Penn National (PENN) Expands Online Sports Betting in Indiana
Penn National Gaming, Inc. PENN is leaving no stone unturned to unlock the growth potential with respect to the Barstool Sports partnership. After witnessing solid momentum with respect to the Barstool Sportsbook product launches in Pennsylvania, Michigan and Illinois, the company recently announced plans for the launch of Barstool Sportsbook mobile app in Indiana. Following the announcement, shares of the company moved up 6.2% during trading hours on May 14.
Notably, the news surfaced after Indiana Gaming Commission granted permission to Penn National for online wagering in the region. With a scheduled launch on May 18, 2021, the company intends to launch the Barstool Sportsbook mobile app on iOS and android platforms. It is also likely to make it available for desktop users as well. However, it is subject to pending final regulatory approvals.
To support the launch, the company will offer a range of promotional bets. This includes
risk-free bets, parlay insurance as well as an array of wagering options related to the upcoming NBA Playoffs and Indianapolis 500.
Meanwhile, Jay Snowden, president and CEO of Penn National, stated, “Our launch in Indiana is another important step in our Company’s evolution into the leading omni-channel gaming provider, and we are eager to leverage the building momentum for the Barstool Sportsbook app with the additional launches we have planned for 2021.”
Price Performance
Coming to the price performance, shares of Penn National have surged 263.2% in the past year compared with the industry’s 62.6% growth. The outperformance can primarily be attributed to the company’s expansion initiatives and cost-saving efforts. Going forward, the company is confident about its long-term prospects on the back of its differentiated omnichannel approach. Also, the partnership with Barstool Sports is likely to drive revenues in the days ahead.
Zacks Rank & Key Picks
Penn National currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space are Boyd Gaming Corporation BYD, Red Rock Resorts, Inc. RRR and Century Casinos, Inc. CNTY. Boyd Gaming and Red Rock sport a Zacks Rank #1, while Century Casinos carries a Zacks Rank #2 (Buy).
Boyd Gaming has a three-five year earnings per share growth rate of 19.8%.
Red Rock has a trailing four-quarter earnings surprise of 166.2%, on average.
Century Casinos 2021 earnings are expected to surge 114.9%.
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