What will the future of mobile sports betting look like?
Penn National Gaming CEO Jay Snowden on mobile sports betting and collaborating with Barstool Sports.
Penn National Gaming CEO Jay Snowden told FOX Business' Liz Claman that the company plans to launch its minority-owned online gambling platform, the Barstool Sportsbook app, in every state where sports betting is legal by the end of 2021.
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"As you get into 2021, I think you should expect for us to be in every state that's legal, where we operate and can launch by the end of 2021," Snowden told "The Claman Countdown" on Monday. "We'll be in well over a dozen states by the end of the calendar year."
The Barstool Sportsbook App, which had 21,000 downloads per day in its debut weekend last month, has launched solely in Pennsylvania, with plans to expand to Michigan next month. Snowden did not unveil the latest download and registration numbers, but did say that the company spent nothing in paid marketing and advertising for the app's first two weekends.
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Snowden also touted the economic advantages that come with his company's 41 brick-and-mortar casinos in 20 states, which allow Penn National Gaming to generate free cash flow that is reinvested in the company's retail and digital sports betting casino opportunities.
|PENN||PENN NATIONAL GAMING||66.93||+2.01||+3.10%|
He noted that the company has been able to provide revenue share access through sublicenses to DraftKings, PointsBet, The Score and FanDuel and Flutter's Fox Bet.
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While he declined to comment on whether the company's online sports betting will overtake its brick-and-mortar casino business, he argued that the success the app has seen so far is only beginning due to the fact that many states did not legalize or consider legalizing online sports betting before the coronavirus pandemic impacted casinos.
"It's very high on the priority list right now because the couple of states like New Jersey and Pennsylvania had authorized [sports betting] pre-COVID," Snowden said. "People went online, they were still able to participate in casino gambling, sports wagering, whatever sports were available, and other states took note of that. I think you're going to see this proliferate much quicker going forward than maybe most thought about at the beginning of this year."
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