Penn Shares Rise On Barstool Success

Analysts in the US believe the rise and rise of Penn National Gaming shares are now too high with the expectation that the companies sports betting product Barstool. Penn’s sports betting app is already operational in New York, Pennsylvania and Illinois and by the end of this year will feature in another ten states.

A lot of the excitement surrounds Barstool and the rise of shares for Penn focuses on the success in Pennsylvania where it has already reached number three in revenues compared to its competitors.

Predictions value sports betting in the US to reach $40 billion a year in turnover, but Penn’s competitors have a fall back like Wynn Resorts who have Macau and the same can be said for MGM Resorts, both of these companies are also surging ahead with their own sports betting business in partnerships with iGaming operators mainly from the UK.

As the US opens up the major players are all saying they want 15% to 20% of the sports betting market, those acquiring Penn National shares believe that will happen for Barstool, however there are so many leading players betting on a share rise now is way too early to be prudent.