PENN Entertainment Inc (PENN)

[Golden Cross]

PointsBet Secures Sports Betting and iGaming Market Access in Pennsylvania and Mississippi

March 26 2021 - 10:15AM
PR Newswire (US)
MELBOURNE, Australia, March 26, 2021 /PRNewswire/ -- PointsBet Holdings Limited (ASX: PBH) (the "Company") today announced that its wholly owned subsidiary, PointsBet USA Inc. ("PointsBet"), and Penn National Gaming Inc. (NASDAQ: PENN) ("PNG") have agreed to extend the Online Gaming Services Framework Agreement dated 31 July 2019 (the "Agreement") to provide PointsBet with online sports betting and iGaming market access in Pennsylvania and Mississippi (the "Additional States"), subject to enabling legislation (in Mississippi) and licensure in each of those States. Pennsylvania currently permits online sports betting and iGaming (the "Transaction").

(PRNewsfoto/PointsBet)

As part of the Transaction, PointsBet has agreed to release PNG and Penn Interactive Ventures, LLC ("PIV") and their respective affiliates from the disposal restrictions contained in Section 6.4(a) of the subscription agreement entered between, among others, the Company, PointsBet, PNG and PIV dated 31 July 2019 (details of which were disclosed to ASX on 1 August 2019) ("Subscription Agreement") in respect of the securities which were acquired by PIV under the Subscription Agreement. Such restrictions were due to expire on 1 August 2021. All other equity restrictions in the Subscription Agreement remain unchanged.

Key features of the expanded partnership

The term of the Market Access Agreement for each Additional State is twenty (20) years from the date the PointsBet branded service is first offered to PointsBet players in the applicable State.
The agreement expands PointsBet's United States sports betting footprint to 14 States (subject to the passing of enabling legislation and licensure as relevant).
PointsBet will be responsible for all licensing and approval costs in connection with launching and operating the PointsBet services (including, those associated with the licensed operator obtaining and maintaining the applicable B2C Operating Licenses required for PointsBet to operate the services in each Additional State).
PointsBet will pay PNG a portion of the Net Gaming Revenues derived from each Additional State.
Commenting on the transaction PNG President and Chief Executive Officer Jay Snowden said: "With the addition of Pennsylvania and Mississippi, we are pleased to expand our market access partnership with PointsBet to seven States. We have a great working relationship with the PointsBet team and are thrilled with the performance of our equity stake in the company since inking the original agreement. While we continue to value our equity stake in the company, the release from the disposal restrictions will provide flexibility as we assess our future capital management plans."

PointsBet Group Chief Executive Officer Sam Swanell said: "We are very excited about adding another two guaranteed online market access points to our portfolio in Pennsylvania and Mississippi. A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over US$1.75 billion per annum. Further, Pennsylvania is home to Philadelphia, the fourth largest media market in the United States, inclusive of southern New Jersey and a regional pillar of the Comcast-NBC Universal asset portfolio. NBC Sports Philadelphia owns the in-game broadcast rights to the Phillies, 76ers, and Flyers covering over 290 live events per year across 4.1 million households."

About PointsBet

PointsBet is a corporate bookmaker with operations in Australia and the United States. PointsBet has developed a scalable cloud-based wagering Platform through which it offers its clients innovative sports and racing wagering products. PointsBet's product offering includes Fixed Odds Sports, Fixed Odds Racing and PointsBetting.

For further information please contact:
Andrew Mellor
Group Chief Financial Officer
[e-mail]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/pointsbet-secures-sports-betting-and-igaming-market-access-in-pennsylvania-and-mississippi-301256777.html

SOURCE PointsBet


Copyright 2021 PR Newswire

[ANTADOG]

Penn may revisit 130's quicker than we think, imo of course, ANT

[saigai]

disapointing day again oh well..back to the meds

[Investor X]

Opening Indiana in April and New Jersey in May.

[Norton1973]

PENN looking good.

[Investor X]

CEO Jay Snowden is about to go on CNBC.

