{"product_id":"pennentertainment-business-model-canvas","title":"PENN Entertainment Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN Entertainment Business Model Canvas - Download the Strategic Playbook for Investors \u0026amp; Strategists\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eInstantly access the strategic blueprint behind PENN Entertainment. This concise Business Model Canvas distills the company's value propositions, customer segments, revenue streams, and key partnerships that power its integrated casino, sports-betting, and media ecosystem. Ideal for investors, strategists, and operators looking for actionable insights to evaluate opportunities, benchmark performance, and adapt PENN's proven playbook. Download editable Word and Excel files to model scenarios, accelerate decisions, and apply these tactics to your own plans.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Alliance with ESPN\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe long-term ESPN alliance is PENN Entertainment's primary customer-acquisition engine for ESPN BET, tapping ESPN's ~90 million monthly U.S. viewers and driving a 2024-reported 40% of new sportsbook signups via on-air and digital promotions. Exclusive ESPN content integrations and promo segments boost brand visibility and funnel high-intent traffic to PENN's digital sportsbook and iCasino platforms.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState Gaming Commissions and Regulators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMaintaining operational licenses requires close partnerships with state gaming commissions across PENN Entertainment's 18 US jurisdictions and Canada, ensuring compliance with evolving laws and responsible-gaming mandates that helped keep 2024 regulatory-related expenses near $120M. Ongoing dialogue with regulators enables market entry as 2024 saw PENN expand sports betting\/iGaming footprints, contributing to its $6.1B FY2024 revenue.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProfessional Sports Leagues and Teams\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN partners with the NFL, NHL and MLB for official data feeds and marketing rights, enabling authentic ESPN BET placements in stadiums and broadcasts; as of 2024 these league deals helped drive a 2024- Q3 US digital handle increase, contributing to PENN's $1.7B domestic online revenue in 2024. These alliances enable specialized markets (player props, in-play) and exclusive fan experiences like stadium-integrated odds and team-branded promotions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGaming Equipment and Tech Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN combines in-house platforms with third-party hardware and software for land casinos, sourcing ~60-70% of new slot cabinets and table-game tech from vendors to refresh floors; these partnerships supported ~56% of gaming revenue at Q4 2025 across physical properties. \u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eVendors supply latest slot cabinets and RNG systems\u003c\/li\u003e\n\u003cli\u003eTable-tech and electronic table games improve yield\u003c\/li\u003e\n\u003cli\u003eSecurity\/ID suppliers reduce fraud and compliance costs\u003c\/li\u003e\n\u003cli\u003eRegular refreshes keep properties competitive\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLocal Community and Horse Racing Associations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN Entertainment partners with local municipalities and racing associations to operate 19 racetracks and regional casinos, keeping venues tied to local economies and supporting a horse-racing ecosystem that generated about $1.4B in statewide wagering handle at key properties in 2024.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e19 racetracks\/casinos operated\u003c\/li\u003e\n\u003cli\u003e$1.4B wagering handle (selected properties, 2024)\u003c\/li\u003e\n\u003cli\u003eJoint marketing for events and development projects\u003c\/li\u003e\n\u003cli\u003eLocal tax and employment integration\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN's Partnerships Power $1.7B Online Revenue - ESPN, Leagues, Regulators \u0026amp; Racetracks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's key partnerships - ESPN alliance (40% of 2024 sportsbook signups; ~90M monthly ESPN viewers), leagues (NFL\/NHL\/MLB data\/rights boosting digital handle to support $1.7B online revenue in 2024), regulators (18 US jurisdictions + Canada; ~$120M 2024 regulatory costs), vendors (60-70% of new slot buys; casino floors ~56% gaming revenue Q4 2025), racetracks (19 venues; $1.4B wagering handle 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003cth\u003e2024\/2025 figure\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eESPN\u003c\/td\u003e\n\u003ctd\u003e% new signups \/ reach\u003c\/td\u003e\n\u003ctd\u003e40% \/ ~90M monthly\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeagues\u003c\/td\u003e\n\u003ctd\u003eDigital revenue support\u003c\/td\u003e\n\u003ctd\u003e$1.7B online revenue (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulators\u003c\/td\u003e\n\u003ctd\u003eCompliance cost\u003c\/td\u003e\n\u003ctd\u003e~$120M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVendors\u003c\/td\u003e\n\u003ctd\u003eSlot sourcing \/ floor rev\u003c\/td\u003e\n\u003ctd\u003e60-70% new slots \/ 56% gaming rev Q4 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRacetracks\u003c\/td\u003e\n\u003ctd\u003eVenues \/ wagering\u003c\/td\u003e\n\u003ctd\u003e19 venues \/ $1.4B handle (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA comprehensive Business Model Canvas for PENN Entertainment outlining customer segments (casino patrons, online bettors, advertisers), value propositions (integrated land-based and digital gaming, loyalty programs), channels (casinos, mobile apps, online platforms), revenue streams (gaming, sports betting, F\u0026amp;B, advertising), key partners, activities, resources, cost structure, and competitive advantages, designed for investor presentations and strategic analysis.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eHigh-level snapshot of PENN Entertainment's integrated gaming and hospitality model with editable cells to streamline strategy reviews and stakeholder briefings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eManagement of Land-Based Casino Operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cppenn entertainment operates daily at land-based casinos and racetracks across north america managing gaming floors hotels f to drive guest spend retention. in operations generated about billion of adjusted property ebitda funding digital investments supporting the company online expansion plans.\u003e\n\u003c\/ppenn\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Product Development and Optimization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN invests heavily in its proprietary tech for ESPN BET and Hollywood Casino, spending an estimated $150-200 million on digital product development and IT in 2024 to fund software engineering, UI design, and new betting features that drove a 28% YoY digital revenue increase in FY2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarketing and Customer Acquisition Strategy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN runs aggressive marketing across retail and digital channels, spending about $1.2B on promotions and player reinvestment in 2024 to grow users via TV, outdoor ads, social, and in-casino cross-promo with ESPN BET; analytics-driven targeting lifted VIP acquisition ROI by ~25% and reduced CPA on digital sign-ups 18% year-over-year.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRisk Management and Odds Setting\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePENN's sportsbook hedges exposure from shifting lines and big tickets using real-time models and liability limits; in 2024 PENN reported $1.6B sports-betting handle and targeted hold margins near 8-10% to protect EBITDA.\u003c\/p\u003e\n\u003cp\u003ePENN runs live-monitoring, third-party analytics, and automated layoff bets to keep payout volatility low; effective risk controls preserved a positive sportsbook contribution margin in FY2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 handle $1.6B\u003c\/li\u003e\n\u003cli\u003eTarget hold 8-10%\u003c\/li\u003e\n\u003cli\u003eLive monitoring + automated layoffs\u003c\/li\u003e\n\u003cli\u003eLiability limits per event\/ticket\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory Compliance and Responsible Gaming\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePENN enforces company-wide regulatory compliance, running KYC and anti-money-laundering systems across retail casinos and Barstool Sportsbook; compliance costs were about $240 million in 2024 and recurring monitoring covers HR, ops, IT, and finance.\u003c\/p\u003e\n\u003cp\u003eIt invests in responsible-gaming programs-self-exclusion, age verification, spend limits-reporting 2024 outreach to 1.2 million customers and funding $18 million to treatment and prevention to protect users and preserve its license.