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.

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So how do you stand out? Brand loyalty.

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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.

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So how does this translate into success?

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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.

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This (& the image below) is direct evidence of Penn not needing to work nearly as hard for its market share. Stoolies are loyal.

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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.

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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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