PENN Entertainment is confident its iGaming and Barstool Sportsbook segment will hit profitability for all of 2023 after a positive October.
That is according to CEO Jay Snowden, who had plenty of positives to say about PENN’s interactive segment on Thursday‘s third-quarter conference call. PENN closed trading for the week Friday at $32.49, off its weekly high of $34.66.
The segment reported an adjusted EBITDA loss of $49.3 million for the quarter. That is up 54.1% over last year’s $32 million loss, though this year included $12.5 million in lobbying expenses for California sports betting and a $7.9 million payment processing fee adjustment.
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Snowden noted the segment’s profitable month came amid an average hold month for sports betting. He praised interactive’s strong revenue growth and PENN’s disciplined approach to marketing for turning the corner.