Is it Time to BUY Penn Entertainment Stock? | Penn Stock Analysis
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What’s Up, Everybody! MR. ZERO to INFINITY is back for Episode 68! Is it time to BUY Penn Entertainment Stock? | Penn Stock Analysis | Add on Instagram: MrZEROtoINFINITY
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Is it time to buy Penn Entertainment stock?
What’s up everybody! Mr. Zero to Infinity says hello! In this episode, I’ll be breaking down my bull thesis on Penn stock and explain why I’m buying shares in my Zero to Infinity stock portfolio.
Let’s get straight into my bull thesis for Penn Entertainment. Penn Entertainment has a sports betting platform along with an omnichannel base of cash-flowing brick and mortar casino assets with which drive cross-play and synergies as it’s customer database continues to grow at a rapid pace. As of September 30, 2023, PENN operated 43 properties in 20 states, online sports betting in 18 jurisdictions and iCasino in five jurisdictions.
1. PENN entered into a Sportsbook Agreement with ESPN which provides for a long-term strategic relationship between PENN and ESPN relating to online sports betting in the United States. PENN has rebranded its Barstool Sportsbook across all online platforms in the United States as ESPN BET and will oversee daily operations of the Sportsbook. The Sportsbook Agreement provides PENN with an exclusive license to use the ESPN BET trademark in the United States in connection with the Sportsbook. In addition, ESPN will provide certain marketing, content integration and promotional services in support of the Sportsbook, including access to ESPN talent, and will exclusively promote the Sportsbook in the United States, in accordance with a mutually agreed on-channel marketing plan. The Sportsbook has access to ESPN’s industry leading audience and database.
2.Get users from ESPN ecosystem to download the ESPN betting app. The goal is to funnel the 28M monthly active ESPN app users into downloading the ESPN Bet App. ESPN will get so many more organic touches with potential bettors than any other brand…even topping the Barstool Sports brand.
3. Drive revenue growth by Increasing the parlay products which are known to win at a higher rate for the house.
4.Gain market share as the 3rd major player behind FanDuel and DraftKings (DKNG stock). CEO Jay Snowden has stated that “ESPN BET has attracted the mass market sports fan, highlighting the potential to expand the appeal of sports betting and grow the overall market,” “This foundation sets the stage for continued growth and market share gains as we introduce further product enhancements and deeper integrations into the ESPN media ecosystem.”
5.Penn owns the entire gambling experience: on premise & off premise (this is an omni-channel strategy)
6.Penn’s investment in the ESPN Partnership looks cheap.
As for me, I think there’s more upside compared to downside risk when it comes to PENN’s stock price around $18.60 with a market valuation of 2.8B. DraftKings is the juggernaut that ESPN Bet will look to catch over the next few years. Right now DraftKings stock is valued at around a 20B market cap.
As always, quick portfolio update. Outside of Penn, I also own Shift4 Payments and Fitlife Brands along with a sizable cash position.
Let’s keep building from ZERO to INFINITY! 🚀 📈
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