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Penn National Makes More Moves: Looks to Add Arizona and Virginia

On Thursday, Penn National purchased Score Media and Gaming for $2 billion in cash and stock. Score’s technology will be implemented into Barstool Sportsbook, which is owned by Penn, to enhance the book’s analytical features.

The news of the acquisition caused Penn and the Score’s stock price to spike this week. Penn National wasted little time making more headway in the sports betting industry after Thursday’s acquisition, as the company targets Arizona and Virginia.

More growth for Barstool Sportsbook

Penn National has made numerous acquisitions in the sports betting industry since the Professional, and Amateur Sports Protection Act was demolished in 2018 by the Supreme Court. The largest was purchasing a portion of Barstool Sports and using the media company’s name for its mobile sportsbook.

Barstool Sportsbook has become a premier sports betting platform throughout the nation because of Barstool’s personalities promoting the platform. By football season, the company is planning to double the states where the sportsbook is available to capitalize on the lucrative nature of NFL betting.

Barstool Sportsbook will launch in Arizona, Virginia, Colorado, New Jersey, and Tennessee in the fall. Football season, bets will likely be accepted in all five jurisdictions as Barstool is already promoting the launches with extravagant promotions.

By the end of 2021, Barstool Sportsbook will be live in ten states, according to Penn National, which will generate a significant amount of revenue. In January 2020, Penn National purchased 36% of the media company, which gave Barstool $163 million.

This was a substantial sum of money, but it has given the sportsbook a national footprint and paid dividends for the country.

Other exciting things to come for Barstool Sportsbook

Barstool Sports Bar will be launched in Chicago at Wrigleyville and in Philadelphia. Additionally, a Barstool retail sportsbook will launch in New Jersey, and there will be branded slots and table games coming to casinos throughout the United States.

Penn National President Jay Snowden spoke on Thursday about the major plans for Barstool Sportsbook.

“We are making the most of what we built wider and deeper. We have some nice optionality with TheScore acquisition, and the cross-promotions between Barstool and TheScore are limitless. We feel we have two of the premier sports media brands in North America.” — Jay Snowden, Penn National President

Even though many exciting growth opportunities are on the horizon for Penn National, the company is still determined to launch Barstool Sportsbook in Arizona and Virginia as soon as possible. The company has called these states ‘critical targets’ for success in the national sports betting industry.

Barstool Sportsbook was approved by the Virginia Lottery in March, and a sportsbook has not launched in the state since Unibet on April 28. Barstool was given the clearance to launch in August in Virginia, but they are competing with Golden Nugget and Bally Bet, who will also go live.

In Arizona, Barstool secured market access through a deal with Phoenix Raceway, making the book the official platform for the track. NASCAR betting will be showcased throughout Barstool Sportsbook.

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