PENN Entertainment to Debut New Standalone iGaming App
PENN Entertainment CEO Jay Snowden revealed today during the company’s second-quarter report that its standalone Hollywood Casino iGaming app will be debuting soon.
Snowden revealed the new standalone Hollywood Casino iGaming app will be debuting in “early 2025.”
Additionally, PENN Entertainment has reported growth in its average monthly active users from Q2 2023 through Q2 2024.
Meaningful Growth in Digital Database
PENN Entertainment reported net income losses of $26.8 million for the second quarter of 2024, with its PENN Interactive division reporting adjusted EBITDA loss of $102.8 million. The Interactive division includes ESPN BET and iGaming revenues for the company.
Overall, the company reported $1.9 billion in total liquidity, inclusive of $877.6 million cash and cash equivalents.
With the new Hollywood Casino iGaming app debuting in early 2025, the average monthly active users for PENN Entertainment’s total digital database should continue to grow. According to Snowden, PENN Entertainment’s total digital database includes 3.8 million active users across its online sports betting and iGaming platforms. It’s digital database has increased by 81% since ESPN BET launched on Nov. 14, 2023.
Year-over-year growth was also positive, as the company reported a 138% growth in monthly active users in Q2 2024 compared with Q2 2023. In the second-quarter of 2023, PENN Entertainment reported 196,000 monthly active users through its iGaming and online sports betting platforms. In its most recent quarter, the company reported 465,000 monthly active users throughout its digital platforms.
Online sports betting monthly active users increased by 142% in Q2 2024 compared with Q2 2023, while iGaming monthly active users increased by 123% over that same span.
Increased Growth From New iGaming Products
Snowden also reported PENN Entertainment will be releasing several new iGaming products through Penn Game Studios, and will be increasing the breadth of its popular 3P content.
Finally, promo credits will be coming soon across the company’s iGaming platforms.
“Cross-sell opportunities from our ESPN BET customers remain a key growth driver for us, as our PENN Play database has grown to approximately 31 million members, including 3.8 million in our digital database, which is an increase of more than 80% since the launch of ESPN BET. We are also making solid progress on our four development projects, all of which remain on budget and on schedule,” Snowden said in a press release.
Robert Linnehan
Covering regulatory developments in online gambling. Editing/writing/creating a newsletter for readers across all formats.
