2024-03-12 09:53:48 ET
Summary
- PENN Entertainment recently partnered with ESPN to launch ESPN Bet, expanding its sports betting and iCasino businesses.
- The company's profitability has been impacted by its efforts to gain market share in the sports betting market, resulting in losses and lower margins.
- The company's valuation is currently low, with a P/S multiple near its historical bottom, and the potential for revenue growth through ESPN Bet could drive stock price elevation.
Thesis
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PENN Entertainment: Wait For Reevaluation