Penn National Gaming Stock rides positive online sports betting momentum to $100 a share
Penn National Gaming has continued to get fantastic headlines and those who invested in the $PENN stocks have noticed it. The most recent growth to $100 arrives in a time of positive height for the United States sports betting.
The hot streak of $PENN has even been assisted along by betting launches and bullish analyst forecasts.
The gaming company based in Pennsylvania number gears from the regional brick and mortar gaming to internet-based betting some months back. That also included purchasing Barstool Sports 36 percent share in the first months of 2020. They’re now reaping what they sow – a distant memory is its stock price of 4.52 dollars on the 18th of March in 2020.
Stock Analytics and Barstool Sportsbook Drive the Price of Penn
The Pennsylvania based Barstool Sportsbook that was launched in the middle of September has gotten the 3rd-most market share in the competitive and crowded space. As online betting is being rolled out by more states, it seems Barstool will be part of the foremost companies to market, and this wasn’t the case in Pennsylvania at all. In the Keystone State, this company was the 10th online sportsbook that’ll go live.
The latest nodes from those who analyze stock offered more boost to its price, undoubtedly. On December 23, the price target of Rosenblatt Securities for $PENN was traded from 90 dollars to 116 dollars in their message to investors.
Business analysts at CNN also sticks to a BUY rating for the stock of Penn.
Penn Stock is Boosted by Positive News
As several states are looking to pass legislation for the regulation of online betting, Penn is in the best position for capitalizing on new industries. Some weeks ago was diminished by the New York news that Governor Andrew Cuomo is currently in support of online sports betting while there’s an increased chance of there being a viable bill in 2021. In Massachusetts, there are also moves for its legalization. The Governor of Kentucky, Andy Beshear, is tired of losing tax money to his counterparts, that’s why he’s also attempting to mobilize Kentucky to pass online gambling.
Since coronavirus vaccines will be rolled out soon, it will assist brick and mortar gaming operators in the United States. Across nineteen states, there are 41 gambling properties of Penn.
Even though there are a couple of political unrest that makes the industry quite difficult, the most recent Covid-19 stimulus/relief package has the tendency of boosting gaming stocks.
But what’s great for Penn does not end there. Penn has continued to make fantastic headlines in collaboration with the pet project of Dave Portnoy, who is the founder of Barstool, which is the Barstool Fund. Dave seeded the multiple million-dollar relief efforts for small businesses that struggle to survive this pandemic with 500000 dollars of his personal money. A lot of small businesses in Pennsylvania received the call, and this fund continues growing.
Some weeks ago, Penn pushed in one million dollars, alongside a couple of other charitable efforts for helping their community and also several displaced workers.
Multiplying of Barstool Sportsbook
Even though retail sports betting has and will continuously take the back seat compared to online soiree betting, it’s still got its use. For Penn and Bristol, retail books serve as a convenient way to advertise their online betting applications. They’ll also probably have meet-up places for parties and events for betters and fans of Bristol (Stoolies) in several jurisdictions.
For now, Penn hasn’t rebranded its Hollywood Casino’s sportsbook at Penn National in Granville, Pennsylvania. Although they’re opening up in some other states.
Last year November, at the Ameristar Casino that’s in Black Hawk, Colorado got a Barstool Sportsbook. Last year December, the two properties of Penn National located in Indiana received Barstool Sportsbook that is rebranded. And also Michigan.
- Hollywood Casino in Lawrenceburg on December 23
- Ameristar Casino in East Chicago, Illinois on December 24
- Greek town Casino Hotel in Detroit, Michigan December 23
Opportunities for Online Sports Betting for Penn National Coming Soon
Even though the application of Barstool Sportsbook is just live in Pennsylvania for now, that’ll soon change. In early 2021, we expect Colorado to unveil online betting, and one of the initial to go live should be Barstool. Legal Sports Report published that the other states that Penn plans on launching its online sportsbook are:
- West Virginia
- New Jersey
Well, Barstool isn’t the only brand of online betting in the playbook of Penn.
The Game of Online Casino
There is several media attention on sports betting, but the online casino games of Penn are actually more necessary than their bottom line. There are more recent forms of online casinos compared to sportsbooks, and an important vertical and brand for Penn National are the Hollywood online casino.
In Pennsylvania, the revenue that Hollywood Casino has generated since its launch in the middle of July 2019 is almost $106,000,000. In their initial sports betting 2½ months, Barstool application generated:
- $2,400,000 in September
- $3,400,000 in October
- $3,800,000 in November
Even though launches for online sportsbooks are necessary, Penn is also thinking of launching online casinos as other jurisdictions launch and legalize iGaming.
One other recent change that’s probably partly contributed to the latest stock jumps, Penn also collaborated with BetMGM in Pennsylvania. Approval was given to BetMGM to ensure the online betting industry in Pennsylvania, but they needed a brick and mortar partner so they can do that.
BetMGM is an online casino that was unveiled on December 4th last year, and it did so under the Hollywood Casino of Penn (Grantville) license. The online sportsbook of Penn made its official launching in Pennsylvania on the 18th of December under the license of the Hollywood Casino Morgantown of Penn.
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