Penn National (PENN) launches online betting in Ontario

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Penn National Gaming, Inc. PENN has spared no effort to expand its online betting presence. Subsidiary of Score Digital Sports Ventures (Canada) Inc. (“theScore Bet”) launched theScore Bet mobile Sportsbook and Casino in Ontario.

The company is very optimistic about its success in Ontario, as the region is likely to be the largest regulated market in North America. The company said theScore Bet is integrated with its flagship media app, theScore, to deliver a cutting-edge suite of features, which brings media and betting together in one ecosystem.

Jay Snowden, President and CEO of Penn National, said: “With its large user base, superior technology and mobile gaming expertise, theScore Bet is in a strong position and I am very encouraged by the opportunity ahead.”

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Online betting: a major growth driver

Most gambling companies are now betting on sports betting following its legalization outside of Nevada. The company has focused on collaborating with various game companies to leverage its unique brands, large audience, and commitment to serving sports fans.

Zacks Rank #3 (Hold) company is quite optimistic about the endless brand value of Barstool and theScore. The acquisition of theScore, Canada’s strongest sports brand, will automatically expand the Penn National brand in the country. Along with amplifying the company’s brand value, it will help cross-promotion and cross-marketing between two big brands.

On January 22, 2021, the company unveiled the Barstool Sports online sports betting app in Michigan. It has witnessed strong demand and acquired a significant number of new clients through Barstool’s media partnership tools. The company’s Barstool Sportsbooks and iCasino offerings in Michigan and Pennsylvania continue to drive performance.

Shares of the company fell 38.2%, versus 22.4% for the sector. However, the stock has gained 8.1% over the past month.

Key Choices

Some higher ranked stocks in the consumer discretionary sector are Funko Inc. FNKO, Boyd Gaming Corporation BYD and Bluegreen Vacations Holding Corporation BVH.

Funko sports a Zacks rank #1 (strong buy) right now. FNKO has a surprise on the profits of the last four quarters of 96.2% on average. Shares of the company have fallen 18.2% over the past year. You can see the full list of today’s Zacks #1 Rank stocks here.

Zacks’ consensus estimate for Funko’s sales and EPS (earnings per share) for the current fiscal year suggests growth of 22.6% and 26.8%, respectively, from reported levels. last year.

Boyd Gaming currently carries a Zacks Rank #2 (Buy). BYD has a four-quarter earnings surprise of 48.8% on average. Shares of the company have gained 5.6% over the past year.

Zacks consensus estimate for BYD’s current-year sales and EPS indicate growth of 2.3% and 2.9%, respectively, over reported levels in the prior year period .

Bluegreen Vacations currently carries a No. 2 Zacks rank. BVH has a trailing four-quarter earnings surprise of 425.1% on average. The stock has risen 32.7% over the past year.

Zacks consensus estimate for BVH’s current year sales and EPS indicate growth of 8.3% and 20.8%, respectively, over reported levels in the prior year period .

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Boyd Gaming Corporation (BYD): Free Stock Analysis Report

Penn National Gaming, Inc. (PENN): Free Stock Analysis Report

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Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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