Penn Entertainment (NASDAQ: PENN) is a Pennsylvania-based company that provides integrated entertainment, sports content, and casino gaming experiences in North America. Shares of this gaming stock have increased 4.5% week-over-week as of close on November 15. Meanwhile, its shares have climbed 18% over the past month. Penn has benefited from the widespread legalization of single-game sports betting in the United States. However, it recently launched a rebrand that links Penn with one of the most recognized brands in sports.
In 2018, the United States Supreme Court moved to strike down a federal ban on single-game sports betting. This blew open the door for US states to pursue their own gaming legislation. As it stands today on Thursday, November 16, there are over 30 states that have moved ahead with legalization.
This company released its third quarter (Q3) fiscal 2023 earnings on November 2. Penn reported total revenues of $4.96 billion in the year-to-date period in 2023. Meanwhile, total adjusted EBITDA slipped marginally to $1.40 billion.
Under its new agreement with ESPN, Penn Entertainment will operate its betting service which will go by the name ESPN Bet. Penn signed a $1.5 billion deal back in August for the rights to use the sports giant’s name. The agreement stipulates that Penn will operate ESPN Bet while ESPN will look to promote the app across its online and broadcast platforms. Penn has a shot to significantly bolster its betting platform with this savvy name change.