ESPN Bet Makes a Winning Debut in the US Sports Gambling Market
Date: 2023-11-21 Author: Dima Zakharov Categories: SPORTS BETTING, EVENTS
Positive Impact on Penn’s Stock
The debut of ESPN Bet had an immediate positive effect on Penn Entertainment's stock. Following the launch, the Bank of America upgraded Penn’s stock rating from neutral to buy. Analyst Shaun Kelley noted the strong performance of ESPN Bet across the United States, reflecting its quick rise in popularity.
Chart-Topping Success
ESPN Bet rapidly climbed the charts, securing top positions on the Apple store since its Tuesday debut. With an impressive 4.8 rating on the App Store and a remarkable 865,000 downloads, the sports gambling app demonstrated its appeal to a broad audience.
Financial Implications
Penn’s stock price also saw an uptick, increasing from $27 to $30 after the successful launch. The market responded positively, with Penn Entertainment’s stock rising over 7% on Monday. Kelley emphasized ESPN Bet's unexpected strength in initial downloads and praised the app's disciplined promotional offers.
