Penn (PENN +2.34%) operates 42 casinos across 19 states and has moved into the world of online sports betting with the acquisition of a 36% stake in Barstool in 2020 and theScore in 2021. In 2023, it partnered with ESPN to launch ESPNBet, rebranding some of its retail locations with the ESPNBet name. Both sides terminated the agreement in 2025, after which Penn rebranded its online sportsbook as theScore.
Its online sportsbook has licenses in 20 U.S. jurisdictions and Ontario, and its online casino is available in four states and Ontario. Of its brick-and-mortar casinos, 32 operate retail sportsbooks across 15 states.
Penn has been less aggressive in marketing its online sportsbook, sticking to more targeted ads versus nationwide brand campaigns. It's also benefited from Barstool's and theScore's media segments for more organic advertising of its sportsbook.
As a result, the company has been more profitable than other online sportsbooks, which must invest heavily in marketing. With operations confined to the U.S. and Canada, Penn is more of a pure play on the continued expansion of sports betting in North America.
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