Casino and gaming company Penn National Gaming entered into a long-term agreement with the operator of Rivers Casino & Resort in New York to ensure access for its wholly-owned subsidiary Penn Interactive to the mobile sports betting and iGaming market in the state.
Casino’s Second Mobile Wagering Partner Skin
Subject to legislation and regulatory approvals, the 20-year strategic partnership between Penn and Rivers Casino in Schenectady, New York, allocates the second mobile sports betting skin of the casino to the Barstool sportsbook.
“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our Company.”Jon Kaplowitz, SVP, Interactive Gaming, Penn National Gaming
In January 2020, Penn National finalized the $450 million deal with Barstool Sports to acquire the sports-media publisher and use the brand in its sports betting products. Since then, Penn launched Barstool mobile sportsbooks in Pennsylvania and Michigan and expects to go live in at least 10 other states by the end of the year.
“We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.”Jon Kaplowitz, SVP, Interactive Gaming, Penn National Gaming
Encouraged by the initial results in Michigan, where Penn launched its Barstool mobile sportsbook via Greektown Casino in Detroit in January, saw more than 48,000 new customers and generated a total handle of $27.5 million during the first ten days, Kaplowitz firmly believes in the company’s ability to establish a presence in new markets.
“We remain very confident in our ability to win sizable share in new markets based on the power of the Barstool brand and media assets, which allows us to begin to leverage the meaningful cross-sell opportunities from the Barstool Sportsbook, iCasino and our mychoice loyalty program audiences.”Jon Kaplowitz, SVP, Interactive Gaming, Penn National Gaming
Last month, Penn National and Choice Hotels International teamed up to merge their respective loyalty programs to achieve synergies for both businesses and offer customers a better experience.
According to the agreement, customers accruing loyalty points via Penn’s MyChoice program can spend them at any Choice Hotel, while customers collecting points at Choice Privilege program can buy perks on-site at Penn National-run properties.
New York Has Further Potential to Unlock
Betting on sports in New York has been gaining speed, January revenues revealed, as the 4 retail sportsbooks managed to generate a record $3.57 million during the month despite the lack of mobile sports betting.
“We hope to bring our unique and exciting brand of sports entertainment and iCasino to the Empire State.”Jon Kaplowitz, SVP, Interactive Gaming, Penn National Gaming
Mobile sports betting in the Empire State is still in flux, as Gov. Cuomo insists on state monopoly for the vertical. While not closing entirely the door for the idea of private companies competing for multiple licenses, Cuomo stated he would prefer the New York State Lottery to run the business in a model that would generate in excess of $500 million in direct taxes to the state.