Sell PENN

WildBill

WildBill

2
Barstool on opening day shit the bed. Site keeps logging me out and then location doesn't work. App doesn't even log me in. Talked to 5 others saying they have same issues.

Have zero issues with any other book.
 
V

Valuist

EOG Master
I'm guessing the online sports betting is a drop in the bucket for PENN. The stock fell 5 pct on Friday. Now over 30 pct off its high of over $127 in Feb. Might be a good entry point.
 
M

MrTop

EOG Master
WildBill said:
Barstool on opening day shit the bed. Site keeps logging me out and then location doesn't work. App doesn't even log me in. Talked to 5 others saying they have same issues.

Have zero issues with any other book.
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bill they say there will be only 3-5 books at the end


so i am guessing fan duel, DK , caesar , mgm and bet365
 
WildBill

WildBill

2
Valuist said:
I'm guessing the online sports betting is a drop in the bucket for PENN. The stock fell 5 pct on Friday. Now over 30 pct off its high of over $127 in Feb. Might be a good entry point.
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Online sports and casino are a small percentage of their revenues and make no profit yet. However, they seem to be about 95% of the reason why the stock went through the roof since they bought Barstool.
 
V

Valuist

EOG Master
Bill,

Any issues with their app for week 2? I'm curious on PENN. All the gaming companies got hit hard recently with news of Macau revenues way down. But PENN doesn't have any presence in Macau. Just went down in with the other industry stocks.
 
WildBill

WildBill

2
Valuist said:
Bill,

Any issues with their app for week 2? I'm curious on PENN. All the gaming companies got hit hard recently with news of Macau revenues way down. But PENN doesn't have any presence in Macau. Just went down in with the other industry stocks.
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Barstool worked good week 2. I bet on the computer mostly so not sure about how the apps were working, but inevitably that's the one that matters most.

I agree PENN going down in the Macau shitshow makes zero sense, especially since it wasn't about revenues, it was the threat of a few casinos potentially losing their licenses over there. I still think its a poor stock to own right now because I think investors are going to get impatient with sports betting making money at some point and PENN is clearly valued on their sports betting and Barstool ownership, not the large number of regional casinos they operate which are humming along just fine.
 
S

skinny

EOG Addicted
A commercial for the barstool app here in Pennsylvania had Stu Fiener promoting it.
That tells you all you need to know.
 
TobyTyler

TobyTyler

EOG Dedicated
Too much competition. In Jersey anyway. They will still get the loyal college kids and early 20s who have fun with their prop stuff, which are incorporated with their blogs/podcasts.
I got lucky with that dip in early/mid Aug,made 10% and got out
 
WildBill

WildBill

2
Valuist said:
Draft Kings is now down 30% from its high. Could be a decent entry point
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It will continue to go down until the massive overspend on Entain is not a possibility. Its good to see the real merger opportunities kick off, but the good deals that work are going to come later in the process. I don't see how #1 buying #3 at high valuations leads to a good outcome and I bet investors are thinking the same thing.
 
V

Valuist

EOG Master
WildBill said:
It will continue to go down until the massive overspend on Entain is not a possibility. Its good to see the real merger opportunities kick off, but the good deals that work are going to come later in the process. I don't see how #1 buying #3 at high valuations leads to a good outcome and I bet investors are thinking the same thing.
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Draft Kings, if/when I would enter a position, would not be a trade. There could be some short term additional downside. Long term, it is almost certainly a winner.
 
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