- Penn National set to launch first Barstool Sportsbook app in Pennsylvania a state where the company has already released an online casino
- The second-quarter revenue suffered due to the effects of the COVID-19 pandemic but the company can look to benefit from the restart and returns of professional sports.
- The Barstool Sportsbook app will continue to expand to different states around the country as it will have to compete against other sports betting platforms.
HARRISBURG, Penn. – Penn National Gaming will be releasing the Barstool Sportsbook app next month in Pennsylvania and expanding to more states at the beginning of 2021
Though the launch was set for August previously, The app will now go live in the Pennsylvania sports betting market in September.
With the extra time to prepare, the sportsbook could look to take advantage of the overlap and overflow of the professional sports.
There will still be NBA and NHL playoff games, MLB will still be in the middle of their season along with the scheduled start of the NFL on Sept. 10.
Penn National would love to somehow capitalize on the sports shutdown as the beginning of the year brought negative effects. Due to the impact of the coronavirus pandemic which caused casinos closures, Penn National’s second-quarter revenue suffered.
The company lost 73.3 million in adjusted EBITDA during the second quarter and underwent a net loss of $214.4 million on the quarterly revenue of $305.5 million according to their earnings release.
“While the last several months have presented unprecedented challenges for our Company, I am extremely proud of the way our corporate and property leaders and valued team members have risen to the occasion and, working tirelessly alongside our regulators and public health officials, have successfully reopened all but two of our casino properties as of today (Zia Park and Tropicana Las Vegas),” said Jay Snowden, President and CEO of Penn National Gaming. “The tremendous resilience of our team, along with the steps we’ve taken to strengthen our financial position and achieve ongoing operational efficiencies, have helped ensure that Penn National remains well-positioned for near- and long-term success.”
As Penn National Gaming sets to jump into the legal sports betting market, it only made sense to start the Barstool Sportsbook in Pennsylvania because the company has already launched an online casino there.
As the company continues to expand, it will have to face other major sport betting competitors such as DraftKings, BetMGM, FanDuel, and BetRivers who are also trying to attack this growing interest in US sports wagering. The company even has a partnership with DraftKings for several states.
There has been no definitive information on which state will have the next Barstool Sportsbook but New Jersey, which is a state that allows many online sportsbooks, is high on the list.
Adia has a background in sports writing and strives to provide content that gives the readers accurate information. As a storyteller, she also works hard to create stories that are engaging to the audience. Whenever she’s not writing on sports betting news, she is getting her heart broken by every sports team in Georgia.