Penn National Gaming has launched its first ever Barstool Sports-branded retail sportsbook in the United States. The sports betting shop opened on November 5, 2020 at PNG’s Ameristar Casino Resort Spa Black Hawk in Pennsylvania.
Situated at the second floor of the Pennsylvania casino, the retail sportsbook features sports betting kiosks and ticket-writing stations. It is equipped with a video wall and odds boards that allow customers to watch sports events and get up-to-date betting odds.
Saind PNG president and chief executive officer Jay Snowden:
“This will be the first of many new retail locations for Barstool Sportsbooks at our casinos nationwide. Each will incorporate several features that reflect the spirit of the Barstool Sports brand, resulting in unique sports betting experiences that we expect our customers will thoroughly enjoy.”
Record Earnings in Q3
The full opening of the retail sportsbook at the Pennsylvania casino comes after a series of testing that began last September. PNG is also planning to put up Barstool Sportsbooks in other states across the United States.
It also comes after PNG reported record earnings for the third quarter of 2020. Although the revenue declined by 16.6% versus the previous year, it was a huge improvement from the figures of the second quarter of 2020 which saw a decline of 76.9% to $305.5M versus 2019.
Penn National Gaming reported a total revenue of $1.13B in Q3 with net profit for the period amounting to $141.2M which was 223.1% better. $993.6M of the revenue came from gaming including a $29M wagered on the Barstool Sports app during the month of September. The Pennsylvania sports betting market as a whole brought in $6.3M in September.
Last January, Penn National Gaming entered into an exclusive sports betting and online casino partnership with Barstool Sports. The deal included PNG acquiring a 36% stake in the digital sports media company. That stake was worth $163M and and it made PNG as the exclusive gaming partner of Barstool Sports for up to 40 years.
PNG has the option to bring in another partner to buy a portion of its shares in Barstool. In addition, Penn National was given customary governance rights including two seats at Barstool Sports’ current seven-man board.
The agreement also gave PNG the sole rights to use the Barstool brand for all its online and retail sports betting and online casino products. PNG started by taking over the brick and mortar sportsbooks and started developing a mobile product in cooperation with Kambi.