PENN Entertainment Inc (PENN)

[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.