Stock market analysts gave an outperform rating to the Pennsylvania-based gambling operator. As a result, Penn National stock improves with an $84 price target. It is the highest sell-side forecasts for the company. The bullish estimate was due to Penn National’s involvement in sports betting and online casinos.
Penn National recently launched Barstool Sportsbook after it acquired a 36 percent stake in the sports media brand. However, it is currently only available in Pennsylvania. The company has plans to launch a mobile app in Michigan. At present, Barstool Sportsbook is one of the fastest growing online sports wagering providers in Pennsylvania.
However, Wall Street has scattered growth forecasts on US sports betting. However, even those on the low end saw Penn National’s potential. According to pay per head sportsbook estimates, the sports betting market will improve to $11 billion from $3 billion today. It is because 65 percent of the US population will have access to sports wagering. They didn’t include Penn National’s online gambling potential.
Penn National Stock Improves
Penn National operates 41 casinos in nineteen states. Pay per head bookie analysts stated that it gives the company a competitive edge. Its land-based operations will provide it with an advantage when more states approve online gambling and sports betting.
Sportsbook PPH providers see a more extensive launch of Barstool Sportsbook next year. Penn National can use its existing footprint across the US that includes Colorado, Indiana, and Illinois. Penn National recently opened a land-based Barstool sportsbook at the Ameristar Casino Resort Spa in Colorado. The company plans to rebrand most of its retail sportsbooks with the Barstool brand.
Barstool Sportsbook is a new revenue source for Penn National. Many traders are investing in the stock since early this year. It improved almost 10 percent during the trading week that ended November 20.
