- In August, Penn National Gaming partnered with four different sports betting companies in order to give them market access in varying states.
- Penn National Gaming’s stock has risen 1.3% despite the industry having a decline of 13.6% in the past three months.
- For Q3 of 2019, Penn National Gaming is expected to see a 73.5% improvement from Q3 of 2018.
TALLAHASSEE, Fla. – Not only has Penn National Gaming been getting the attention of gamblers as of late, but they are also getting the attention of investors. The reason being comes largely due to the rise of sports betting in the US.
In August, Penn National Gaming signed deals with four different sports betting companies. Each partner gained different access to different markets, but in any case, Penn would be ready to offer legal sports betting.
Only days after that, Jay Snowden, the president and CEO of Penn National Gaming, hinted how the partnerships would help the company grow for the remainder of the year.
While nearing the end of the third quarter, it seems as though Penn National Gaming’s sports betting focus will be paying off. According to a Zacks Equity Research report published this week, “for the third quarter, net revenues are expected to be $1,370.5 million, reflecting a 73.5% improvement from the year-ago quarter.
Penn National Gaming now has 14 operational retail sportsbooks located in various states with legal sports betting.
Some of the most notable casino properties include Penn National at Penn National Race Course in Grantville, PA. It was the first licensed casino to open a sportsbook in Pennsylvania.
Hollywood Casino at Charles Town Races is another Penn National property and launched the first sportsbook in West Virginia in 2018. Since then, it has averaged to be the most profitable sports betting parlor in the state.
Indiana was the latest state to launch sports betting. The state’s first sportsbooks again were Penn National owned properties including the Ameristar Casino in East Chicago and Hollywood Casino in Lawrenceburg.
According to the Indiana Gaming Commission’s revenue report for the month of September, those two Penn National properties were among the top three sportsbooks in the state in terms of revenue.
Last week, DraftKings sportsbook launched in Indiana through their partnership with Ameristar Casino. The added profit from online sports betting should help to bolster Penn National’s third-quarter figures even further.
Zacks Equity Research noted that “full-year revenues are anticipated to be $5,338 million, up from the previously anticipated $5,173.1 million.”
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.