[Investor X]

The daily candle is at a Red 4 on the DeMark indicator. The last 3 times this happened it went into a 4-5 day upswing the following day. Tomorrow may be the start of an uptrend.

[saigai]

they short the heck out of it and then raise the price target...what a racket.. just give me my crumbs.

[John-Knee]

Analyst Actions: Goldman Sachs Adjusts Penn National Gaming PT to $153 From $139, Maintains Buy Rating
2021-03-22 12:44:48 PM ET (MT Newswires)
   
   
12:44 PM EDT, 03/22/2021 (MT Newswires) -- Penn National Gaming (PENN) has an average rating of Outperform and price targets ranging from $31 to $153, according to analysts polled by Capital IQ.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe.

[saigai]

keeps bouncing at 112..hope that is the bottom

[Investor X]

Haha thanks. I like using that historical prices tab too! From what I can see on the chart. It looks like we had about 1 million in volume from 3:50-4. Where was the 23 million? After hours? I do see we had a 1 day total of 30 million, which hasn’t been seen since September.

[saigai]

nothing sophisticated just yahoo on the summary page and the historical prices link found there. im just a caveman scalping with the limited knowledge i have..gl

[Investor X]

What site do you use to see volume on a minute by minute basis?

[saigai]

the volume at the close was sick..wtf...23 million in 10 minutes..ok schools in session.. im not sure what i have gotten myself into..s and p yes but 23 million in 10 minutes...thats a hefty sum of cash

[saigai]

not worried a bit...with the volume over 120 today is possible...makes for a better sleep over the weekend

[Norton1973]

Surprising how fast PENN can climb back up.

[saigai]

a little ah buying for the ride back up tomorrow

[Norton1973]

It will go back up. Institutional investors want in too. IMO

PENN

[saigai]

yes more good news and down we go..I dont care. Im holding this until all 50 states and tierra del fuego allow sports gambling...its coming

[Norton1973]

We will probably beat this, will arrive $200+ earlier: Last year my PENN post...fast forward, $PENN gaming/Barstools......$$$$$$$$ 
we use the same EV/EBITDA multiple for Flutter and assign a 25% valuation discount, we arrive at a projected share price of $187 to $233 for PENN by 2023 to 2025. 

Conclusion....Huge!! 





Penn National Gaming: 100%+ Upside Over 3-5 Years Driven By Barstool Sports Acquisition (NASDAQ:PENN) | Seeking Alpha 
https://seekingalpha.com/article/4351823-penn-national-gaming-100-upside-over-3minus-5-years-driven-barstool-sports-acquisition ;;;;;;

[Norton1973]

PENN National Gaming to offer mobile, online Barstool Sportsbook in Virginia...$$$Growing

PENN/Barstool , w/S&P 500 catalyst...tic tock, tic
tock...more Sportsbooks this year...tic tock,tic tock,...more $$money.

Easy $200+ this year.:) IMO

[saigai]

welcome to the s and p ..damn

[saigai]

huge vol day..close over 140 imo

[Norton1973]

Most definitely an add to stocks buying, March Madness for sure.

PENN / Barstools

[Investor X]

Not to mention stimulus checks coming out right as March Madness starts up. Sports books will be booming!

[Norton1973]

Is sports betting legal in my state?
https://www.cnbc.com/2021/03/13/is-sports-betting-legal-in-my-state.html?__source=iosappshare%7Ccom.stocktwits.StockTwits.STShareExtension

(Casino's have 15 states, where online Sportsbetting is legal....19 states voting this year, still. PENN, will continue to climb in price per share! We are talking BIG $$$!

[Norton1973]

PENN, Now S&P 500! Also, we have 15 States approved....for online Sportsbooks, besides the Casino's getting busier now, this year. We will see continued share price growth via S&P500,online sportsbooks, and more and more people hitting the Casino's!

I smell $$$$$

[Norton1973]

Yes, these Casino stocks have been great ones! :)
Others,Still can make $$$ with PENN.

