American casino operator Penn National Gaming Incorporated will now reportedly be looking to speed up the rollout of its new Barstool sportsbetting app after raising approximately $932.1 million via a share sale.
According to a story from CDC Gaming Reports, the Wyomissing-based firm is responsible for 41 land-based casinos spread across 19 states and completed the open-market sale of about 16.1 million shares on Tuesday, which is some two weeks after its mobile-friendly Barstool service was launched into the sportsbetting market of Pennsylvania.
The source detailed that Penn National Gaming Incorporated earlier announced that its Barstool app is due to go live for punters in Michigan sometime in November before being introduced into other American jurisdictions such as Iowa, New Jersey, Colorado, Indiana and West Virginia during the early half of next year. The firm’s Chief Executive Officer, Jay Snowden, purportedly more recently proclaimed that associated sportsbetting wagers rose by 14% week-on-week over the weekend despite the fact that the operator was ‘continuing to spend $0 in external marketing.’
Reportedly read a statement from Snowden…
“This successful offering provides our company with additional resources to accelerate our unique omni-channel strategy including launching the Barstool sportsbook app into new markets.”
Snowden reportedly explained that Penn National Gaming Incorporated will now moreover look to add new products and features to the online sportsbetting innovation while simultaneously bringing Barstool-branded retail sportsbooks and bars to its estate of land-based casinos.
Penn National Gaming Incorporated reportedly spent roughly $163 million in January so as to acquire a 36% stake in digital media publisher Barstool Sports Incorporated, which then had around 66 million viewers for a range of online and social media content. It later pronounced that it would be rebranding its own retail sportsbooks under the Barstool brand and launching a mobile-friendly sportsbetting app with the intent of increasing and expanding its customer base.
In a filing to the Securities and Exchange Commission released in conjunction with the recent stock sale, Penn National Gaming Incorporated reportedly stated that it expects to record aggregated third-quarter net revenues of between $1.04 billion and $1.14 billion alongside an associated cashflow that could be anywhere from $410 million to $450 million.
Snowden’s statement reportedly read…
“We believe our company is incredibly well-positioned for long-term success based on its highly differentiated approach to both land-based and interactive gaming and sportsbetting.”