PENN’s Q3 Online Sports Betting Revenues Rise, as 2023 Profitability Hopes Stay High
PENN Entertainment Inc. reports a 7.5% increase in quarterly revenue to $1.6 billion for the three months that ended September 30. The company's interactive division made a profit in October. Mattress Mack has bet a lot on the World Series. If he doesn't win, the company will be in the red in Q4. The legal sports betting industry is focusing on profitability. It's been focusing more on marketing and promotions. PENN runs 43 gaming and hospitality properties in 20 U.S. states. Its Barstool Sportsbook and theScore Bet are owned by Mattresses Mack.
PENN's Interactive segment experienced strong year-over-year revenue and user growth in the quarter and was profitable in October. Ontario has quickly become the company's top market for online sports betting and internet casino gambling. PENN is on track to migrate its Barstool Sportsbook onto the same platform in mid-2023.
