Barstool Sportsbook App Coming to Indiana
Barstool Sportsbook app has been approved and is ready to launch in Indiana this week.
The Barstool sportsbook app is coming to Indiana. The launch date will coincide with the beginning of the NBA playoffs and the Indianapolis 500. Penn National Gaming revealed last week that the Indiana Gaming Commission had approved its application. Following this, the company announced that they intend to launch the app on May 18 (today), pending any final regulatory approvals.
The app may not suit all players and BetMGM may be a far better choice.
Indiana will the fourth state in which the Barstool app is live. The Hoosier State will join Illinois, Michigan, and Pennsylvania. The fact that Barstool is entering another online betting market should come as no surprise. Penn National Gaming CEO Jay Snowden discussed the growth strategy for the company during an earnings call in February. Snowden states that he wanted online operations in 10 states by the time the NFL season starts in September.
Snowden said that they are “thrilled to be launching our online Barstool Sportsbook in Indiana,” adding that it comes just in time for the start of the NBA’s new playoff format. Discussing the retail Barstool Sportsbooks at Ameristar Casino East Chicago and Hollywood Casino Lawrenceburg, Snowden said they have been “very well received by our customers since opening this past December.” Additionally, he was keen to build excitement for Indiana residents, saying that through the app, they can now engage with Barstool personalities such as Dave Portnoy and Dan ‘Big Cat’ Katz.
Timing of Launch is Perfect
Barstool will offer numerous types of wagers in Indiana. Some of the promotions will include parlay insurance, risk-free bets, and several ways to bet on the NBA playoffs and Indianapolis 500. The playoffs begin on May 18, and the Indiana Pacers will face the Charlotte Hornets for the right to progress. The Indy 500 is scheduled for May 30, and last month, the state revealed that 135,000 fans would be allowed to attend.
Snowden said that as Penn is the only operator with an integrated sports media and entertainment partner, they have the “unique ability” to attract new and existing customers to enjoy interactive gaming and sports betting options. He said the launch in Indiana is another “important step in our Company’s evolution” as they look to build on its growth strategy.
Barstool Earnings Receive Boost
Penn National posted revenue of $1.27 billion for the first quarter of 2021. Additionally, they reported an Adjusted EBITDAR, taxes, amortization, and restructuring or rent costs of $447 million.
The total sports betting handle in Indiana for April of $236.4 million. This was a 25.4% decrease from the $316.7 million it reported in March.
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