[saigai]

dude you killed it

[Norton1973]

Love it! PENN!
My CZR too! :)

[Norton1973]

Nice!!!! S&P 500....thanks for posting that!

PENN

[John-Knee]

NXP Semiconductors, Penn National Gaming, Generac Holdings and Caesars Entertainment Set to Join S&P 500; Others to Join S&P MidCap 400, S&P SmallCap 600 and S&P 100
2021-03-12 07:10:19 PM ET (PR Newswire)
   
   
S&P Dow Jones Indices will make the following index adjustments to the S&P 500, S&P 100, S&P MidCap 400 and S&P SmallCap 600 to ensure each index is more representative of its market capitalization range. The changes will be effective prior to the open of trading on Monday, March 22, 2021 to coincide with the quarterly rebalance:

NXP Semiconductors NV (NASD:NXPI) will replace Flowserve Corp. (NYSE:FLS) in the S&P 500, Flowserve will replace Edgewell Personal Care Co. (NYSE:EPC) in the S&P MidCap 400, and Edgewell Personal Care will replace Exterran Corp. (NYSE:EXTN) in the S&P SmallCap 600. Exterran is no longer representative of the small-cap market space.

S&P MidCap 400 constituents Penn National Gaming Inc. (NASD:PENN), Generac Holdings Inc. (NYSE:GNRC) and Caesars Entertainment Inc. (NASD:CZR) will all move to the S&P 500, replacing SL Green Realty Corp. (NYSE:SLG), Xerox Holdings Corp. (NYSE:XRX) and Vontier Corp (NYSE:VNT), all of which will move to the S&P MidCap 400.

S&P 500 constituents Broadcom Inc. (NASD:AVGO), T-Mobile US Inc. (NASD:TMUS) and Linde plc (NYSE:LIN) will replace Allstate Corp. (NYSE:ALL), Kinder Morgan Inc. (NYSE:KMI) and Schlumberger NV (NYSE:SLB) in the S&P 100. Allstate, Kinder Morgan, and Schlumberger will remain in the S&P 500.

[John-Knee]

NXP Semiconductors, Penn National Gaming, Generac Holdings and Caesars Entertainment Set to Join S&P 500; Others to Join S&P MidCap 400, S&P SmallCap 600 and S&P 100
2021-03-12 07:10:19 PM ET (PR Newswire)
   
   
S&P Dow Jones Indices will make the following index adjustments to the S&P 500, S&P 100, S&P MidCap 400 and S&P SmallCap 600 to ensure each index is more representative of its market capitalization range. The changes will be effective prior to the open of trading on Monday, March 22, 2021 to coincide with the quarterly rebalance:

NXP Semiconductors NV (NASD:NXPI) will replace Flowserve Corp. (NYSE:FLS) in the S&P 500, Flowserve will replace Edgewell Personal Care Co. (NYSE:EPC) in the S&P MidCap 400, and Edgewell Personal Care will replace Exterran Corp. (NYSE:EXTN) in the S&P SmallCap 600. Exterran is no longer representative of the small-cap market space.

S&P MidCap 400 constituents Penn National Gaming Inc. (NASD:PENN), Generac Holdings Inc. (NYSE:GNRC) and Caesars Entertainment Inc. (NASD:CZR) will all move to the S&P 500, replacing SL Green Realty Corp. (NYSE:SLG), Xerox Holdings Corp. (NYSE:XRX) and Vontier Corp (NYSE:VNT), all of which will move to the S&P MidCap 400.

S&P 500 constituents Broadcom Inc. (NASD:AVGO), T-Mobile US Inc. (NASD:TMUS) and Linde plc (NYSE:LIN) will replace Allstate Corp. (NYSE:ALL), Kinder Morgan Inc. (NYSE:KMI) and Schlumberger NV (NYSE:SLB) in the S&P 100. Allstate, Kinder Morgan, and Schlumberger will remain in the S&P 500.

