The sports and pop culture site, founded by the outspoken David Portnoy, plans to launch a sports betting app later this year to take on DraftKings. The stock surge seems to be fueled by Penn’s January purchase of a 36% stake in Barstool Sports for $163 million. (MGM), which have all plunged more than 30% this year. Penn’s performance is in stark contrast to some of its larger gaming rivals Wynn Resorts

And Penn announced Wednesday that 34 of its 41 properties have now resumed operations in 14 of the 19 states where it does its gaming and racing business. There’s a battle brewing between DraftKings and Barstool Sports backer Penn National Gaming – and this gambling-industry tussle could be as heated as the Yankees-Red Sox and Celtics-Lakers rivalries.ĭraftKings ( DKNG) has been a Wall Street darling, with the online sports and fantasy gambling outfit’s stock nearly doubling since it started trading in April - even as coronavirus forced major American sports leagues to shut down.īut casino owner Penn National Gaming’s shares have thrived, too: The stock is up nearly 30% in 2020 and has more than doubled in the past three months despite the lockdown.

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