Penn National Gaming Signs Sports Betting Deal With Rivers Casino

Penn National Gaming announced its most recent deal with Rivers Casino & Resort in Schenectady, New York. It is a strategic 20-year partnership, which will provide it with access to the New York mobile sports betting and online casino market, subject to legislation being enacted and regulatory approvals.

Penn National’s Vice President of Interactive Gaming, Jon Kaplowitz said that New York’s sports betting market has proven itself to be one of the most lucrative and this is the reason why his company has been aiming to access it for so long.

He added: “We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.”

New York adds to the current list of states where Penn Interactive offers online wagering on sports. The other two are Pennsylvania and Michigan, which most recently launched its online gaming and sports betting and on February it added Barstool Sports mobile sportsbook to its list of operators.

As part of the company’s expansion plan, it anticipates operating its Barstool Sports mobile sportsbook app in at least 10 states by the end of 2021.

Positive Results

Mr Kaplowitz commented on Barstool’s operations on the Michigan market by saying that he was encouraged by the positive results he was seeing.

According to Kaplowitz, the company registered over 48,000 new customers and generated total handle of $27.5 million only for the first 10 days of operation.

Kaplowitz said that the results he saw are only making him more confident in its company’s ability to win sizable share in new markets. According to him, the power of the Barstool brand and media assets, allowed Penn Interactive to “begin to leverage the meaningful cross-sell opportunities from the Barstool Sportsbook, iCasino and our mychoice loyalty program audiences. “

As a conclusion, he said: “We hope to bring our unique and exciting brand of sports entertainment and iCasino to the Empire State.”

Rivers Casino is the newest Penn Interactive partner and as it looks like, one of the strongest. The brand has years of experience and many favorable locations around the States. Its casino in Schenectady is one of them.

The facility had to close doors due to the coronavirus pandemic. Last fall it opened but registered significant losses. However, in January Governor Andrew Cuomo made a proposal to suspend Rivers Casino payments it was required to make to the horseman who own and thrain the standardbred harness horses running at Saratoga Casino for the total time of the Covid-19 crisis.

Cuomo’s proposal will benefit Rivers Casino and it will have no impact on the state tax revenue.

Source: “Penn National Gaming Secures Sports Betting and Online Casino Market Access in New York Through Strategic Partnership With Rivers Casino”, Business Wire, February 22, 2021

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