Sports Betting Boosts Penn National to Record Quarter

Penn National Gaming announced record quarterly results in its latest earnings report on Thursday. 

The Pennsylvania-based casino and gaming company generated $1.6 billion in revenue in Q1 2022, a 23% increase year-over-year. The record quarter included growth in the company’s Interactive segment, which includes Barstool Sportsbook, theScore Bet, and iGaming. 

• The Interactive segment pocketed $142 million in Q1, up from $86 million in Q1 2021.
• Penn National projects full-year revenue to range between $6.15 billion and $6.55 billion.
• The company repurchased 3.8 million shares of common stock in Q1 for $175 million. 

Penn National has steadily increased its market position in sports, media, and betting. In January 2020, the company purchased a 36% stake in Barstool Sports at a $450 million valuation. Penn National plans to acquire the remaining stake in 2023. 

In October 2021, Penn National acquired Score Media and Gaming — operator of theScore — for $2 billion. The deal established a presence in Canada for Penn National, and the company expanded its reach there on April 4 with the launch of mobile sports betting in Ontario. 

Missed Opportunity 

Penn National missed an opportunity to take advantage of the largest sports betting market in the U.S. New York launched mobile sports betting on Jan. 8, and in the first month handled more than $1.62 billion — topping the single-month record for any state.

Penn National, along with Fanatics, Fox Bet, and bet365, were among operators who weren’t approved for licenses in the state.