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Penn National Appears to be Heading to New York

The rumor coming out of the New York sports betting market is that the state will be legalizing mobile betting this year. Governor Cuomo expressed his desire to legalize widespread mobile betting, so this is positive.

Governor Cuomo has been under fire for how he handled COVID-19 as of late, so mobile sports betting is probably not his main priority at the current moment. However, the majority of New York legislators support mobile betting, so the form of gambling seems likely soon.

The company behind Barstool Sportsbook, Penn National, has made plans to launch its sportsbook in New York when mobile gambling is legalized. Barstool Sportsbook is very popular in Pennsylvania and Michigan, so this news has excited New York bettors.

The Major Partnership for Penn National

On Monday, Penn National released the news that they have formed a strategic partnership with Capital Region Gaming, LLC. The deal between these two gambling conglomerates is a 20-year agreement where Rivers Casino & Resort Schenectady will utilize Barstool Sportsbook as its second online skin.

Landlocked casinos are expected to offer multiple online betting platforms, so Rivers Casino & Resort Schenectady will offer BetRivers and Barstool Sportsbook under their license.

The Deal is Still Pending

This deal is not official because the New York legislature still has not legalized mobile sports betting. The agreement is pending the legalization of New York mobile betting and online casino gaming.

If the legislature passes a mobile sports betting bill, Barstool Sportsbook will be one of the first mobile books to launch in New York. The New York market can be the most lucrative legal betting state in America because of the large number of residents and professional sports teams. Additionally, New York City is a destination that attracts many visitors that are likely to bet on sports.

There is a chance the legislature legalizes mobile betting but does not allow for mobile skins. Governor Cuomo’s original idea was to legalize one mobile book run by the state lottery. If this occurred, the Penn National deal would be nonexistent.

Penn National Senior Vice President Jon Kaplowitz stated, “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 National’s Growth

The online Barstool Sportsbook is available in Michigan and Pennsylvania. In a brief operating period, the book has been competitive with massive books like DraftKings and FanDuel. Penn National’s goal is to expand Barstool Sportsbook into ten states by the end of the year.

Penn National also launched a Barstool branded online casino on February 1st in Michigan. In the first ten days of mobile sports betting in Michigan, 48,000 people signed up for a Barstool Sportsbook account. A total handle of 27.5 million was generated in ten days which shows the excitement towards the book.

Barstool Sportsbook’s growth can be attributed to the sports media company, Barstool Sports, branding behind the betting platform. Barstool Sportsbook and Penn National formed their partnership in February of 2020.

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