Penn National Gaming CEO Jay Snowden announced recently that the operator would launch the Barstool Sportsbook app in every state that enjoys legal sports betting by 2021. This already means that the Barstool sportsbook will be readily available in more than a dozen states before the year 2020 comes to a close.
Right now, the Barstool Sportsbook App is only available in Pennsylvania. When it first debuted in August, the app managed to have as many as 21,000 downloads each day. It’s already set to launch in Michigan. The Barstool sportsbook app was created thanks to the landmark partnership between Penn National Gaming and modern sports media giant Barstool Sports that took place in January 2020.
As a result of this deal, global gaming giant Penn National was able to acquire 36% of Barstool Sports in a deal that totaled approximately $136 million. Based on the specifics of this deal, Penn National Gaming will remain Barstool’s sole betting partner for 40 years.
The launch of the Barstool Sportsbook App
On September 18th, 2020, the Barstool sportsbook launched to an excited audience for the first time. The special promotion allowed a small group of beta testers in Pennsylvania to try the app for the first time. This soft launch was so successful that representatives from both companies stated that the app would be ready to launch nationwide by next year.
Thanks to the successful launch and the pandemic related challenges that have forced people to turn to online and mobile betting, the Barstool app will likely start recording profits immediately in any state where sports betting has been legalized. The app is expected to launch in Michigan next, where representatives anticipate the same level of success.
The growth of legal sports betting good for the Barstool sportsbook app’s future
It is not clear whether this app will overshadow Pen National’s core business, which is brick and mortar casinos. Currently, Pen is in charge of 41 physical casinos that are distributed over 20 states. However, at the rate at which the sports betting industry is growing, this could very well be the reality in the future.
The legal sports betting landscape has changed considerably in the short period that the industry has been above board. Unsurprisingly, sports betting seems to be one of the very few industries that have continued to thrive in the pandemic. Before the pandemic, only a few states had paid serious consideration to legalize sports betting.
Now that the pandemic is here and it has torn through state coffers, legal sports betting has never been more attractive to state legislators. Case in point, New Jersey, which championed the fight for the legalization of the industry is enjoying the fruit of its hard labor. Today, the Garden State is the gambling king and it doesn’t seem as though it will relinquish this crown soon.
New Jersey’s burgeoning sports betting market has been shattering record after record as we’ve covered here and September 2020 was no different. New Jersey sportsbooks raked in more than $748 million in bets during the outbreak. This figure, which was released by the New Jersey Division of Gaming Enforcement demonstrates that the city’s 9 casinos as well as its 3 horse racing tracks continue to surpass national monthly records, and this trend should continue in the next year or two.
Just this year alone, the state’s casinos and tracks have already recorded almost $3.3 billion in sports bets alone. This number is higher than what the city used to make in an entire year from casino gambling, years before sports betting was legalized. With new entrants such as the Barstool sportsbooks app, the industry will only keep getting bigger and better.
And it’s not just the Garden State that’s enjoying a flourishing sports betting industry. Other states such as Indiana ($207.45 million), Iowa ($72.4 million), and West Virginia ($76.9 million) also recorded impressive numbers. However, New Jersey stands tall over all, a scenario that is likely to persist for the next couple of years.
Legal sports betting is already legal in more than 20 states with more expected to join in on the fun next year. Because of New Jersey’s success, more and more states around the country are eagerly seeking a means to boost their revenues and legal sports betting has proven to be the best way to fund state budgets, many of which find themselves in dire need of assistance during the pandemic.
Nothing stays the same for too long in the sports gambling industry. As such, the industry will likely look slightly different at the end of 2021, which is when the sportsbook app intends to become accessible in every state that enjoys legalized sports betting. The good news is that since the outbreak, the number of states willing to give legal sports betting a shot has increased dramatically, which is great news for any app that wants to join the market.
The competition for customers, as well as betting dollars is already y tight in New Jersey. As such, it will be interesting to see how Barstool fits into an already established and mature market.
As things are in the Garden State, Barstool will have to try and steal the top title in the NJ sports betting market from the Meadowlands Racetrack, whose online skins consisting of PointsBet and FanDuel, have been consistently setting record after record. It will be a tough thing for Barstool to do. But with a little effort, anything is possible.
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