Penn National Gaming announced a 20 year strategic parntership with Capital Region Gaming, operator of Rivers Casino and Resort in New York. Under the terms of the deal, Penn National’s online gaming arm, Penn Interactive will get “second skin” access to the sports betting and online casino market in New York, if and when legislation is passed.
The senior Vice President of Interactive Gaming for Penn National, Jon Kaplowitz was quoted in a press release by saying: “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.”
As is the case with all major sportsbooks and igaming operators, Penn National is strongly in support of a multi-operator market in New York, considered one of the most profitable and populous states in the US.
Governor Andrew Cuomo has noted in the past that he leans more in favor of a single operator market. It was only when his proposal was widely criticized, that he softened his stance and announced that he would also support an online betting market with more than one operator.
“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,” Kaplowitz added.
Penn National has been bouyed by the success of its Barstool Sports mobile sportsbook brand in Michigan, which has registered close to 50,000 new customers and generated over $27.5 million during its first ten days of operation.
The group plans to roll out Barstool Sports in at least 10 states by the end of this year. It is already live in Pennsylvania, in addition to Michigan.
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,” said Kaplowitz. “We hope to bring our unique and exciting brand of sports entertainment and iCasino to the Empire State.”
