Penn says TheScore Bet is crushing it in Ontario sports betting

parent company penn national To tell score bet is killing it with Canada So far.

Penn reports first quarter earnings Thursday and said Ontario The sports betting launch has been “very positive” compared to other launches, with theScore Bet and bar stools sportsbook brand.

unprecedented demand

CEO Jay Snowden I explained further:

“In the US, we organically rely on Barstool personalities for marketing. And when they announce we live in the state, we see an influx. Most of the stuff.

“And you see it drop a little bit faster. Increased has.”

Source: Penn Q1 earnings release

What drives theScore’s success?

According to Snowden, sign-ups will benefit from theScore’s brand reach and “Seamless integration” of media and betting apps.

Nearly 80% of Score Bet bettors also used media apps.

“We didn’t We know what to expect, but we are very pleased with our ability to infiltrate and convert people from the media to the betting app,” Snowden said.

“You can create your bet slip and do it all in the media app and when you are ready you can go to the betting app where you can deposit and place your bets. Owned by PAM [player account management platform] help you do it all. We are in control of that experience and the entire roadmap. ”

Evolution of technology

TheScore Bet in Ontario now uses its own PAM and bonus engine. bedworks trading engine.

In Q3, we will move from Bet.Works to our own trading platform.

Barstool Sportsbook plans to make a similar transition to theScore technology in the third quarter of next year.

Ready for battle?

Snowden was asked about the product itself and how it compares to gray market giants. bet365.

The executive urged the analyst to go to Canada and try it.

“It’s Pi.It’s worth you going there to see,” said Snowden. “Some people in Ontario have been betting on bet365 for a long time and will continue to do so. But I’m sure if they download, deposit and bet on us, they’ll come back to us. ”

Is progress slowing in the US?

When it comes to US sports betting, The Barstool Sportsbook will be tied more closely with theScore app to replicate the successful integration in Ontario.

“We see great value in doing the integration with Barstool later this year,” said Snowden. “It should be a good shot for our business in the US.”

According to Snowden, Barstool Sportsbook has taken share in the states that measured the game’s net revenue (basically stripping out bonuses).

Source: Penn Q1 results presentation

“NGR scores much higher,” added Snowden. “Handles don’t pay the bills. NGR, we can start paying the bills, so that’s all we care about. I have.

“We have to lower the spending levels of our competitors or nobody will be profitable. I am very satisfied.

Does a disciplined approach pay off?

Interactive business in general $142 million quarterly earnings and $10 million EBITDA loss.

the loss is $500 million lose in Caesars.

dreaming california

Elsewhere it was stated that Penn would make the next contribution $12.5 million towards California Sports betting voting initiative.

Senior Vice President of Public Relations, Penn Eric Shippers provided an optimistic update on the effort.

“We are pretty confident in the strength of the poll, which shows 59% support the voting initiative,” Skippers said.

Penn stocks fell last 3% To $37. on thursday.

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