Penn National has also partnered with European-based White Hat Gaming to provide PAM (player account management) solutions for the Barstool app. White Hat, which powers dozens of brands in Europe, won a bid to become Penn National’s online PAM provider after a competitive selection process.
- Barstool Sportsbook is partnered with Hollywood Casino PA which is managed by Penn National. Penn Nationals’ strength across the United States will surely continue to help the Barstool Sportsbook App gaining legislation elsewhere.
- Last month, Penn and Barstool jointly debuted Barstool Sportsbook, a digital sports betting app now available in Pennsylvania. The early success has been astounding.
- Penn National's Barstool Sportsbook to arrive at Detroit's Greektown Casino Hotel Guests will enjoy a wagering experience in close proximity to dining and numerous televisions showcasing sports action from across the country and around the world.
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.
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.
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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The long-awaited, Barstool Sportsbook will take its first bets in Pennsylvania this week drawing plenty of buzz across the industry. Their sportsbook will officially soft launch on Friday, Sept. 18, garnering excitement from investors and players alike.
Earlier in the week, fans were able to download the app but that is where the product stopped. The app is able to be downloaded and said, “Barstool Sportsbook is undergoing scheduled testing by the Pennsylvania Gaming Control Board. We will be back soon!”
Pennsylvania’s Gaming Control Board will make sure the product is up to code before moving forward to its launch Friday.
As of Wednesday, fans are now able create an account and browse the app for betting options but not place any bets until Friday.
Barstool Sportsbook is partnered with Hollywood Casino PA which is managed by Penn National. Penn Nationals’ strength across the United States will surely continue to help the Barstool Sportsbook App gaining legislation elsewhere.
Penn National manages casinos in Indiana, Colorado, and Nevada so expect these to be their immediate targets to launch their product in the near future.
Penn National Inc. Market Cap Rockets After the Purchase of Barstool Sports Inc.
In January of 2020, Penn National Gaming Inc. announced it was acquiring a 36% interest in Barstool Sports Inc. for approx. $163 million setting the stage for the Barstool Sportsbook to launch.
Penn National Head of Interactive Jon Kaplowitz stated in the press release his excitement in purchasing Barstool Sports Inc. and the future of the Barstool Sportsbook.
“We look forward to introducing our 20 million mychoice customers to the Barstool Sportsbook brand through our retail sportsbooks and our interactive products. Our growing team of product and engineering talent at Penn Interactive is focused on what we anticipate will be a best-in-class sports betting app, which is expected to launch in the third quarter of 2020.”
Prior to the purchase of Barstool Sports Inc., Penn National featured a steady market cap hovering around $2 billion. It then hit $3 billion for the first time in January and then $4 billion within two weeks of the purchase of Barstool Sports Inc.
Penn National Inc. stock took a scary hit when COVID-19 was at its peak in March. Their market cap tumbled down as low as $550 million on March 18 before a quick rebound.
After serious turmoil, Penn National bounced back strong showing the investment in Barstool Sports would be a good one. 7 months later, Penn National Inc. is now over a $9.5 billion market cap.
What felt impossible a few months ago, PENN is now competing with the largest companies in the industry. Quickly moving towards MGM Resorts International (NSDQ: MGM) $11 billion market cap and already slightly higher than the $9.2 billion boasted by Caesars Entertainment Inc. (NSDQ: CZR). PENN is poised for further gains this week and next week at the least with the launch.
PENN’s Industry Experience + Barstool’s Media Empire Pack a Powerful 1-2 Combination
Of note for users who intend to use the Barstool Sportsbook App immediately, there is a solid first deposit bonus of a $500 risk-free bet and a $10 no deposit bonus. Rollover requirements are not yet listed but this is a strong start for the newcomer.
Barstool will be grabbing users from across a very competitive state. Their sportsbook is the 11th to launch in Pennsylvania and hopes to take a stranglehold on the PA market before long.
Barstool Sportsbook Penn National Casino
Barstool Sports Inc. President Dave Portnoy is not shy to make any headlines. Per his Twitter account, Portnoy makes some ambitious proclamations by saying, “What will happen to $Penn when I force the Barstool Sportsbook to be the #1 app in the App Store on Friday in the sports category?”
Barstool Sportsbook Virginia
There is little doubt that Barstool Sports has a cult-like following so the downloads are going to come quickly during their Friday launch, whether it will be top of the App Store is a lofty goal from El Presidente.
While Dave Portnoy could get the downloads that he demands, the question will be if the stoolies push his sportsbook, “to the moon”.
Penn National sure is counting on it.