Barstool Sportsbook likely is heading to Maryland.
Penn National Gaming said Tuesday it acquired the operations of Hollywood Casino Perryville for $31.1 million in cash.
Following the deal, Penn will launch a Barstool Sportsbook product on-property and online. The transaction is expected to close in mid-2021, subject to regulatory approval.
“This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sportsbook and mobile app,” said Penn CEO Jay Snowden.
Maryland 👀. Penn National Gaming enters casino deal to gain access to sports betting in Maryland (NASDAQ:PENN) | Seeking Alpha https://t.co/huj6YO9zs0
— Dave Portnoy (@stoolpresidente) December 15, 2020
Is Maryland sports betting legal?
Voters approved Maryland sports betting via referendum in November 2020. The legislature will have to take up the issue again next year to work out the details of authorizing the activity.
Sports betting could feasibly be up and running by the 2021 NFL season. It could be just about in time to compete with Virginia‘s sports betting market, which is ready to start up early next year.
Limited access opportunities after Barstool Sportsbook
Any bill would likely be based on previous MD sports betting legislation that called for nine potential licenses.
That covers one for each of the six state casinos, two for the three racetracks, and one for the stadium and practice facilities for the Washington Football Team (or another professional sports franchise.)
Each licensee would be allowed to partner with one online sports betting operator.
“Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010, which will allow us to re-enter the strong Maryland gaming market and add a twentieth gaming jurisdiction to our leading nationwide footprint,” added Snowden.
Penn National stock has been on a tear in recent weeks, hitting all-time highs around $84 yesterday before dipping to $78. It fell as low as $3 during the beginning of the pandemic.
DraftKings to Louisiana?
Penn reacquired the Hollywood property from Gaming and Leisure Properties, Inc (GLPI). GLPI also announced it has sold the operations of Hollywood Casino Baton Rouge in Louisiana to Casino Queen.
Like Maryland, Louisiana was another state to approve sports betting via the ballot box in November