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCompany-wide KYC\/AML: continuous across channels\u003c\/li\u003e\n\u003cli\u003e2024 compliance spend: ~$240 million\u003c\/li\u003e\n\u003cli\u003eResponsible-gaming reach: 1.2M customers in 2024\u003c\/li\u003e\n\u003cli\u003eResponsible-gaming funding: $18M in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN: $3.9B EBITDA, $1.6B Handle; $150-200M Digital Capex, 8-10% Sportsbook Hold\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN runs ~60 casinos\/racetracks and ESPN BET operations, generating ~$3.9B adjusted property EBITDA in 2024 and $1.6B sports-handle; digital capex was ~$150-200M and marketing\/promotions ~$1.2B. Compliance and responsible-gaming cost ~$258M combined (compliance $240M; RG $18M), while sportsbook targets 8-10% hold with live monitoring and automated layoffs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted property EBITDA\u003c\/td\u003e\n\u003ctd\u003e$3.9B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSports handle\u003c\/td\u003e\n\u003ctd\u003e$1.6B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital capex\u003c\/td\u003e\n\u003ctd\u003e$150-200M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarketing\/promotions\u003c\/td\u003e\n\u003ctd\u003e$1.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance\u003c\/td\u003e\n\u003ctd\u003e$240M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResponsible gaming\u003c\/td\u003e\n\u003ctd\u003e$18M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTarget sportsbook hold\u003c\/td\u003e\n\u003ctd\u003e8-10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Document Unlocks After Purchase\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document you're previewing is the actual PENN Entertainment Business Model Canvas-not a mockup or sample-and it matches exactly the file you'll receive after purchase.\u003c\/p\u003e\n\u003cp\u003eWhen you complete your order, you'll download this same professional, ready-to-edit document in its full form, formatted for immediate use in Word and Excel.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or missing pages: what you see is what you'll own, ready to present, share, and adapt.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eesources\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePortfolio of Physical Gaming Properties\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN Entertainment owns and operates about 41 casinos and racetracks across 19 U.S. states (2025), creating a broad regional footprint that drives $3.8B in 2024 gaming revenue and anchors local brand presence.\u003c\/p\u003e\n\u003cp\u003eThese properties serve as physical hubs for cross-promoting digital products-on-site marketing, kiosks, and loyalty integration helped lift PENN's iCasino and sportsbook intake, contributing to a 22% year‑over‑year digital gross win gain in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eThe ESPN BET Brand Identity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe exclusive ESPN BET name is a high-value intangible: PENN reported in 2024 that ESPN BET branding helped lift online handle growth by ~30% year-over-year in Q4 2024 versus peers, reducing generic customer-acquisition spend by an estimated $40-60 per new depositor.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProprietary Technology Stack\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOwning its proprietary technology stack lets PENN Entertainment control end-to-end user experience, cut dependency on third parties, and deploy features faster-PENN reported in 2024 it reduced tech partner fees by ~30%, saving an estimated $45M annually; the stack also enables unified data across online sportsbook, iCasino, and retail, improving ARPU and shortening time-to-market for new products by months.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN Play Loyalty Database\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe PENN Play loyalty database holds millions of active members-PENN reported ~12 million loyalty members company-wide as of Q4 2025-giving a unified view of customer activity across casinos, sportsbooks, and online gaming; it powers personalized marketing and analytics to drive higher retention and lifetime value.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~12 million members (Q4 2025)\u003c\/li\u003e\n\u003cli\u003eDrives targeted promotions across retail + digital\u003c\/li\u003e\n\u003cli\u003eRaises retention and customer LTV via personalization\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGaming Licenses and Market Access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN's portfolio of state-issued gaming licenses is a critical barrier to entry, enabling legal operation in 20 US states and Ontario, Canada as of Q4 2025 and supporting $5.2B revenue in FY2024.\u003c\/p\u003e\n\u003cp\u003eLicenses cover physical casinos and online permits (sports betting and iGaming), essential for national scale and cross-sell between retail and digital channels.