Penn National Gaming PENN CEO Jay Snowden highlighted the company’s progress for its online sports betting operations during an interview on CNBC's "Squawk Box."
What Happened: Snowden told viewers that Barstool Sportsbook is live in the three states of Pennsylvania, Michigan and Illinois. The Penn National Gaming CEO said Illinois just launched ahead of March Madness.
“It’s been bonkers in Illinois for us,” Snowden said, noting the company had a great first three or four days of March Madness.
Barstool Sportsbook is expected to launch in Indiana by the end of April and in New Jersey by the end of May, according to Snowden.
“And another slew of states by the start of football season," he said.
The CEO said there could be three or four more states added before football starts and there are “a lot of states in the queue.”
Related Link: 8 Stocks To Watch For 2021 March Madness
What’s Next: The states mentioned by Snowden were just the ones that have already legalized online sports betting.
Georgia, Ohio, Massachusetts, Maine and Kansas were mentioned by Snowden as states working to legalize sports betting currently.
Aside from online sports betting, Penn National is also seeing an increase in spender per visitor and increased visitor counts at reopened casinos.
“Those two things working together,” Snowden said.
PENN Price Action: Shares of Penn National Gaming closed down 1.1% to $111.82.
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