It’s still early days, but so far the Barstool Sportsbook app has exceeded almost every internal goal Penn National set for it, according to Penn’s CEO.

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That’s a good sign for Penn since the nationwide rollout is going to happen quickly, CEO Jay Snowden said.

Penn National Sportsbook App Download

“We plan on being live in every state where we operate and where sports betting and online casino is legal by the end of 2021,” Snowden said on the company’s third-quarter earnings call.

Except for which area?

The exception to those goals, Snowden said, is the percentage of in-game betting. That will come with time as Penn gets better at promoting those opportunities, like through push notifications.

Snowden also boasted how the app has succeeded so far without any meaningful external marketing spending, thanks to the Barstool Sports personalities promoting the brand. That of course does not factor in the acquisition cost of Barstool itself.

That lack of advertising dollars needed “reinforces our belief that we should be able to, in the medium and long-term, achieve a top-three market share position in both the sports betting and iCasino space across the country in states where we operate, and with best-in-class profitability,” Snowden said.

Barstool Sportsbook PA results so far

Some of Barstool’s numbers from its Pennsylvania sports betting operations are underwhelming compared to early results released by Penn, but others show promise.

The app has 61,000 downloads in Pennsylvania through Oct. 24. That’s a bit surprising as 35,000 had downloaded the app as of Sept. 21 after its first weekend.

Snowden also confirmed that a good number of the downloads thus far are not convertible because of location.

“If you follow the sort of population by state, that’s where you’d see the hit rates mostly on these downloads from outside the state of Pennsylvania,” Snowden said.

Penn’s conversion of those downloads has improved, however. The app had 30,000 first-time depositors as of Oct. 24, up from just 12,000 after the first weekend. That’s good for a 64% conversion rate of its 48,000 registrations.

The Reading effect

That could be skewed by a promotion Penn ran that would donate $100 to a beloved Philadelphia public marketplace with a $100 deposit on the app. That led to $150,000 in donations to Reading Terminal Market from Penn, Snowden said.

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Barstool Sportsbook took $78 million in handle since launch, including $48.4 million in October. Penn noted its average bet was $62.

That October handle includes three NFL betting Sundays with one left in the month, which suggests Barstool should be at ~$60 million in handle for the full month.

Known customers betting 20% of handle

Penn National Sportsbook Application

Of the 48,000 registrations in Pennsylvania, 95% of those customers were new to Penn National and its mychoice customer loyalty program.

That includes a mix of recreational customers as well as some sharp bettors too, Snowden noted. Interestingly, though, the 5% known to Penn is accountable for 20% of handle on the Barstool Sportsbook app.

Barstool Sportsbook exclusive content details

Penn National’s biggest differentiator is the content it works in with the Barstool personalities.

So far, 39% of its bettors have “Bet with Barstool” on the more than 75 exclusive bet opportunities offered. There have also been 4.5 million total livestream views of the Sportsbook House, where Barstool personalities watch games together.

Barstool Sportsbook also ran “The Overs Club” promotion, which won users a Barstool Sports-branded jacket if the over hit for on the NFL’s week 2 Monday Night Football matchup. The promotion, which required a $100 minimum bet, had 3,000 winners.

Retail sportsbooks important too

Penn National continues to tout the importance of physical sportsbooks for multiple reasons.

First, it gives the company a place where Barstool fans can come meet and bet with their favorite Barstool Sports personalities. This will eventually expand to other undefined entertainment opportunities which will likely be a spot that’s a virtual sportsbook by day with a nightlife element at night, Snowden said.

Penn National outlined four retail sportsbooks in development:

• Ameristar Black Hawk, which launches next week. A Colorado sports betting app is not part of the launch and will follow next year.
• Greektown in Michigan will be finished in November or December. Penn plans to launch the Barstool app in the MI sports betting market as soon as the state is live this year or next.
• Ameristar East Chicago will open in December.
• Hollywood Lawrenceburg will be the first to open next year in January.

Retail books attracting younger, new customers

Most importantly, though, is that the books remain important to Penn’s land-based casino business, especially where mobile betting is not.

Penn highlighted the sportsbook at Hollywood Gulf Coast, which sits tucked away on a bay between New Orleans and Biloxi, Mississippi.