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e20 US states + Ontario (2025)\u003c\/li\u003e\n\u003cli\u003e$5.2B PENN FY2024 revenue\u003c\/li\u003e\n\u003cli\u003eBoth retail and digital permits\u003c\/li\u003e\n\u003cli\u003eHigh regulatory moat, limited transferable supply\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN: 41 properties, $5.2B revenue, ESPN BET lift \u0026amp; 12M loyalty members\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's key resources: 41 casinos\/racetracks (19 states, 2025), proprietary tech stack saving ~$45M\/year, exclusive ESPN BET branding driving ~30% Q4 2024 handle lift, PENN Play ~12M members (Q4 2025), and licenses in 20 US states + Ontario enabling $5.2B FY2024 revenue.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eResource\u003c\/th\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eYear\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eProperties\u003c\/td\u003e\n\u003ctd\u003e41 sites, 19 states\u003c\/td\u003e\n\u003ctd\u003e2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech savings\u003c\/td\u003e\n\u003ctd\u003e~$45M\/year\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eESPN BET\u003c\/td\u003e\n\u003ctd\u003e~30% Q4 handle lift\u003c\/td\u003e\n\u003ctd\u003eQ4 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty\u003c\/td\u003e\n\u003ctd\u003e~12M members\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLicenses\u003c\/td\u003e\n\u003ctd\u003e20 US states + Ontario\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue\u003c\/td\u003e\n\u003ctd\u003e$5.2B\u003c\/td\u003e\n\u003ctd\u003eFY2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eV\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ealue Propositions\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIntegrated Omni-Channel Gaming Experience\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN links casino visits with BetMGM sports betting and Barstool iCasino so customers move seamlessly between retail and mobile; in 2024 PENN reported mobile revenue up 28% and loyalty redemptions across channels accounted for 35% of gaming spend, letting players earn and redeem rewards anywhere and delivering convenience and continuity pure-play digital or retail operators struggle to match.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExclusive ESPN-Themed Content and Betting\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe ESPN BET integration links Penn Entertainment's sportsbook to ESPN's 2024 average daily U.S. TV viewership of ~8.3 million, offering live, broadcast-driven prop bets, expert analysis segments, and ESPN-promoted promos that lifted sportsbook handle by 15% on partner days during Q4 2024; this draws avid fans seeking immersive, media-synced wagering and higher engagement per user.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eComprehensive Resort and Entertainment Amenities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's resorts pair gaming with high-end dining, upscale hotels, and live shows-helping drive stayover guests and higher spend per visit; in 2024 PENN reported 45% of domestic revenue from regional resort operations and non-gaming amenities boosting ADR (average daily rate) by ~12% versus gaming-only peers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Loyalty Rewards via PENN Play\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe PENN Play program drives measurable loyalty with tiered rewards-free play credits, dining discounts, and complimentary hotel nights-raising the effective return per gaming dollar and shortening payback on spend; in 2024 PENN reported loyalty members generated roughly 45% of casino revenue, showing concentrated value capture.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTiered perks: free play, dining, hotel\u003c\/li\u003e\n\u003cli\u003eCross-brand rewards keep spend in PENN\u003c\/li\u003e\n\u003cli\u003eMembers ~45% of casino revenue (2024)\u003c\/li\u003e\n\u003cli\u003eBoosts perceived value per dollar spent\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSecure and Trustworthy Digital Platforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePENN offers a regulated, secure online wagering platform backed by 50+ years in gaming; in 2024 PENN reported $1.9B cash flow from operations, supporting PCI-compliant payments, sub-24-hour avg withdrawals, and SOC 2-style controls.\u003c\/p\u003e\n\u003cp\u003eThat security and transparent reporting reduced chargebacks to under 0.5% in 2024, helping retain customers wary of unregulated sites.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e50+ years industry history\u003c\/li\u003e\n\u003cli\u003e$1.9B 2024 operating cash flow\u003c\/li\u003e\n\u003cli\u003esub-24-hour average withdrawals\u003c\/li\u003e\n\u003cli\u003ePCI compliance and SOC 2-style controls\u003c\/li\u003e\n\u003cli\u003echargebacks \u0026lt;0.5% in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN's omni-channel lift: mobile +28%, ESPN reach drives +15% handle, resorts boost spend\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN combines retail casinos, BetMGM sportsbook, and Barstool iCasino for seamless omni-channel play (mobile revenue +28% in 2024; loyalty redemptions 35% of gaming spend), leverages ESPN BET to reach ~8.3M daily viewers boosting handle +15% on partner days, and captures higher spend via resort amenities (45% domestic revenue from regional resorts; ADR +12% vs peers).