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Penn National Gaming Set to Launch Barstool Sportsbook Mobile App and iCasino Products in Michigan
The much-ballyhooed sports betting platform, a collaboration between Penn National and Barstool Sports. More than 174 percent year-to-date. Lead US Sports Betting Mobile App Downloads. Barstool Sportsbook is one of the newest online sports betting options and in September 2020, the platform finally launched its online sportsbook in Pennsylvania. We suggest you check out our top rated sportsbooks. The company joined the legal sports betting industry thanks to its recent partnership with Penn National Gaming.
Barstool Sports CEO Erika Nardini says its sports gambling app will make the company a more competitive market player in the betting industry. Barstool Sports is aiming to launch its anticipated. If Wall Street analysts are right, shares of the company have even more room to run following last week’s debut of the much-hyped Barstool Sportsbook app, which officially launched on Sept. Barstool Launches Mobile App in Pennsylvania by Ryan Knuppel September 22, 2020 The Barstool Sportsbook app is officially live and open for business in the state of Pennsylvania. Sports bettors throughout the state could not wait for the chance to download the new sportsbook app, and it is expected to become a huge player in the industry.
Launch to Include Fundraiser for the Barstool Fund to Support Michigan Small Businesses Impacted by the COVID-19 Pandemic
Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or the “Company”) announced today that the Michigan Gaming Control Board (“MGCB”) has approved the Company’s applications to offer online sports wagering and iCasino products in Michigan. Penn National intends to officially launch its Barstool Sportsbook mobile app on iOS and android, as well as desktop at 12:00pm EST on Friday, January 22, 2021 and its iCasino products will follow shortly thereafter, subject to final regulatory approvals. This follows the opening of the Company’s retail Barstool Sportsbook at Greektown Casino Hotel (“Greektown”) in downtown Detroit on December 23, 2020.
“This is an exciting time to be launching our online Barstool Sportsbook in Michigan,” said Jay Snowden, President and CEO of Penn National. “We have been incredibly pleased with the success of the mobile app since launching in Pennsylvania in September. Our customers have thoroughly enjoyed engaging with Dave Portnoy, Dan ‘Big Cat’ Katz and other Barstool fan favorites, and we expect more of the same in Michigan. As the only gaming operator with a fully integrated sports media and entertainment partner, Penn can provide our customers the opportunity to interact with Barstool personalities online and also in-person at our new Barstool Sportsbook at Greektown.”
During the opening weekend of the Barstool Sportsbook, Penn National will be partnering with Barstool Sports on a fundraiser to support Michigan small businesses impacted by COVID-19. From the hours of 12:00pm on Friday, January 22 to 11:59pm on Sunday, January 24, Michigan residents will have their first-time deposit on the Barstool Sportsbook mobile app matched with a donation to The Barstool Fund provided they wager equal or more than their first-time deposit during the weekend. The Barstool Fund was started by Mr. Portnoy in December to raise money to sustain small businesses around the country that have been hard hit by the ongoing pandemic. In addition, visitors to the retail Barstool Sportsbook at Greektown will have their first-time rated wager matched by Greektown Casino with a donation to Fund.
“We’re proud to be able to support those small businesses impacted by COVID-19 as part of our opening plans,” said Mr. Snowden. “I also want to thank the MGCB and its staff for their time and effort in reviewing and approving our applications. In addition, I want to thank our team at Penn Interactive, our great partners at Barstool Sports, and our risk management and platform providers, Kambi and White Hat Gaming, for their many months of hard work and collaboration. We’re off to a fast start in 2021 and look forward to continuing our Company’s evolution into the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment,” concluded Mr. Snowden.
About Penn National Gaming
With the nation’s largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L’Auberge. Our wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company’s portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company’s land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company’s omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.
About Barstool Sports
Founded in 2003 by David Portnoy, Barstool Sports is a leading digital sports, entertainment and media platform that delivers original content across blogs, podcasts, radio, video and social, supported by nearly 70 dedicated personalities. It benefits from its base of loyal monthly unique visitors, including an estimated 48% of males and 44% of females in the Millennial and Generation X generations across the United States. In 2019, Barstool Sports grew by approximately 65%, delivering nearly $100 million in revenue from digital and audio advertising, ecommerce, events, licensing and subscription.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to, risks related to the following: (a) the magnitude and duration of the impact of the COVID-19 pandemic on capital markets, general economic conditions, unemployment, consumer spending and the Company’s liquidity, financial condition, supply chain, operations and personnel; (b) the launch of the Barstool Sportsbook app is subject to regulatory approvals, which may be delayed; (c) the impact of significant competition from other companies for online sports betting; (d) the Company’s ability to achieve the expected financial returns related to its Barstool Sportsbook app; (e) the risk of failing to maintain the integrity of the Company’s information technology infrastructure and safeguard its business, employee and customer data in connection with the Company’s online sports betting; (f) the Company’s and its business partners’ ability to obtain various regulatory approvals required to own, develop and/or operate the Barstool Sportsbook app may be delayed or may not occur; and (g) other factors included in “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Eric Schippers
Senior Vice President, Public Affairs
Penn National Gaming
610/373-2400
Joseph N. Jaffoni, Richard Land
JCIR
212/835-8500 or penn@jcir.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005952/en/
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. Barstool Sports Betting Stock
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. Barstool Sports Betting App Release Date
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. Barstool Sports Betting SitePENN’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 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?”
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”. Barstool Sports Betting App Release Date 2019
Penn National sure is counting on it.
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