PENN Entertainment — the part-owner of ESPN Bet — is facing scrutiny by the Massachusetts Gaming Commission over its previous relationship with Barstool Sports.
In 2020, PENN purchased a 36% stake in the media company for $163 million. That same year, the two entities launched. Penn would acquire the remaining 64% of Barstool in February 2023 for $388 million. Six months later, PENN agreed to a long-term deal with ESPN to launchAs a result of PENN’s new deal, the company’s previous partnership with Barstool has been under a microscope.
The IEB would inquire with PENN regarding Portnoy’s leadership and management roles. PENN would vow that under its ownership of Barstool Portnoy lacked any leadership responsibilities. Despite the looming end of its sportsbook, Barstool holds a non-gaming vendor registration with the MGC. The company is also still licensed in seven jurisdictions, including Massachusetts.in Q2 2023 — a 2.9% increase year-over-year. The company reported a net income of $78.1 million during the quarter, up from $28.1 million in Q2 2022. PENN’s adjusted EBITDA reached $330.4 million in Q2 2023 — down 30.7% from Q2 2022.
The results were attributed to expansion and growth in the company’s interactive segment, which includes online sports betting operations. PENN’s interactive segment generated $88.5 million in revenue in Q2 2023 compared to $55.4 million for the same period last year.Oct 2, 2023
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