Tag Archives: Penn Entertainment

Playing the long game

Playing the long game

Last week, sports betting solutions provider Kambi and Penn Entertainment finalised the terms of their long-awaited migration deal, wherein Penn’s online and retail sportsbooks will migrate to its proprietary technology. Marese O’Hagan speaks to Kambi CEO Kristian Nylén about the future of the deal and the rise of vertical integration.

In August 2021, Penn Entertainment – then known as Penn National Gaming – announced that it would acquire Canadian sportsbook theScore for $2.0bn (£2.79bn/€2.05bn). The plan was to migrate Penn’s betting products onto a platform created by theScore, which did not yet exist at the time of the deal.

Having worked with Penn since 2019, this deal came as a disappointment to Kambi. From Kambi’s perspective, it was losing a vital client to a platform that had not yet been created. And it certainly didn’t help that the announcement came on the back of the migration of another high-profile client in DraftKings.

The finalisation of Kambi and Penn’s migration a..

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Penn exercises options to acquire remainder of Barstool

Penn exercises options to acquire remainder of Barstool

Penn Entertainment – the business formerly known as Penn National Gaming – has exercised its option to acquire all remaining shares of media brand Barstool Sports.

Penn acquired a 36% stake in Barstool for $161.2m in 2020, after which it rebranded its sportsbook product to bear the Barstool brand name.

The operator would then increase its stake in Barstool beyond 50% – paying $62.0m for a further 14% stake – within three years. Penn was also granted immediately exercisable call rights that would allow it to acquire the remainder of the media business, “based on a fair market value calculation”.

In February of this year, Penn then revealed that it planned to exercise these options and control the entire Barstool business by early 2023.

Read the full story on iGB North America

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