Name: PENN Entertainment's Strategic Shift in Sports Betting
Uploaded: 2025-11-13T09:40:36-05:00
Duration: 2 min 24 s
Description: PENN shifts focus after sports betting setbacks; CEO buys $500K in stock. The firm reevaluates its strategy amid mounting criticism and financial challenges.

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PENN shifts focus after sports betting setbacks; CEO buys $500K in stock. The firm reevaluates its strategy amid mounting criticism and financial challenges.

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PENN Entertainment's Strategic Shift in Sports Betting

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Meanwhile, Penn Entertainment certainly taking a different view on sports and sports betting with all of the opportunities that they've had to make a deep imprint in the sports betting market seems like they've gone the other way, but their CEO seems to be undeterred here, Sam. So what does the future hold for Penn? Do you think they jump back into the sports betting game or do they have some other opportunities that they could potentially help some of their investors out? Yeah, right now it seems like Penn is very much committed to just moving their failed sports betting ventures off of Barstool, off of ESPN Bet onto the score, which is another company they actually spent billions of dollars on over the past couple years, but one that's actually helped it improve its technology, which had been a struggle for the company for a while, uh, you had just this week, CEOJ Snowden, who has been pretty much land based. Did by critics in the media as someone who has been responsible for all these failures in sports betting, uh, he bought around $500,000 worth of his company's own stock after the news it was getting rid of ESPN and after the news that Penn would miss on earnings, which bumped up the stock price. It's always seen as a positive in the investment community when, you know, someone inside the company spends, you know, half. A million dollars on the stock. So largely probably did that to pump up the price at a time when, you know, everyone is criticizing them for losing ESPN bet. Um, that was a deal that they spent almost half a billion dollars on and got less than 3% market share in sports betting. They kind of sold everyone as that is our big move after the barstool debacle, which again cost them about another half a billion dollars and. Meanwhile, there's a bunch of uh investors who are trying to get Snowden removed from the board in a proxy fight. So there's a lot of like kind of political behind the scenes financial battles going on within Pen right now, uh, underneath the entire mess of ESPN Bet and Barstool. That's already a mess in and of itself, but beyond that, when you talk about the financials of the company and you know, the, the dynamics between different investors and shareholders, it's very, very messy and I wouldn't be surprised if at this time next year we're talking about. An entirely different path for Penn yet again, one that is hopefully not paying a company half a billion dollars just to use their name, um, and one that is, you know, focusing more on its core casino business, which, um, is kind of going under the radar. The casinos are doing really well right now, but when the headlines are a billion dollars on sports betting failure, uh, it kind of overshadows that.