Penn National Gaming Set to Launch Barstool Sportsbook Mobile App and iCasino Products in Michigan
Launch to Include Fundraiser for the Barstool Fund to Support Michigan Small Businesses Impacted by the COVID-19 Pandemic
2 days ago Barstool Sports founder Dave Portnoy just released a video backing a new ETF designed to track Reddit-driven social-media buzz. With to launch its online sports betting app. VanEck managing.
- The much-anticipated Barstool app had an auspicious debut as the 10th online sports betting app in PA. According to Penn’s leader, Jay Snowden, there were approximately 24,000 registrations in its opening weekend, with approximately 30,000 PA downloads and approximately 180,000 downloads in the United States.
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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/
Dave Portnoy‘s bravado domination plan for Barstool Sports in the world of sportsbook apps with its 36% partner, Penn National Gaming, so far remains at Step 1 about a month after rolling out in Pennsylvania in mid-September.
And now it is just 20 days before an earnings call for ultra-hot $PENN stock on Oct. 29. Whether the company gets any other jurisdictions online before that remains to be seen, but it appears unlikely.
Penn National stock moved up based on Barstool
PENN stock, driven by Stoolies, is having a good run since the Wyomissing, PA-based gaming company invested in Barstool.
Well, except for a pandemic nosedive in March that took it down to $3.75. Recovered, the stock topped out at more than $76 a share.
But this week, the shares are down and look to close around $65. And while most touts from the market have been upbeat, some, like Deutsche Bank, have been extremely cautionary.
Penn National planning for expansion while Portnoy makes noise
There are signs that the Barstool Sportsbook app could come next to Michigan, and also eventually to New Jersey and elsewhere. Penn has 41 gambling properties across 19 states, though not all of them have or will have online sports betting.
Eric Schippers, Penn National senior VP of public affairs and government relations, confirmed to PlayPennsylvania Friday that the next state in which it’s planning to roll out is Michigan.
The much-anticipated Barstool app had an auspicious debut as the 10th online sports betting app in PA.
According to Penn’s leader, Jay Snowden, there were approximately 24,000 registrations in its opening weekend, with approximately 30,000 PA downloads and approximately 180,000 downloads in the United States.
During its launch weekend, the app was the most downloaded of any sports-related app.
It looks to place among the top three apps in PA once full numbers are out.
Retail Barstool books coming soon to MI and PA
One thing that has not happened yet is the rebranding of the retail sportsbooks at Penn National’s Hollywood Casino or at the book it operates at The Meadows.
But while the retail book (on the second floor) at Hollywood remains closed, as it has been since the virus shutdown in mid-March, sports bettors still have options at the Grantville, PA, property. According to Schippers:
“We are still operating a retail sportsbook area on the main casino floor that is temporarily located in the H-Lounge, with ticket writers located at the casino cage. The H-lounge has sportsbook-style and restaurant seating, and serves all your favorite food and beverages while [you’re] watching your favorite team. We also have 15 sportsbook wagering kiosks that are located on the casino floor.”
Regarding Barstool rebranding, Schippers confirmed, “We plan to open a state-of-the-art Barstool Sportsbook at another location on the main gaming floor in the first half of 2021.”
It appears, then, that Greektown Casino-Hotel in Detroit, another Penn National property, will be the first to open a retail Barstool Sportsbook. The Michigan casino plans to debut the retail book in late November, according to PlayMichigan. With online sports betting due in the Wolverine State around the same time, Penn National also looks to be one of the first mobile betting apps to market.
Barstool Sports Online Betting
Coming soon to Greektown Casino. #BarstoolSportsbookpic.twitter.com/EVqy3AoWWJ
— Greektown Casino (@GreektownCasino) October 1, 2020
Portnoy making the PA rounds
And while Portnoy has relentlessly hyped his newfound connection to PA, with overnighters in Pittsburgh and Philly, fueled by his trademark pizza reviews along the way, not everyone fell for his newfound love of all things PA.
Scoffed the PGH City Paper, “It’s pretty clear the only reason he’s in Pittsburgh is to market and promote his Barstool Sportsbook betting app, which is now available to Pennsylvania customers.”
But some locals love the Portnoy effect.
According to the Philadelphia Baseball Review, he made fans out of the endangered La Salle University baseball program. He’s planning a pizza review in the school’s Philly neighborhood and assists in fundraising to save the team, which the administration has targeted for elimination.
“If La Salle gives me an answer on how I can save that baseball team, then I’ll [expletive] save the baseball team,” Portnoy said while livestreaming.
And Barstool is doing local promos for free sandwiches from Primanti Bros. in and around Pittsburgh and from Primo in the Philly area, with a freebie on Mondays for betting on the winning hometown team with the Barstool app.
@stoolpresidente backed up the 🚚 💵 to give you FREE Primanti Bros. Live in PA? Download the @barstoolsports Sportsbook app. Bet the Black and Gold. When they win – it's FREE PRIMANTI BROS. pic.twitter.com/4wiXAngFRC
— Primanti Bros (@primantibros) October 8, 2020
Fingers in other pies
Meanwhile, Erika Nardini, the so-called token CEO of Barstool, just joined the WWE (World Wrestling Entertainment) board.
And Portnoy is busy saying he’s unlikely to re-up with Sirius, the satellite radio provider. He recently tweeted:
“I’d say we’re 99.9% out of Sirius. We aren’t in the same stratosphere in terms of negotiations. We will just move on to new platforms as always. Our crowd will follow as always.”
Penn National Gaming also operates Hollywood Casino Online in PA. Sign up today to claim your $10 free.
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Lead image via Greektown Casino twitter.