PENN’s online sports betting and iGaming sector saw a 65% quarter-over-quarter revenue growth despite a slower sports period.
Company reported a total revenue of $1.66 billion, down less than 1% from the same quarter in 2023, and a $26.8 million net loss. , the company took an Adjusted EBITDA loss of $102.8 million in Q2. Tax gross rose $82.1 million in the three-month quarter that ended June 30.
The retail business produced quarterly revenue of $1.4 billion, nearly identical to 2023’s Q2. Adjusted EBITDAR reached $496.6 million with margins of 34.8%. PENN reported a database growth to roughly 31 million members, including 3.8 million from digital products. Since the ESPN BET launch in November 2023, customers have increased by more than 81%.
“We plan to maintain our disciplined approach when it comes to customer acquisition and engagement when we launch in New York,” Snowden said. “Despite the challenging tax rate , we will benefit greatly from ESPN’s linear and digital reach there.” That’s a reason why PENN announced several new product offerings coming this fall, including an enhanced parlay feature set to launch by Week 1 of the NFL season.
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