- Founded
- 1972-01-01 in Grantville, Pennsylvania, USA
- Headquarters
- Wyomissing, Pennsylvania, USA
Penn Entertainment, Inc., known until late 2023 as Penn National Gaming, is one of North America’s largest regional casino operators, with a strategic pivot toward online gambling and sports betting. Headquartered in Wyomissing, Pennsylvania, the company owns and operates over 40 gaming and racing properties across the United States and Canada, including casinos, racetracks, and off-track wagering facilities. It also holds a leading position in digital gaming through its Barstool Sportsbook brand (launched in 2021) and the subsequent ESPN BET partnership. In August 2023, Penn Entertainment announced a landmark, 10-year, $1.5 billion deal with ESPN to rebrand its online sportsbook as ESPN BET, replacing the Barstool Sportsbook app. This move dramatically expanded Penn’s reach into the mainstream sports media audience. Penn’s digital division includes the Score Media & Gaming (theScore) platform, acquired in 2021, which offers mobile sports betting and casino apps in the U.S. and Canada. On the B2B side, Penn operates Penn Interactive Ventures, which provides technology services and platform development for its own brands and potential third-party partners. The company’s retail portfolio includes iconic properties such as Hollywood Casino, Ameristar, River Downs, and Casino Rama. With a history dating back to 1972, Penn has grown through aggressive M&A, including the $2.8 billion acquisition of Pinnacle Entertainment in 2018 and the $2.1 billion acquisition of theScore in 2021. Its leadership has been driving a “digital-first” strategy, aiming to capture market share in the rapidly expanding U.S. online sports betting and iCasino sectors.
Detailed Review
Penn Entertainment’s evolution from a mid-Atlantic racetrack operator to a diversified gaming and digital entertainment powerhouse is a case study in strategic reinvention. Founded in 1972 as Penn National Race Course (a horse racing track) in Grantville, Pennsylvania, the company incorporated as Penn National Gaming in 1994. It went public on the NASDAQ in 1994 under the ticker PENN. The company’s early growth came from acquiring and developing regional casinos, often in partnership with Hollywood-themed branding. By the early 2010s, Penn operated nearly 30 casinos under names like Hollywood, Ameristar, and Boomtown.
The digital turning point came in 2020 when Penn acquired a 36% stake in Barstool Sports for $163 million, later buying the remainder in 2023 for $388 million. The Barstool Sportsbook launched in 2021, leveraging Barstool’s massive media following. However, regulatory friction – particularly over Barstool founder Dave Portnoy’s image – led Penn to seek a more mainstream partner. The August 2023 deal with ESPN was a seismic shift: Penn paid $1.5 billion over 10 years to license the ESPN brand, shut down Barstool Sportsbook, and launched ESPN BET in November 2023. ESPN BET is now Penn’s flagship online sportsbook, with deep integration into ESPN’s programming.
Penn’s retail segment remains strong, generating steady cash flow. Properties include Hollywood Casino at Penn National Race Course (the original property), Ameristar Kansas City, Casino Rama (Ontario), and Meadows Racetrack & Casino. The company also owns Score Media & Gaming, which operates theScore Bet app in Ontario and several U.S. states, and theScore media platform. On the technology side, Penn Interactive Ventures develops the underlying platform for both ESPN BET and theScore, making Penn a self-sufficient operator rather than relying on a third-party provider like Kambi or OpenBet.
In 2025, Penn faces intense competition from DraftKings, FanDuel, and newer entrants like BetMGM. Its strategy hinges on the ESPN integration – using sports media to drive customer acquisition at lower cost. Penn also continues to optimize its retail portfolio, selling underperforming assets (e.g., the sale of its JACK Entertainment properties in 2024) and investing in digital upgrades. The company has been criticized for high leverage after the ESPN deal, but management projects improved margins from the shift away from Barstool content.
Regulatory challenges remain: Penn operates in 20+ U.S. states plus Ontario, and each state’s licensing and compliance demands are complex. The company also runs its own horse racing operations (Penn National Race Course) and has a growing presence in iCasino (online slots and table games) through the Hollywood Casino-branded app. As of early 2025, Penn is focused on achieving profitability in online operations while maintaining its retail stronghold.
Key Products
ESPN BET
Flagship online sports betting app (replacing Barstool Sportsbook in Nov 2023). Powered by Penn's proprietary technology.
theScore Bet
Mobile sportsbook and casino app operating in Ontario, New Jersey, Indiana, Colorado, and others; part of Penn’s Score Media acquisition.
Hollywood Casino Online / Hollywood Casino App
iCasino platform offering virtual slots, table games, and live dealer, available in Pennsylvania, New Jersey, Michigan, West Virginia, and others.
Barstool Sportsbook
Discontinued in 2023 but still accessible for existing users in some states under legacy agreements; no longer in active marketing.
Hollywood Casino
Retail brand operating over 20 brick-and-mortar casinos across the U.S., including locations like Hollywood Casino at Penn National, Hollywood Casino York (PA), Hollywood Casino Columbus (OH), etc.
Ameristar Casinos
Regional casino brand (e.g., Ameristar Kansas City, Ameristar Vicksburg).
Boomtown Casinos
Casual casino brand (e.g., Boomtown New Orleans, Boomtown Reno).
Casino Rama
Major gaming resort in Ontario, Canada, owned and operated by Penn.
Score Media
Sports news and digital media platform (theScore app) retained from theScore acquisition; provides content and user acquisition funnel.
Penn Interactive Ventures
B2B technology arm that develops and licenses the platform for Penn’s own brands and potentially third parties (e.g., the platform behind ESPN BET).
Offices & Headcount
21500 employees (approx.)
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