Penn National Gaming, Inc. (NASDAQ:PENN) continues to be the market darling for those looking to invest in the expanding US sports betting industry, and yesterday’s Penn National press release about Barstool Sports came as an early Christmas gift to those already holding shares in the brand.
Penn National’s partnership with Barstool Sports is well documented here at The Dales Report, and yesterday Penn National revealed their plans to take things even further with plans to open three physical Barstool Sportsbooks.
With all locations naturally landing in properties owned by Penn, the group opened the Barstool Sportsbook at Greektown Casino Hotel on December 23rd and also rebranded the Lawrenceburg Hollywood Casino to bear the Barstool name as well. Today (24th) will also see the Ameristar East Chicago Casino & Hotel officially open their own Barstool Sportsbook.
The $163 million Penn National spent to purchase 36% of the Barstool Sports brand in February proved to be a smart wager in itself, as the company has seen its popularity with younger demographics surge in Pennsylvania.
On the year, Penn National share prices have increased 274.5% which, in comparison to the 6.9% average seen in the industry, proves that this brand is blowing away all expectations.
Where it once appeared that the overturn of PASPA and the legalization of sports betting was the start of a two-horse race between DraftKings and FanDuel, Penn National continues to prove that smart investing and forward thinking can help transform any gaming brand into a true competitor.
Expect these share prices to see another bump as the Barstool Sportsbook and iCasino go live in Michigan.