{"id":1785,"date":"2021-11-04T10:24:30","date_gmt":"2021-11-04T17:24:30","guid":{"rendered":"https:\/\/wagers.com\/staging\/4285\/?p=1785"},"modified":"2021-11-04T10:24:30","modified_gmt":"2021-11-04T17:24:30","slug":"penn-and-bally-rely-on-more-than-just-one-bite","status":"publish","type":"post","link":"https:\/\/wagers.com\/staging\/4285\/news\/penn-and-bally-rely-on-more-than-just-one-bite\/","title":{"rendered":"Penn and Bally rely on more than just one bite"},"content":{"rendered":"<h3>Penn National Gaming Q3s<\/h3>\n<h4>The top line<\/h4>\n<ul>\n<li>Revenues of $1.5bn, up $382.1m YoY, net income of $86.1m vs. $141.2m, net income margin 5.7% vs. 12.5% YoY<\/li>\n<li>Adj. EBITDA up $20.7m to $364.3m YoY. Adjusted EBITDAR up $27.7m to $480.3m YoY. Adj. EBITDAR margins of 31.8% vs. 40.1% YoY caused by Hurricane Ida and Delta variant outbreaks<\/li>\n<li>Barstool Sportsbook now live in 10 states, \u2018Parlay +\u2019 and \u2018Shareable betslip\u201d app features increased MAUs by 6x and by 100k weekly bets.<\/li>\n<\/ul>\n<p><strong>Province rules: <\/strong>Ontario will be the focus of much of Penn National\u2019s attention when the province launches in early 2022, \u201cmid-Q1 being the most likely timeline\u201d, said Penn CEO Jay Snowden. The group will launch with theScore\u2019s app there and will launch \u201caggressively\u201d with the \u201cleading digital sports media brand in Canada.\u201d<\/p>\n<blockquote><p><em>\u201cOne of the things that will benefit us is that there are advertising restrictions in Ontario,\u201d added Snowden, \u201cyou can advertise your brand but not huge discounts or big promotions, we welcome that as it will cater to our loyal customers.\u201d\u00a0<\/em><\/p><\/blockquote>\n<p><strong>Just one bite: <\/strong>Snowden once again emphasized Penn\u2019s marketing strategy that doesn\u2019t see the group carry out huge and costly media campaigns and enables it to enjoy CPAs of \u201cunder $100\u201d. He talked up Barstool\u2019s \u2018One bite pizza\u2019 social media campaign, \u201cgreat to build brand and top of funnel\u201d and the Barstool retail sportsbooks that can serve \u201cas (retail) sportsbooks, make for a great digital experience and introduce new people to the brand in high density locations.\u201d<\/p>\n<p><strong>Vertical focus: <\/strong>With Caesars and FanDuel aiming to be profitable by 2023, Snowden said the \u201cacquisition of the Score\u201d will lead to major investments and tech projects that will be resources and finances-heavy in 2022, but the group\u2019s losses next year will not \u201cbe into the hundreds of millions\u201d either, he said.<\/p>\n<blockquote><p><em>The group has pencilled in $20m losses in Q421 and that will work as rough calculations for 2022 revenues. The figures \u201cwill depend on the Ontario launch as we\u2019re expecting major revenue generation there, 2023 will be hockey stick growth. In 2022 we are going for vertical tech stack integration and we\u2019re very happy to do that.\u201d<\/em><\/p><\/blockquote>\n<p>Additional article available today on Earnings + More:<\/p>\n<ul>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/04-nov-penn-and-bally-rely-on-more\" target=\"_blank\" rel=\"noopener\">Bally Corporation Q3<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Penn National Gaming Q3s The top line Revenues of $1.5bn, up $382.1m YoY, net income of $86.1m vs. $141.2m, net income margin 5.7% vs. 12.5% YoY Adj. EBITDA up $20.7m to $364.3m YoY. Adjusted EBITDAR up $27.7m to $480.3m YoY. Adj. EBITDAR margins of 31.8% vs. 40.1% YoY caused by Hurricane Ida and Delta variant [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[324],"tags":[626,613],"class_list":["post-1785","post","type-post","status-publish","format-standard","hentry","category-news","tag-bally","tag-penn-national"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=1785"}],"version-history":[{"count":2,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1785\/revisions"}],"predecessor-version":[{"id":1788,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1785\/revisions\/1788"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=1785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=1785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=1785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}