We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Penn National to Test Barstool Sportsbook App in Pennsylvania
Read MoreHide Full Article
In a bid to boost its online gaming platform, Penn National Gaming, Inc. (PENN - Free Report) recently announced that it has received permission for a live real money test of its new Barstool Sportsbook mobile app in Pennsylvania. Following the news, shares of the company increased 2.1% during trading hours on Sep 8.
Notably, the approval by Pennsylvania Gaming Control Board allows the company to soft launch the Barstool Sportsbook app for the period Sep 15 to Sep 17, 2020, subject to final iOS approval. During this period, the application will be available to a limited number of pre-registered participants, allowing real-money wagers and access to all features and functionality of the Barstool Sportsbook. The system will also be tested by regulators and will be open to refinements as well.
Following the testing period, the company anticipates to launch the app in Pennsylvania on Sep 18, 2020. However, it is subject to final regulatory approvals.
To this end, president and CEO of Penn National, Jay Snowden stated, “This is an important milestone in our Company’s continued evolution to be the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment, and we couldn’t be more excited to get underway.”
So far this year, shares of Penn National have risen 116.4% against the industry’s 18.2% decline.
Increased Focus on Barstool Sports Partnership
In January 2020, Penn National had reached an agreement to acquire a 36% interest in Barstool Sports for nearly $163 million. 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 quarters and mobile sports betting app Barstool Sportsbook. Notably, the partnership provides access to a database of 66 million sports enthusiasts (or Barstool loyalist), out of which 60% are into sports betting while the remaining are avid betters.
Despite the coronavirus pandemic, the company announced that it will continue to invest in projects, which will generate EBITDA in the short term. The company is confident about its long-term growth, which will be supported by differentiated omni-channel approach.
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Penn National to Test Barstool Sportsbook App in Pennsylvania
In a bid to boost its online gaming platform, Penn National Gaming, Inc. (PENN - Free Report) recently announced that it has received permission for a live real money test of its new Barstool Sportsbook mobile app in Pennsylvania. Following the news, shares of the company increased 2.1% during trading hours on Sep 8.
Notably, the approval by Pennsylvania Gaming Control Board allows the company to soft launch the Barstool Sportsbook app for the period Sep 15 to Sep 17, 2020, subject to final iOS approval. During this period, the application will be available to a limited number of pre-registered participants, allowing real-money wagers and access to all features and functionality of the Barstool Sportsbook. The system will also be tested by regulators and will be open to refinements as well.
Following the testing period, the company anticipates to launch the app in Pennsylvania on Sep 18, 2020. However, it is subject to final regulatory approvals.
To this end, president and CEO of Penn National, Jay Snowden stated, “This is an important milestone in our Company’s continued evolution to be the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment, and we couldn’t be more excited to get underway.”
So far this year, shares of Penn National have risen 116.4% against the industry’s 18.2% decline.
Increased Focus on Barstool Sports Partnership
In January 2020, Penn National had reached an agreement to acquire a 36% interest in Barstool Sports for nearly $163 million. 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 quarters and mobile sports betting app Barstool Sportsbook. Notably, the partnership provides access to a database of 66 million sports enthusiasts (or Barstool loyalist), out of which 60% are into sports betting while the remaining are avid betters.
Despite the coronavirus pandemic, the company announced that it will continue to invest in projects, which will generate EBITDA in the short term. The company is confident about its long-term growth, which will be supported by differentiated omni-channel approach.
Penn National — which shares space with Caesars Entertainment Corporation (CZR - Free Report) , MGM Resorts International (MGM - Free Report) and Red Rock Resorts, Inc. (RRR - Free Report) in the Zacks Gaming industry — has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>