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 Barstool Sportsbook at Penn National’s Ameristar Casino in Colorado. The stock hit $100 today. (Image: Denver Westword) In the process, Penn stock closed above $100 for the first time.

Barstool Sportsbook Pa

DETROIT & WYOMISSING, Pa.--(BUSINESS WIRE)--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.”

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

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.

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.

Barstool sportsbook illinois

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 Penn National Racing

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.

Penn National Sportsbook

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 Penn National Picks

“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.”

⇐ ⇐ Draftkings Sportsbook States
⇒ ⇒ Gw99 Free Credit No Deposit 2020