Penn National Gaming most recently announced that the company will be expanding its influence across the United States. Thanks to a brand-new partnership with Rivers Casino and Resort, which will allow the corporation to gain access to the state’s sports betting and online gambling markets. The casino is under the jurisdiction of Capital Region Gaming and this newly-signed deal is expected to be beneficial for both sides for the agreed 20 years of cooperation.
Penn National Gaming is currently overseeing 41 gambling venues across the country’s 19 states, and it is the leading gaming provider of retail and online gaming, also it is widely known for its live racing and sports wagering offerings. The company is always seeking improvements in any possible direction and that is possible due to its numerous ambitious partnerships.
Broadening Horizons
Sr. Vice President of Interactive Gaming of the gaming supplier Jon Kaplowitz spoke on the recent deal, and according to him, it will allow the company to access one of the biggest and most desirable markets of sports betting. Mr. Kaplowitz also expressed his desire to see more than one operator for the mobile sports betting in the state, with the New York State Assembly have not yet decided on the matter.
Despite the many properties across the country, at the time being the company offers online sports wagers only in two states – Pennsylvania and Michigan. But it is also currently working on acquiring legal permissions to launch such online sport betting platforms in 10 more states by the end of this year.
Not long ago the gaming provider launched Barstool-branded iCasino in Michigan on February 1, 2021, and according to Mr. Kaplowitz, it has been quite a success. The company reports impressive statistics after less than a month of operations. With over 48,000 new clients and total revenue of US$27.5 million was generated only in the first 10 days after opening.
The Vice President further added that the company remains positively minded towards the fresh market opportunities and he believes in the Barstool brand and media assets of the corporation that will certainly attract huge interest in the yet-to-be-explored markets. In conclusion, Mr. Kaplowitz expressed his excitement over bringing the company’s sports and iCasino offerings into the state.
What’s Best for the State
The State of New York has still not decided whether the gambling expansion of online sporting bets will be single-operator state-run or by several regulators. Governor Cuomo’s proposal of a lottery single-operator-run online platform has faced unease among industry leaders. It is believed that a single operator model will not be as much profitable for both the state and the industry.
Research
Spectrum Gaming has recently published its study on the subject of online sports betting for the NY state. According to which multi-operator model will bring plenty of income for the state. It is expected that the launch of the online platform will accumulate US$1 billion in gaming revenue from which US$100 million will go to the state’s budget. However, if Cuomo’s proposal is approved for a state-run single operator model, the state could miss out on enormous potential profits.
Source: “Penn National Gaming Secures Sports Betting and Online Casino Market Access in New York Through Strategic Partnership With Rivers Casino”, Business Wire, February 22, 2021