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile revenue growth\u003c\/td\u003e\n\u003ctd\u003e+28%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty redemptions of gaming spend\u003c\/td\u003e\n\u003ctd\u003e35%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eESPN avg daily US viewers\u003c\/td\u003e\n\u003ctd\u003e~8.3M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHandle lift on partner days\u003c\/td\u003e\n\u003ctd\u003e+15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic revenue from resorts\u003c\/td\u003e\n\u003ctd\u003e45%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eADR vs gaming peers\u003c\/td\u003e\n\u003ctd\u003e+12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Relationships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN Play Loyalty Program Engagement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN Play tracks and rewards activity across PENN Entertainment's 43 casinos and online platforms, driving repeat visits with personalized offers and tiered benefits; in 2024 the program accounted for an estimated 55% of domestic gaming revenue, per company disclosures. Using CRM data and loyalty segmentation, PENN targets its top 20% of players who generate roughly 70% of EBITDA, keeping constant connection and lift in spend.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVIP and High-Host Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN assigns dedicated hosts and bespoke services to high-value players at its casinos, offering one-on-one attention, tailored gaming experiences, and exclusive event invites to boost loyalty. These VIP programs drive disproportionate profit: in 2024 top-tier patrons generated an estimated 25-30% of gaming revenue while representing under 5% of customers, making VIP retention essential to sustaining high-margin returns.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommunity Engagement via Social Media\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN engages fans via active channels (X, Facebook, Instagram, Reddit) and its Penn Interactive loyalty forums, building a community where players share experiences and join contests; social campaigns drove a 14% YoY growth in Penn Entertainment's digital engagement and helped DoubleDown Interactive report over $200M revenue in 2024. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eResponsible Gaming Support Systems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN prioritizes customer safety by offering self-exclusion, deposit limits, and educational tools; in 2024 the company reported rolling out expanded responsible-gaming features across 40+ properties and online platforms, reducing at-risk play incidents by 12% year-over-year.\u003c\/p\u003e\n\u003cp\u003eThe proactive program supports sustainable, ethical relationships, aligning with industry best practices and regulatory expectations while protecting lifetime value and brand trust.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSelf-exclusion across 40+ properties\u003c\/li\u003e\n\u003cli\u003eDeposit \u0026amp; session limits available online\u003c\/li\u003e\n\u003cli\u003eEducational resources and staff training\u003c\/li\u003e\n\u003cli\u003e12% drop in at-risk incidents (2024 YoY)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAutomated and Personalized Digital Marketing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN uses the ESPN BET app and targeted email campaigns to send automated, behavior-driven content and promos-driving repeat engagement; in 2024 digital handle via ESPN BET contributed to PENN's $4.2B total wagers and digital revenue growth of ~18% YoY.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eBehavioral triggers: app push, email, in-play alerts\u003c\/li\u003e\n\u003cli\u003ePersonalization: sports- and preference-based offers\u003c\/li\u003e\n\u003cli\u003eScale: millions of users, automated retention at low marginal cost\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN Play, ESPN BET fuel 18% digital growth-loyalty drives 55% of gaming revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN Play and ESPN BET drive repeat spend with personalized offers and VIP hosts; in 2024 loyalty accounted for ~55% of domestic gaming revenue and top 20% of players produced ~70% of EBITDA. Responsible-gaming tools rolled out across 40+ properties cut at-risk incidents 12% YoY, while digital handle hit $4.2B with ~18% digital revenue growth.