Pennsylvania Archives - Legal Sports Report

Spare Change Fantasy Sports App Closes $250,000 Angel Funding Round

A spare change app like Acorn, Hedge aims to provide "the life-changing hope mechanism of the lottery, without the negative financial drawbacks." Read More

Posted on: November 24, 2020 | | Brad Allen

Did Pennsylvania Sports Betting Promo Spending Really Drop In October?

Pennsylvania became the third US jurisdiction to eclipse the half-billion dollar sports betting handle mark in a single month. Handle hit $525.8 million in October, setting a new PA sports betting record. That’s up 13.6% from the previous record of $462.8 million set in September. Only New Jersey and Nevada have broken the $500 million […] Read More

Posted on: November 17, 2020 | | Matthew Waters

What Penn National Thinks Of Barstool Sportsbook So Far

It’s still early days, but so far the Barstool Sportsbook app has exceeded almost every internal goal Penn National set for it, according to Penn’s CEO. That’s a good sign for Penn since the nationwide rollout is going to happen quickly, CEO Jay Snowden said. “We plan on being live in every state where we […] Read More

Posted on: October 30, 2020 | | Matthew Waters

Analysis: How Free Bets, Bonuses Can Prop Up US Sports Betting Revenue

Pennsylvania sportsbooks gave away 92% of their online sports betting revenues as promotional credit in September. Is that a sustainable level? Read More

Posted on: October 20, 2020 | | Brad Allen

Pennsylvania Sports Betting Market Joins Record Party

Pennsylvania joined the list of states hitting new sports betting heights in the packed sports month of September. Handle totaled $462.8 million in September, quickly topping the record set in August by 26.8%. It’s the first time the market broke the $400 million handle mark. Revenue, however, did not hit a new record, according to […] Read More

Posted on: October 16, 2020 | | Matthew Waters

Barstool Sportsbook Parent Joins Sports Betting Cash Race

Another day, another sportsbook operator getting nearly $1 billion from the public markets. This time, it’s newcomer Barstool Sportsbook. Penn National sold 16.1 million shares at $61 each to raise $982.1 million in gross proceeds. The regional casino operator used standard language in its SEC Form 8-K detailing the transaction, stating general corporate purposes that […] Read More

Posted on: October 1, 2020 | | Matthew Waters

How Much Was Bet At Barstool Sportsbook In PA On Opening Weekend?

The Barstool Sportsbook took $11 million in handle on its first weekend live in PA, with around 12,000 first-time depositors. Read More

Posted on: September 25, 2020 | | Brad Allen

‘Haters’, ‘Critics’ Welcome Barstool Sportsbook To PA Sports Betting Market

The anticipated launch of Barstool Sportsbook formally occurs Friday as the company’s PA sports betting app is available for download. Penn National Gaming partnered in January with Barstool Sports to serve as its primary US sports betting brand. Pennsylvania becomes the first state with the reskinned Kambi app in time for Week 2 of NFL […] Read More

Posted on: September 18, 2020 | | Adam Candee

PA Sports Betting Market Joins Record-Breakers In August

Add Pennsylvania to the list of states that saw huge sports betting growth in August on the backs of pent-up demand and a full sports calendar. Handle hit a record $365 million last month, up 121.5% compared to July and 234.7% from last August. That’s 4.8% higher than the state’s previous all-time record of $348.4 million […] Read More

Posted on: September 16, 2020 | | Matthew Waters