Snowden said the guidance is conservative, based on the broader economic outlook. The company issued 2023 guidance which Deutsche Bank gaming analyst Carlo Santarelli called 'realistic, though likely uninspiring.' Still shares declined Thursday, after CEO Jay Snowden, on an earnings call, blamed overall lackluster fourth quarter earnings on bad weather in December. Penn credited the power of the Barstool brand and said more than half of the money wagered came from those within its M圜hoice customer reward database. 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. 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. It relies on cross-platform promotion from Barstool, a sports media company that Penn will own in full later this month, and powerhouse Canadian media brand theScore. Penn credits its profitability in the interactive segment to a marketing approach that differs from its competitors. Its shares rebounded more than 50% in January, after a punishing 2022, when investors focused on the lack of earnings in spite of massive spending on promotions and marketing. Its parent company, Flutter, has not yet announced earnings.ĭraftKings, another rival, has said it will be profitable by 2024. online sports betting leader for market share, announced a quarterly profit in the second quarter last year and said it anticipated profitability for the full year.

The profit in sports betting came even in spite of a highly publicized $10 million bet Jim 'Mattress Mack' McIngvale placed – and won – on the Houston Astros winning the World Series in November.Ĭaesars also took a hit from Mattress Mack's baseball bet, which blocked its own ability to turn a profit in sports betting in the fourth quarter, according to results pre-released as a result of a debt refinancing.įanDuel, the U.S.

The performance helped lift the company's overall revenue for the period by nearly 1% to $1.6 billion.

Penn's interactive business, which also includes online casino games, made a $5.2 million profit on $208 million in revenue during the fourth quarter of 2022. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

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