A widening berth in the hotly competitive online sports betting industry, to which Penn National is a latecomer - albeit a highly competitive, attention-snaring one.

Yet one day ago, Penn National announced a Maryland casino acquisition to ensure its Barstool Sportsbook will have a place in that new state market once regulations are complete. For the second time this year, his first in charge of the company, Snowden was confronted with challenges none of his predecessors ever had to face. Six days ago, Penn National Gaming President and CEO Jay Snowden learned that two more of his casinos were about to be closed by a statewide Pennsylvania government order stemming from COVID-19.Īs in Illinois, Michigan, and New Mexico, hundreds more of the young executive’s employees faced layoffs in shuttered properties ceasing to provide any revenue.

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PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet. “The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. “Our primary focus is always to serve sports fans and we know they want both betting content and the ability to place bets with less friction from within our products,” stated Jimmy Pitaro, chairman of ESPN. That was part of the deal for Penn to buy Barstool, but as Portnoy noted, his company’s brash brand didn’t necessarily mesh with being part of a public company. Gambling companies, meanwhile, have become enamored with the allure of sports content, with some, like Caesars and Draftkings, pursuing their own content deals. However, Bob Chapek cited betting as a major opportunity, and it seems Iger, in his second run, agreed. I’ll hold it till I die.”ĭisney, under Bob Iger (during his first run as CEO) had dismissed getting into business with sports bettors. And by the way, I am never going to sell Barstool Sports ever. “For us, for Barstool, for the first time in forever, we don’t have to watch what we say, how we talk, what we do,” Portnoy added. “We underestimated just how tough it is for myself and Barstool to operate in a regulated world,” Portnoy said in a video posted to his social channels, adding that he had nothing but positive things to say about Penn. Penn will also “receive 50% of the gross proceeds” if there is a subsequent sale of Barstool. Barstool founder Dave Portnoy is the buyer of the brand, and there is a non-compete clause among other restrictive covenants. In connection with the deal, Penn will sell Barstool Sports, which it acquired in 2020.

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