judging the Barstool Sportsbook numbers
During a recent appearance on Squawk on the Street, renowned financial analyst Jim Cramer said, “[Penn National] is the best casino gaming stock to own in the world.”
I’m no expert on the stock market, and I don’t pretend to be, but if someone like Cramer is high on Penn, it’s for a valid reason. One reason could be the clout Portnoy carries and his uncensored plan to push his product at all costs. Before, it was sports media; now, it’s sports betting.
PlayPennsylvania’s own Valerie Cross wrote, “It’s hardly surprising that Portnoy’s touting of how great the Barstool app launch has been in PA also boosted Penn stock.” As of this writing, Penn stock ($PENN) is hovering around $69.16, down from its 52-week high of $76. But regardless of how people try to spin it, the numbers are exceptional.
When the Barstool Sportsbook app launched on Sept. 18, it saw 24,000 registrations, 30,000 downloads in Pennsylvania and 180,000 downloads in the US, all in its first four days.
Barstool Sportsbook Illinois
Experts analyze these numbers and compare them to the grand scheme of things, which is fair. But regardless, the “Stoolies,” aka the devout followers of Barstool Sports, have arrived and will only continue to multiply.
Room for growth in sports betting and online casino
Penn National isn’t suddenly going to be the No. 1 sportsbook in the US overnight. The app has only launched in one state, so that’s impossible. Hell, not even Patrick Mahomes was able to take the Kansas City Chiefs to the Super Bowl right away — he did that in year three. The Barstool Sportsbook app saw 150,000 downloads in states where sports betting isn’t even legal yet. These future sports bettors won’t catapult Barstool to the top, but it does signal that they are patiently waiting to help expand the brand.
While this legion of followers helps Penn, its primary business is still casinos. Right now, Penn is battling two wars: the sports betting front against DraftKings and FanDuel, and the casino front against companies such as Boyd Gaming and Caesars Entertainment.
FanDuel and DraftKings are and will remain at the head of the pack. But their competition is steadily creeping up behind them at a rapid pace.
All three are suitable contenders for online gambling supremacy, especially when the trend is becoming publicly traded companies. But it’s still too early to determine how lucrative the online gaming sector can become.
Howard Klein, publisher of The House Edge, a casino investment site, may have said it best when he wrote, “DraftKings and Penn National are both good companies, along with six other key competitors.”
Barstool Sportsbook Launch Date
“A good time to revisit an entry point will be about halfway through the NFL season … for now, unless you are a short-term round-tripper believing all the dumb money that has migrated into the [online gaming] sector will continue flowing, just watch and wait.”