Here’s the latest news of the week regarding PA’s top online casinos: PA revenue nears $100 million, Penn National Gaming trading up, BetMGM records record-breaking first-quarter revenue, and Betway set to merge with Sports Entertainment Acquisition Corp.
Read on for more.
Online casinos in PA set a new record in March, nearing $100 million total for the first time.
Total revenue for the month across all casino operators equaled $95,287,972.
One key trend to watch in PA is that table games are outpacing online slots. This trend has been continuous since July 2020.
We expect to see online casinos continue to expand their table game offerings for PA players throughout the year.
Penn National Gaming, Inc. (NASDAQ:PENN) shares were trading up 5.9% this week after The Goldman Sachs Group raised their price target on the stock from $153 to $158.
The company has seen several positive reports, and projections continue to remain positive throughout the year.
The company currently has a consensus rating of "Buy."
BetMGM posted a total revenue of $178 million last year. The company is now expected to best that total by the beginning of Q2 this year.
BetMGM is currently ranked #1 for iGaming in the US and is active in each state where online casinos have been legalized.
BetMGM CEO Adam Greenblatt released a statement saying, “BetMGM has secured market access and demonstrated our ability to launch on day one effectively, so we will be there on day one wherever possible. The business is performing well ahead of expectations in both sports and gaming. All of this supports our confidence in achieving $1 billion of revenue next year.”
Betway’s holding company, Super Group, has entered into a merger agreement with Sports Entertainment Acquisition Corp. (SEAC).
The newly combined group will be listed on the New York Stock Exchange as “SGHC” and is forecast to post more than $1.5 billion in net gaming revenue and over $350 million in earnings in 2021.
Super Group chief executive Neal Menashe said in a statement, “Becoming a public company will give us the tools to continue to grow our leading product and technology offering and deliver a strengthened brand-driven marketing strategy. This listing will position us strongly to capitalize on the significant global growth opportunities ahead ‒ including in the US market ‒ enabling us to further expand our robust, loyal and engaged customer base.”