Penn National Gaming Approved to Offer Mobile and Online Barstool Sportsbook in Virginia
March 17 2021 - 4:05PM
Business Wire
Penn National Gaming, Inc. (Nasdaq: PENN)(“Penn National” or the
“Company”) announced today it has received a temporary permit from
the Virginia Lottery (“Lottery”) to offer online sports betting in
the Commonwealth of Virginia. Penn National expects to launch its
Barstool Sportsbook mobile app on iOS, android and desktop in
Virginia in the coming months, pending final regulatory
approvals.
“We very much look forward to introducing our Barstool
Sportsbook online sports betting product in Virginia,” said Jay
Snowden, President and CEO of Penn National. “Following our very
successful launches in Pennsylvania, Michigan and Illinois, I’m
confident that Virginians will also enjoy engaging with Dave
Portnoy, Dan ‘Big Cat’ Katz and other Barstool fan favorites on our
Barstool Sportsbook app in the Commonwealth.”
Penn National was awarded one of the up to 12 online and mobile
sports betting permits available in Virginia. The Company’s digital
arm, Penn Sports Interactive, LLC, will be the recipient of the
sports betting permit and is working closely with the Lottery on
the launch timeline. Penn National launched its online Barstool
Sportsbook product in Pennsylvania in September 2020, in Michigan
in January 2021, and in Illinois last week.
“I want to thank the Virginia Lottery and its staff for their
time and effort in reviewing and approving our application,” said
Mr. Snowden. “We look forward to adding Virginia to our portfolio
of states where we operate sports betting as we continue 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 approximately 54 million monthly unique visitors,
reaching an estimated 36% of males and 30% of females in the
Millennial and Generation Z 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, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210317005766/en/
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
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Jun 2024 to Jul 2024
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Jul 2023 to Jul 2024