Penn Stock Spikes with Barstool Sportsbook Soft Launch in Pennsylvania

Penn National Gaming will be fully live with its prized Barstool Sportsbook app on Sept. 18 in Pennsylvania, pending regulatory approval from the PGCB.

The stock market loved Penn National GamingPENN — 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

That would mean Pennsylvania online sports betting sites would number 10. The PA sports sites are in addition to 11 PA online casinos that are already live.

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.

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Barstool meant to draw younger customers

Penn National began as a family-run horse racing company and slowly grew into a major regional gambling company. Barstool brings a younger demographic to the company.

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.

A $50 Million June for PA Online Casino Promotes Recovery in Wounded Market

Amid a 51% year-over-year PA gaming revenue decline, online gambling remained a bright spot in June, and hope is dawning for land-based casinos.

Even with the reopening of most brick-and-mortar casinos in June, it was a mixed month.

Live and online casino operations, plus daily fantasy contests and VGTs, combined to bring in $132.6 million in PA gaming revenue in June, the Pennsylvania Gaming Control Board (PGCB) showed in its monthly revenue report. Compared to June 2019’s $271.3 million, it was a 51.1% drop year-over-year.

But without iGaming, which wasn’t yet live in June 2019, it could have been much worse.

In June, online slots, table games and online poker combined for $50 million in revenue, down a bit from the still-record $55.8 million in May.

iGaming slots, table games and poker

Of the $50 million June gross revenue, the sole poker site PokerStars PA accounted for $3.2 million.  That’s down from $4.6 million in May but still the third-best month for the operator.

Online casino (slots and tables) brought in $46.8 million in June, compared to the record $51.2 million in May. Of that, $36.8 million was from internet slots and another $10 million came from table games.

Internet casino-type games were not yet operational last June. The first online casino operator launched in July 2019, while PokerStars added online poker to PA in early November 2019.

June online casino breakdown by PA operator

A complete breakdown of June revenue, including slots and tables games by operator (online gaming license holder), can be found here:

Casino OperatorTotal RevenueSlots RevenueTable Games Revenue
Rivers Philly* (SugarHouse & BetRivers)$15.0 million$13.3 million$1.7 million
Penn National* (Hollywood & DraftKings)$9.6 million$7.7 million$1.8 million
Valley Forge (FanDuel)$7.8 million$4.6 million$3.2 million
Parx Casino$6.2 million$5.0 million$1.2 million
Mt. Airy (PokerStars & FOXBet)$4.5 million$2.7 million$1.8 million
Mohegan Sun Pocono (Unibet)$2.5 million$2.2 million$377,000
Harrah's Philly (Caesars)$761,000$742,000$18,000
Presque Isle Downs (BetAmerica)$498,000$504,000-$7,000
Totals:$46.8 million$36.8 million$10.0 million

Top iGaming sites in PA

The overall revenue leader for online sites in June was Rivers Philly, which operates SugarHouse and BetRivers. It had total revenue of $15.0 million. Slots accounted for $13.3 million, and $1.7 million came from table games.

Penn National’s Hollywood and DraftKings sites combined for $9.6 million, with $7.7 million from slots and $1.8 million from table games.

Valley Forge’s FanDuel was third, but tops in table revenue with $3.2 million, and a healthy $4.6 million from slots.

Parx also remains a strong revenue producer, with $5 million from slots and $1.2 million from table games.

Online sports betting on the up and up

June’s total sports wagering handle was $89 million, 15% higher than the May 2020 total of $77.51 million.

At the same time, the taxable revenue figure for June was $6.7 million, 38% higher than the May taxable revenue of $4.8 million. Of that, online sports wagering accounted for $6.8 million, with retail in the negative by about $99,000. 

Valley Forge led the way with $2.9 million from online.

Hollywood Casino at Penn National lost more than $10,000 in retail, and it has no online presence yet, though it has said it hopes to launch in August.

Mohegan Sun Pocono had no sports revenue, nor did two still-shuttered off-site satellite books in Oaks and South Philly operated by Parx Casino.

Although PA gambling revenue for June was down significantly year-over-year, signs of recovery are beginning to peek out from the clouds.