Penn National Expecting Revenue Growth Next Quarter

• Penn National Gaming announced earlier this week that they formed strategic partnerships with DraftKings, PointsBet, theScore, and The Stars Group.
• Sportsbooks in Penn National’s Iowa and Indiana properties are expected to launch in time for the 2019 NFL season.
• Jay Snowden, President and Chief Operating Officer of Penn National Gaming, will replace Tim Wilmott as the company’s CEO.

TALLAHASSEE, Fla. – Penn National Gaming made a big splash in the sports betting and iGaming news cycle this week with the announcement of four strategic partnerships.

On Thursday, Jay Snowden, President and Chief Operating Officer of Penn National, went into further detail on these deals as well as the outlook for the second half of 2019 during their second-quarter earnings conference call.

“All of the access agreements include risk-free, top-line recurring revenue shares, while some also provide Penn with some upfront cash payments and-or equity in these very successful up and coming sports betting brand,” said Snowden.

Some of Penn National’s most notable sports betting properties include the Hollywood Casino at Penn National Race Course in Grantville, Pennsylvania, as well Hollywood Casino at Charlestown Races in Charles Town, West Virginia.

Both properties were the first to launch a sportsbook in their respective states in 2018.

Since then there have been several states that have legalized sports betting and are looking to launch sportsbooks later this year. Those include Iowa and Indiana, both of which are looking to launch their sports wagering operations in time for football season.

“Over the coming weeks and months, our teams will be very focused on cross-property marketing efforts and visitation, particularly as football season commences, given we will be live with 14 retail sportsbooks across the country by September 1. An effort, we believe, will help stimulate revenues for the remainder of the third quarter and fourth quarter,” said Snowden.

As those in the industry are well aware, NFL Betting provides for the bulk of sports wagers made throughout the year. With new partnerships in place and states looking to start regulating the activity sooner than later, Penn National seems to be in a good position to close out 2019 on a high note.

News tags: Indiana | Iowa | Jay Snowden | NFL | Penn National | Pennsylvania | West Virginia