Penn's sports betting business posts head-turning fourth quarter profit
Publishing timestamp: 2023-02-02 13:50:22
Summary
Penn Entertainment became the first US gambling company to post a profit in its sports betting business during the fourth quarter of 2022. This was despite a $10 million bet that Jim "Mattress Mack" McIngvale placed and won on the Houston Astros winning the World Series. Penn credits its profitability to its marketing approach which differs from its competitors. Shares declined on Thursday after the CEO blamed lackluster fourth quarter earnings on bad weather in December.
Sentiment: POSITIVE
Tickers: FLTR-GB, .BBKA, DKNG, PENN,
Keywords: business, deutsche bank ag, entertainment, flutter entertainment plc, sports, penn entertainment inc, business news, united states, gambling, draftkings inc,
Source: https://www.cnbc.com/2023/02/02/penn-sports-betting-fourth-quarter-profit.html