Analysis: Penn National Sounds Out On NY Sports Betting

By Matthew Waters, Legal Sports Report

Penn National CEO Jay Snowden took the unconventional approach of telling investors no one will make money from NY sports betting.

That is a bit of an unusual approach for a public company that bid for entry, especially one whose investors already showed disappointment over missed earnings per share forecasts. Penn’s stock was down nearly 10% around 10:30 am Eastern.

The New York Post reported earlier this week that Penn National’s bid with Fanatics and Kambi will not make the cut. Snowden’s assessment of the online NY sports betting market during Penn’s third-quarter conference call Thursday sure sounds like that is the case as well.

Rest is here