Penn National Gaming is an established casino and entertainment company based in Pennsylvania. Barstool Sports is a highly popular digital media company that focuses on content related to sports and pop culture.
Last year, these two companies joined forces through Penn National’s equity stake to launch Barstool Sportsbook. Initially available in PA, the mobile app expanded as a Michigan sportsbook and Illinois sportsbook. It has already enjoyed widespread success in all three states, especially with among a key younger demographic of sports betting fans.
The growth potential of this successful partnership offers some tremendous opportunities for expansion. A May 14 company announcement of the pending launch of Barstool Sportsbook as a new Indiana sportsbook drove the Penn National Gaming Inc. (PENN) stock price up 6.2%.
After receiving approval from the Indiana Gaming Commission, the actual launch was scheduled for May 18. The Barstool Sportsbook app will be available for download through both iOS and Android platforms. This should be extended to desktop and laptop users pending final regulatory approval.
Catering to the Indiana market, the launch will also be accompanied by tailored promotional offers. These include risk-free bets, insurance on parlay bets and other introductory offers. Many of these offers will be tied to the NBA Playoffs as well as the in-state Indianapolis 500 on Sunday, May 30 during the Memorial Day Holiday weekend.
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Jay Snowden is the CEO and president of Penn National. He had this to say about the launch as part of a company press release:
“Our launch in Indiana is another important step in our Company’s evolution into the leading omnichannel gaming provider, and we are eager to leverage the building momentum for the Barstool Sportsbook app with the additional launches we have planned for 2021.”
The shares of Penn National Gaming have surged 263.2% over the past 12 months of trading. This compares extremely favorably with an industry growth rate of 62.6%.
The company’s performance has been tied to expansion efforts as well as cost-saving measures on the operational end of the business. The main point of difference against the competition is the omnichannel approach to the company’s marketing strategy.
Penn National Gaming is based in Wyomissing, PA outside of the Philadelphia area. The company owns and operates land-based casinos in various parts of the country.
Under the Hollywood Casino brand, there are eight locations among Pennsylvania casinos, Ohio casinos, and West Virginia casinos covering this part of the country. The company also has a strong presence in the Gulf Coast Region with 10 different casino properties.
Moving to the Midwest Region, the Hollywood brand has a business presence among Illinois casinos, Michigan casinos, and Missouri casinos. Other land-based casinos in the US market include the Tropicana Las Vegas, The M Resort in Henderson, Nevada, and Ameristar Casino, Resort & Spa in Black Hawk, Colorado.
All told, Penn National Gaming owns and operates 41 different casino gaming and racing properties across 19 different states. Land-based retail sportsbooks are also available in eight different states.
This omnichannel approach to the products and services offered covers retail and online gaming, live racing, and sports betting entertainment.