Penn National Gaming announced a blockbuster sports betting deal with a number of operators on Wednesday, setting it up to be a major player in the online sportsbook field. It also gives the operators – DraftKings, PointsBet, theScore, and The Stars Group – much needed entry into several states.

A press release issued by Penn National breaks down the agreements with each online operator, including which states are covered, what priority the operator’s sportsbook skin will have in each state, the length of the agreement, and “key” financial terms. Let’s take a quick look at each.


The daily fantasy sports leader and growing sports betting operator inked a ten-year deal with Penn National Gaming. It will provide Penn National with a share of its net gaming revenue, though the percentage was not revealed.

DraftKings will gain access to Florida (1st skin priority), Indiana (3rd), Missouri (1st), Ohio (1st), Pennsylvania (1st), Texas (1st), and West Virginia (2nd). Pennsylvania is the highlight here, as its online sports betting industry is going strong and DraftKings had yet to be able to get in on the action. Not all of the states listed have even legalized sports betting yet (in addition to Pennsylvania, West Virginia and Indiana are the only ones that have), but this obviously prepares the companies for when and if it happens.


PointsBet’s agreement with Penn National is double what DraftKings’ is: 20 years. It will also share revenue with Penn. In addition, Penn National is going to take a 5.28% equity stake in PointsBet (via the subsidiary Penn Interactive Ventures) and receive $2.5 million for access to the Ohio market. Penn will also get more than 10 million options to acquire more shares of PointsBet. Those options are payable in two years.

Fewer states are covered in this deal: Indiana (2nd skin), Louisiana (1st), Missouri (1st), Ohio (1st), and West Virginia (3rd).


This agreement is also 20 years long and Penn will again receive a revenue share. Like with PointsBet, Penn will take an equity stake in theScore, 4.7%, which could increase “as additional market access fees become payable.”

Their deal has the longest list of covered states: Indiana (2nd skin), Iowa (2nd), Kansas (3rd), Louisiana (1st), Maine (3rd), Massachusetts (3rd), Michigan (3rd), Mississippi (1st), Missouri (2nd), Ohio (2nd), and Texas (2nd).

The Stars Group

A 20-year deal with revenue sharing and an upfront payment of $12.5 million. Another $5 million in cash will be paid for access to Texas “based on certain conditions.” The Stars Group will also pay a one-time bonus based on net gaming revenue in 2023.

States: Illinois (1st skin), Kansas (2nd), New Mexico (2nd), Maine (2nd), Massachusetts (2nd), Michigan (2nd), Ohio (1st), and Texas (1st).

“Sports betting represents an exciting new growth opportunity for Penn National,” said Penn National’s Senior Vice President of Interactive Gaming Jon Kaplowitz. “Our skin agreements announced today will help fund the cost of launching and maintaining our primary sports betting and iGaming operations, both by way of the upfront consideration and the long term revenue sharing arrangements, which are consistent with industry standards and subject to minimum guarantees.”

Penn National also announced that will use the platform of UK company Kambi for its land-based and online sportsbook offerings. Kambi said that the initial focus will be on getting brick-and-mortar sportsbooks up and running in Indiana and Iowa in the third quarter of this year. Online will come next year.

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