Penn National shares improve 16-fold in the last six months to $73.62 Friday. It went up from a low of $4.52 in March. It was the time when casinos closed due to the coronavirus. In August, the company’s stock price rebounded 33 percent.
Shares of Penn National were up 180 percent and have been trading at above-average volumes. According to a sports betting blog, there was room for the company shares to increase after the announcement of the release of the Barstool sports betting app. Penn National got a 36 percent stake into Barstool digital for $163 million.
According to sportsbook pay per head reports, Penn National operates 41 gaming properties in 19 states. During the time of the acquisition, Penn National stated it would use the Barstool brand in its online sportsbook presence.
Penn National Shares Improve
Penn National’s primary clients are within their 50s. By using the Barstool brand, it would diversify its audience. According to bookie tutorials and news sites, the Barstool Sportsbook will first launch in Pennsylvania after receiving the nod from regulators.
Dave Portnoy, the founder of Barstool Sports, hyped up the sportsbook app and Penn National in the last couple of months. He hoped that it would improve the stock price of the company. Financial analysts said that Portnoy’s social media campaign helped improved Penn National’s value.
The launch of the sports betting came in the time of the new NFL and college football seasons. Also, most players prefer using online apps instead of going out to wager in retail locations. Even tutorials on how to be a bookie state that you should consider launching an online sportsbook to become a success in the long run.
Total sports bets in Pennsylvania was $365 million in August. It was 122 percent higher than the handle in July. Also, it was the highest number of handle in a month for the state.
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