Penn National Gaming (NASDAQ:PENN) is seeing a rise in PENN stock on Tuesday after announcing plans to launch its Barstool Sportsbook app.
Barstool Sportsbook is a mobile app developed by the company that will allow users to bet real money on sports. The company plans to release the app on Spet. 18 but will be holding a soft launch prior to that.
The soft launch of the Barstool Sportsbook will take place from Sept. 15 through Sept. 17. During this period, pre-registered users will be able to make full use of the app’s features for testing. Penn National Gaming will also work with regulators during this time to make sure its up to snuff.
A Penn National Gaming news release notes that the company is waiting for final approval before it launches the iOS version of the app. When it has this approval, the company will launch the app in Pennsylvania. It plans to bring it to additional states over time. No mention of an Android version was made in the press release.
Jay Snowden, president and CEO of Penn National Gaming, said the following about the news pushing PENN stock up.
“The Barstool Sportsbook app is the centerpiece of our Company’s omni-channel strategy. Since forming our exclusive sports betting and iGaming partnership with Barstool Sports in January, our product, marketing and operations teams have worked hand-in-hand with Barstool’s top talent, including Dave Portnoy and Dan ‘Big Cat’ Katz, to create a sports betting experience that we’re confident will appeal to Barstool’s army of loyal followers, as well as our extensive database of existing casino customers and sports betting fans at large.
PENN stock was up 3.1% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.