The stock market loved Penn National Gaming — PENN — today as the company prepared to soft launch its online gambling app with Barstool Sports for three days of testing exclusively in Pennsylvania.
PENN hit $69.77, a 52-week high, around 11:30 a.m., dropping back to just under $68 toward the end of the trading day Tuesday.
The stock, which had hovered in the $25 to $26 range at the start of the year, hit $38.28 a share on Feb. 13, two weeks after the Barstool deal.
But then PENN stock bottomed out at $4.52 on March 18, buffeted by virus shutdowns.
Yahoo Finance reported this week that hedge funds have been taking positions in PENN stock.
If all goes well during testing and Pennsylvania Gaming Control Board (PGCB) regulators give the go-ahead, the first-ever Barstool Sportsbook app will be fully approved on Sept. 18.
Barstool makes 10 online sports betting sites
Penn has spent $10 million developing the Barstool app, which is integral to its plans for the future, it has made clear.
Penn owns 41 properties and has more than 20,000 employees.
Barstool Sportsbook rollout begins online in PA
The Barstool app launch in PA is just the beginning of Penn’s plans for the newly acquired brand.
Penn plans to roll out the app in other jurisdictions and rebrand all of the company’s existing retail sports betting venues to Barstool-themed spaces.
That work has not yet begun at its flagship Hollywood Casino in Grantsville.
Barstool meant to draw younger customers
Penn bought a 36% stake of the oft-controversial Barstool — a Bro Culture sports and lifestyle media company created by Dave Portnoy — at the end of January.
Penn can up its stake to 50% within three years and take full ownership.
The company had hoped to launch by the end of August.
App will feature Barstool personalities
The Barstool app went live for testing in PA at 3 p.m. Tuesday to select pre-registered users. It will be available during specific periods in the three-day testing period before fully launching on Sept. 18, assuming approval by the PGCB.
Exclusive features of the Barstool app include:
- Quick Pick 6 parlay builder: Get random pick 6 parlays and adjust from there
- Barstool personality picks and parlays: Back or fade Barstool crew picks
- Move the line: Give up or get extra points to tailor lines to your liking
- Barstool daily odds boosts
Images via Penn National/Barstool Sportsbook app.