EXCLUSIVE: Penn National Is Increasing Sports Betting Market Share With Different Approach, CEO Says

The competition between online sportsbooks is heating up as the weather cools down and football season kicks off.

Penn National Gaming Inc PENN expects its market share to increase as it focuses on providing the best experience for its users, Penn National CEO Jay Snowden said Friday on Benzinga's YouTube show "PreMarket Prep."

"I think the companies that really focus on the best experience, best products, have the best brands and the right media integration — which obviously is a big advantage that we have — are going to be the winners," Snowden said.

Penn National's Sports Betting Trajectory: Penn National launched its Barstool Sportsbook app at the very end of football season last year.

"We came out with a huge bang and then we fell off," Snowden explained.

Investors should expect Penn National's market share to increase again during football season, he said, adding that the company is already seeing an increase following the first week of NFL and college football action.

Penn National has continued to improve its product since its launch. "We think it's a lot more competitive now," Snowden told Benzinga.

The company has taken a different approach to marketing by buying and building its brands, opposed to pushing paid media, he said. 

"We own the brands and the people behind those brands create magic for us," the CEO Said. 

"There's a lot of renting of brands and renting of eyeballs through this paid media. It's not sustainable. They are going to have to pull back and we are going to be there with a lot of dry powder to continue to pick up market share when that happens."

EXCLUSIVE: Penn National CEO Says Company Is Finding Success With New Features On Barstool Sportsbook App

How Barstool Stacks Up: Barstool Sports is the best top-of-funnel brand in the U.S. in terms of sports betting and sports media, Snowden said.

Penn National is focused on improving the retention and engagement of its users once they are drawn to the brand, he said, adding that there is no one better at it than theScore.

Penn National announced in August that it would acquire Score Media and Gaming for $2 billion in cash and stock.

The company does a great job of creating social and community features, Snowden said.

"Once we close on that transaction, now that we have theScore and you add that with Barstool Sports, it's a one-stop-shop."

Bettors used to have to leave sportsbook apps to go check scores and news stories at places like theScore or ESPN, but "now you don't have to do that. It's all going to be in the same place. We will have embedded links across the apps," Snowden said.

"If you have [Barstool Sports and theScore] on your phone, you are going to get everything you would ever want from sports, sports media and sports betting all at the same time."

See the full interview here:

PENN Price Action: Penn National has traded as high as $142 and as low as $52.09 over a 52-week period.