[Investor X]

PENN!! Enjoy the ride folks! Can’t wait for Monday

[Golden Cross]

Look at that afterhours

[saigai]

wow ...totally unexpected

https://www.spglobal.com/spdji/en//documents/indexnews/announcements/20210312-1336360/1336360_march2021-5146-shuf-pr.pdf

[Norton1973]

My C_R, Caesars stock trying to catch Penn. :)

PENN owner too.

[Glider549]

I'd include DKNG in that group.

[jonny_red]

Trade Recap for Stock Ticker PENN - Penn National Gaming

[John-Knee]

--Analyst Actions: JP Morgan Adjusts Price Target on Penn National Gaming to $142 From $134, Maintains Overweight Rating
2021-02-23 12:36:59 PM ET (MT Newswires)
   
12:36 PM EST, 02/23/2021 (MT Newswires) -- (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe.

[John-Knee]

Rush Street Signs Deal With Penn National for Online Sports Betting, Gaming Access in Three States
2021-02-22 03:07:35 PM ET (MT Newswires)
   
   
03:07 PM EST, 02/22/2021 (MT Newswires) -- Rush Street Interactive (RSI) said it has signed a strategic partnership agreement with Penn National Gaming (PENN) allowing it to reach gamblers in Ohio, Maryland and Missouri.

Under the agreement, Rush Street will offer its BetRivers.com real-money online casino and sports betting platform for up to 20 years in Ohio, Maryland and Missouri via regulatory association with brick-and-mortar Penn National casinos in those states, subject to license availability, state law and regulatory approvals.

Such associations, known in the industry as "skins," allow new entrants to enter online gaming markets relatively quickly. Rush Street is acquiring "second skins," meaning Penn National already has an online affiliate for those properties. Rush Street will make a payment to Penn National for market access once its offering launches.

In addition, Rush Street will have a right of first offer for a potential skin in Texas through Penn National subject to state law and regulatory approvals.

[John-Knee]

BRIEF-Rush Street Interactive Inc Enters Into Strategic Partnership With Penn National Gaming
2021-02-22 10:43:52 AM ET (Reuters)
   
   
Feb 22 (Reuters) - Penn National Gaming Inc:

* RUSH STREET INTERACTIVE INC - ENTERS INTO STRATEGIC PARTNERSHIP WITH PENN NATIONAL GAMING

* RUSH STREET INTERACTIVE INC - SECURES ONLINE CASINO AND SPORTS BETTING MARKET ACCESS OPPORTUNITIES IN OHIO, MARYLAND AND MISSOURI Source text for Eikon: Further company coverage:

[Norton1973]

I like PENN, but do not underestimate C_R, just saying....I own all three, PENN, C_R, MG_....

All very good Casino stocks.

[lvhd]

What?

[Investor X]

PENN is unstoppable. Best gambling play by a mile thanks to Barstool. Get on board before it’s too late. This thing will be $200 in no time!!

[Investor X]

Make that $4! New ATHs incoming!!

[Investor X]

Shares are now up $2 pre-market

[John-Knee]

Penn National Gaming Posts Q4 Profit, Revenue Contracts; Shares Fall
2021-02-04 07:45:49 AM ET (MT Newswires)
   
07:45 AM EST, 02/04/2021 (MT Newswires) -- Penn National Gaming (PENN) reported Thursday Q4 earnings of $0.07 per diluted share, compared with a loss of $0.80 a year ago.

Analysts polled by Capital IQ expected income of $0.29 a share.

Revenue declined year-over-year to $1.03 billion from $1.34 billion. Analysts polled by Capital IQ expected revenue of $1.08 billion.

Shares were down 2.3% in pre-bell trading.

[@LaughinPaulRyan]

... taking profits ... $PENN

[John-Knee]

--Analyst Actions: Stifel Adjusts Price Target on Penn National Gaming to $118 From $100, Maintains Buy Rating
2021-02-02 12:06:38 PM ET (MT Newswires)
     
12:06 PM EST, 02/02/2021 (MT Newswires) -- (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe.