Tuesday December 5, 2023

Penn National’s Q4 Revenue Jumps To $1.6B

Rich Barnes-USA TODAY Sports/Design: Alex Brooks
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Penn National Gaming reported $1.6 billion in fourth-quarter revenue on Friday, a $545.1 million increase from the same period last year.

During the quarter, Penn National completed its acquisition of Score Media and Gaming, which operates sports content app theScore, for roughly $2 billion. The app generated record revenue with a 32% year-over-year increase. 

The board has also authorized a new $750 million share-buyback program.

Up until 2020, Penn National focused almost exclusively on horse racing and casinos but has expanded its footprint in sports betting over the last two years. 

  • In January 2020, Penn purchased a 36% stake in Barstool Sports at a $450 million valuation.
  • As part of the deal, Penn would be able to own 50% by 2023, but president and CEO Jay Snowden said that the company plans to acquire the entire brand.

The Barstool Sportsbook is expected to be integrated with theScore media app in the second half of the year. 

The Penn-acle of Sports Betting

Last month, Penn launched its Barstool mobile and online sportsbook in Louisiana, the sportsbook’s 12th state in operation. In November, it launched temporary sportsbooks in five Louisiana properties, leading to a combined market share of 58% in handle and 53% in gross gaming revenues in December.

Barstool Sportbook reportedly handled $775 million in 2021, and Penn estimates the company’s total national share of the retail sports betting market is 12%, excluding Nevada.

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