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Penn National Gaming has entered into a multi-year partnership with Capital Region Gaming to target the New York sports betting market. The announcement that came Monday will allow the Wyomissing-based casino company’s subsidiary, Penn Interactive, second-skin access to the New York mobile sports betting and online casino market, subject to legalization being enacted and regulatory approvals.
Though sports betting in the Empire State is currently limited to in-person, it could change any time this year following Gov. Cuomo’s recent change of heart in favor of the industry, which is already supported by a number of influential lawmakers.
More Details of the Deal
Under the 20-year strategic partnership, Rivers Casinos & Resort will provide Penn Interactive with “second skin” access to New York’s online sports betting and online casino market. The deal is not yet official as New York has not legalized online sports betting, and even after mobile sports betting is legalized, regulatory approval would be required to make the partnership a legal status. However, it is still exciting news for both parties.
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Penn National’s Sr. Vice President of Interactive Gaming, John Kaplowitz, said that it was the company’s major priority to gain access to New York, which is projected to become of the US’s most lucrative sports betting markets. He added that the company is “hopeful that the New York State Assembly will follow those leading revenue-producing states that allow for multiple skins for mobile sports betting.” He believes “a state the size of New York certainly warrants open competition and a free market approach.”
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Penn National and Rush Street also agreed to a deal that will help to extend sports betting in Maryland, Ohio, and Missouri. Though none of these states have legalized sports betting as of now, this year could bring changes to the status quo.
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Where is Penn Currently Operational?
Penn Interactive is currently operational in Pennsylvania and Michigan through its Barstool Sports mobile sportsbook app. The company plans to extend its digital access to as many as ten states or more by the end of this year. In addition, Penn Interactive launched its Barstool-branded iCasino in Michigan on February 1.
Kaplowitz said the company has been encouraged by Barstool’s strong performance in the state of Michigan where company registered more than 48,000 new customers and generated an overall handle of $27.5 million during the first days of its operation. Based on that performance, Kaplowitz reaffirmed the company’s confidence in its ability to grab considerable share in new markets like New York. “We hope to bring our exciting and one-of-its-kind brand of sports entertainment and online casino in the Empire State,” said Kaplowitz.
When Will Mobile Sports Betting Come To New York?
New York legalized retail sports betting through the 2013 New York Economic Gaming Act, allowing four upstate casinos in the Empire State to provide sports betting if the federal law banning the activity was amended or overturned. Since July 2019, New York has been offering in-person sports betting. However, there had been limited or no growth since then due to the lack of mobile betting options.
In January, Gov. Andrew Cuomo surprised everyone by announcing his support for legalizing mobile sports betting in New York to support the dwindling state economy. Though Cuomo, as well as many lawmakers, support the move, the process has progressed at a snail’s pace due to inherent differences. The Democrat governor wants to operate online sports betting in the monopolized form through the New York lottery, a process that the critics believe would stifle the industry’s growth. In contrast, lawmakers prefer to create New York sports betting akin to New Jersey, the nation’s biggest sports betting market, to ensure growth in an open market.
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