Sports Gambling? No. Penn National? Yes.
Sports gambling is a commodity. New entrants are abundant and promotions to reel in new gamblers are aggressive. Not much separates any of these products.
So how do you stand out? Brand loyalty.
Penn's Barstool Sports & its nearly 100 million MAUs don't lack any enthusiasm. Personalities can record themselves playing a game of Madden to hundreds of thousands of live listeners.
So how does this translate into success?
While Penn's handle share in most states is around 8%, its net gaming revenue (NGR) share -- which does not count promos unlike handle -- is closer to 13% & rising.
This (& the image below) is direct evidence of Penn not needing to work nearly as hard for its market share. Stoolies are loyal.
In Canada, its Score Media is the top sports app in the nation and had by far the strongest online gambling debut in Ontario in April. More than 3/4 of Ontario gamblers have Score Media downloaded & DAUs are far outpacing Barstool's state debuts thanks to fist mover advantage that Barstool didn't have.
I think as irrational spend to attract gamblers inevitably slows... all that will be left is branding & in that scenario Penn is primed for success.
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Scoreboard Investor's avatar
Loyal Stoolie and have been watching $PENN since they bought Barstool. Haven’t pulled the trigger to start a position yet, though

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