Penn National Receives an NFL In-Game Betting Deal

Penn National Receives an NFL In-Game Betting Deal

The stock of Penn National Gaming rallied this Wednesday after the company hit a new deal for NFL in-game betting with Sportradar. The firm also reopened three casinos in Illinois. The company’s stock had fallen by 17% in the last week and registered an overall 8% decrease in value n June. However, the share were higher by almost 5%.

Reopening for business

On Wednesday, Penn National opened up three of its casinos in Illinois and several video gaming terminals in the Prairie State. IT is the largest gaming operator in the region, with Argosy Alton and the Hollywood Casino brands. The operator has now reopened 34 of its 41 gaming venues, which is 83% of its portfolio. It currently works in 19 states, of which 14 have witnessed reopening.

Penn National Receives an NFL In-Game Betting Deal

The company released a statement saying,

“With additional states preparing for the resumption of gaming operations, the company will provide updated information on its scheduled property reopening as it receives final approval from state regulators.”

The positive news helped its stock soar.

A new deal for the operator

Illinois is now allowing its gambling operators to start reopening their properties. This would be right in time when traditional sports are back in business. The state had an 18-month lock-in period for online-only operators like DraftKings which gives local casinos an advantage. They can fully establish themselves in the gaming markets before online disruptors arrive.

The NBA and NHL will be resuming their seasons later this month. The MLB is also expected to start towards the end of the month. On the other hand, popular European football events are already back on track. The company arrived at an agreement with Sportsradar to use their NFL data on their online betting platforms.

Two brands of Penn- Hollywood, and Argosy, hold sports betting licenses in the state. During the shutdown, the state also removed a mandatory registration guideline at a retail sportsbook for online gambling. This is a boon for the company which is due to launch a Barstool Sportsbook app in September this year. It owns a 36% stake in the Barstool business.

Illinois is already one of the most highly-anticipated arrivals on the sports betting scene given the sheer number of sporting teams and the state’s undying interest in various sports.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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