Penn's sports betting business posts head-turning fourth quarter profit

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Penn's sportsbook profit came in spite of a $10 million bet 'Mattress Mack' won on the Houston Astros winning the World Series.

Penn said Ontario, where theScore was founded, has become its top market in North America for sports betting and its iCasino business, in spite of intense competition.

The company's interactive business also experienced its most successful launch ever, based on first time deposits, when Ohio went live with sports betting Jan. 1. Penn credited the power of the Barstool brand and said more than half of the money wagered came from those within its MyChoice customer reward database.

Still shares declined Thursday, after CEO Jay Snowden, on an earnings call, blamed overall lackluster fourth quarter earnings on bad weather in December. The company issued 2023 guidance which Deutsche Bank gaming analyst Carlo Santarelli called "realistic, though likely uninspiring." Snowden said the guidance is conservative, based on the broader economic outlook. "We took a haircut to what we anticipated seeing in 2023, just to build in some level of recessionary concerns," he said.

But, he added, January has been very strong for both its bricks-and-mortar casinos and the online platform. He said if the current trend continues, the midpoint of the guidance is likely turn out to be low.

 

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