Penn National Gaming has announced the receipt of sports betting and igaming market access in New York via a strategic 20-year partnership with Rivers Casino & Resort Schenectady.
The partnership will provide Penn Interactive, a wholly owned subsidiary of PNG, with second skin access to the New York mobile sports betting and online casino market, subject to legislation being enacted and regulatory approvals.
“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our company,” said Jon Kaplowitz, Penn National’s senior vice president of interactive gaming.
“We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.”
Penn Interactive currently offers online wagering on sports in two states, namely Pennsylvania and Michigan, and anticipates operating its Barstool Sports mobile sportsbook app in at least 10 US jurisdictions by the close of 2021.
“We’re very encouraged by the initial results we’ve seen in Michigan, as we registered over 48,000 new customers and generated total handle of $27.5m during the first 10 days of operation,” added Kaplowitz.
“We remain very confident in our ability to win sizable share in new markets based on the power of the Barstool brand and media assets, which allows us to begin to leverage the meaningful cross-sell opportunities from the Barstool Sportsbook, icasino and our mychoice loyalty program audiences. We hope to bring our unique and exciting brand of sports entertainment and casino to the Empire State.”
Spectrum Gaming Group last month determined that New York’s gaming market will return to pre-COVID levels in 2023, as the group delivered a bumper estimate for combined retail and digital sports wagering across the entire state.
The long awaited 358-page study, published by the New York State Gaming Commission but authored by the Pennsylvania-based research firm, estimated that brick-and-mortar and online sports betting in the jurisdiction boasts the potential to generate between $816m to $1.14bn.