With no mobile betting available, the sportsbook has brought younger demographics and new customers to the casino. That’s led to some interesting statistics:

• 77% of handle came from bettors under 50, with the under-40 demo betting 59% of the total.
• 67% of rated sports betting handle is from customers that signed up since 2019.
• 72% of rated sports bettors that bet more than $1,000 on sports also played slot or table games.

DETROIT & WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or the “Company”) announced today that the Michigan Gaming Control Board (“MGCB”) has approved the Company’s applications to offer online sports wagering and iCasino products in Michigan. Penn National intends to officially launch its Barstool Sportsbook mobile app on iOS and android, as well as desktop at 12:00pm EST on Friday, January 22, 2021 and its iCasino products will follow shortly thereafter, subject to final regulatory approvals. This follows the opening of the Company’s retail Barstool Sportsbook at Greektown Casino Hotel (“Greektown”) in downtown Detroit on December 23, 2020.

“This is an exciting time to be launching our online Barstool Sportsbook in Michigan,” said Jay Snowden, President and CEO of Penn National. “We have been incredibly pleased with the success of the mobile app since launching in Pennsylvania in September. Our customers have thoroughly enjoyed engaging with Dave Portnoy, Dan ‘Big Cat’ Katz and other Barstool fan favorites, and we expect more of the same in Michigan. As the only gaming operator with a fully integrated sports media and entertainment partner, Penn can provide our customers the opportunity to interact with Barstool personalities online and also in-person at our new Barstool Sportsbook at Greektown.”

During the opening weekend of the Barstool Sportsbook, Penn National will be partnering with Barstool Sports on a fundraiser to support Michigan small businesses impacted by COVID-19. From the hours of 12:00pm on Friday, January 22 to 11:59pm on Sunday, January 24, Michigan residents will have their first-time deposit on the Barstool Sportsbook mobile app matched with a donation to The Barstool Fund provided they wager equal or more than their first-time deposit during the weekend. The Barstool Fund was started by Mr. Portnoy in December to raise money to sustain small businesses around the country that have been hard hit by the ongoing pandemic. In addition, visitors to the retail Barstool Sportsbook at Greektown will have their first-time rated wager matched by Greektown Casino with a donation to Fund.

“We’re proud to be able to support those small businesses impacted by COVID-19 as part of our opening plans,” said Mr. Snowden. “I also want to thank the MGCB and its staff for their time and effort in reviewing and approving our applications. In addition, I want to thank our team at Penn Interactive, our great partners at Barstool Sports, and our risk management and platform providers, Kambi and White Hat Gaming, for their many months of hard work and collaboration. We’re off to a fast start in 2021 and look forward to continuing our Company’s evolution into the leading omni-channel provider of retail and online gaming, live racing and sports betting entertainment,” concluded Mr. Snowden.

About Penn National Gaming

With the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company's portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company's omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.

About Barstool Sports

Founded in 2003 by David Portnoy, Barstool Sports is a leading digital sports, entertainment and media platform that delivers original content across blogs, podcasts, radio, video and social, supported by nearly 70 dedicated personalities. It benefits from its base of loyal monthly unique visitors, including an estimated 48% of males and 44% of females in the Millennial and Generation X generations across the United States. In 2019, Barstool Sports grew by approximately 65%, delivering nearly $100 million in revenue from digital and audio advertising, ecommerce, events, licensing and subscription.

Penn National Sportsbook

Forward-Looking Statements

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This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to, risks related to the following: (a) the magnitude and duration of the impact of the COVID-19 pandemic on capital markets, general economic conditions, unemployment, consumer spending and the Company’s liquidity, financial condition, supply chain, operations and personnel; (b) the launch of the Barstool Sportsbook app is subject to regulatory approvals, which may be delayed; (c) the impact of significant competition from other companies for online sports betting; (d) the Company’s ability to achieve the expected financial returns related to its Barstool Sportsbook app; (e) the risk of failing to maintain the integrity of the Company’s information technology infrastructure and safeguard its business, employee and customer data in connection with the Company’s online sports betting; (f) the Company’s and its business partners’ ability to obtain various regulatory approvals required to own, develop and/or operate the Barstool Sportsbook app may be delayed or may not occur; and (g) other factors included in “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.