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty share of gaming rev\u003c\/td\u003e\n\u003ctd\u003e~55%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop 20% players EBITDA\u003c\/td\u003e\n\u003ctd\u003e~70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop-tier revenue share\u003c\/td\u003e\n\u003ctd\u003e25-30%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital handle (ESPN BET)\u003c\/td\u003e\n\u003ctd\u003e$4.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital rev growth\u003c\/td\u003e\n\u003ctd\u003e~18% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProperties with self-exclude\u003c\/td\u003e\n\u003ctd\u003e40+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAt-risk incidents change\u003c\/td\u003e\n\u003ctd\u003e-12% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ehannels\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional Land-Based Casinos and Racetracks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePhysical venues drive PENN Entertainment's retail gaming and hospitality income, with ~43 regional casinos and racetracks across North America generating $3.4 billion in 2024 property-level gaming and F\u0026amp;B revenue, and anchoring the PENN Play loyalty ecosystem.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eESPN BET Mobile Application and Website\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eESPN BET mobile app and website serve as PENN Entertainment's flagship digital channel, letting users place wagers across legal US jurisdictions and driving 68% of PENN's FY2024 digital revenue of $1.1B; the mobile-first UX tightly integrates ESPN editorial, video, and live data to boost engagement and average revenue per user. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHollywood Casino iGaming Platform\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's Hollywood Casino iGaming platform delivers digital slots and table games in legalized states, often integrated into the Barstool\/Score sportsbook app or available standalone, driving high-margin revenue; iGaming contributed about $450 million in 2024 gross gaming revenue (GGR), roughly 18% of PENN's digital GGR that year. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eESPN Media Network Integration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpespn tv and digital reach amplifies penn sportsbook via espn bet branding during live games news segments articles driving customer acquisition to apps reaches million us viewers weekly nielsen espn.com logged monthly unique visitors in boosting conversion potential.\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\u003cli\u003eMass reach: ~90M weekly TV viewers (Nielsen 2024)\u003c\/li\u003e\u003cli\u003eDigital scale: ~73M monthly uniques (ESPN 2024)\u003c\/li\u003e\u003cli\u003eBranding: live odds and promos during broadcasts\u003c\/li\u003e\n\u003c\/pespn\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSocial Media and Digital Advertising\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cppenn uses x instagram and facebook for targeted ads live engagement during major sports driving app downloads-social campaigns lifted q3 digital wagering registrations by year-over-year cpcs averaged\u003e\n\u003cpdigital ads enable precise demographic and interest targeting penn allocates of its marketing spend to social improving roas by versus display alone.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePlatforms: X, Instagram, Facebook\u003c\/li\u003e\n\u003cli\u003eQ3 2025: +18% digital wagering registrations\u003c\/li\u003e\n\u003cli\u003eAvg CPC: $0.45\u003c\/li\u003e\n\u003cli\u003e2025 marketing spend to social\/digital: ~22%\u003c\/li\u003e\n\u003cli\u003eROAS vs display: 1.3x\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pdigital\u003e\u003c\/ppenn\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN's Omnichannel Engine: Casinos + ESPN BET + iGaming + Media Fuel High‑Margin Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePhysical casinos (≈43 properties) + ESPN BET app (68% of $1.1B FY2024 digital revenue) + iGaming (~$450M GGR 2024) + ESPN media reach (~90M weekly TV, 73M monthly web) and social ads (Q3 2025 +18% registrations, $0.45 CPC, 22% marketing spend) form PENN's omnichannel distribution funnel driving acquisition, cross-sell, and high-margin digital growth.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003eKey 2024-25 Metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCasinos\u003c\/td\u003e\n\u003ctd\u003e≈43 properties; $3.4B property revenue (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eESPN BET\u003c\/td\u003e\n\u003ctd\u003e68% of $1.1B digital rev (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiGaming\u003c\/td\u003e\n\u003ctd\u003e$450M GGR (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eESPN Media\u003c\/td\u003e\n\u003ctd\u003e90M weekly TV; 73M monthly web (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSocial Ads\u003c\/td\u003e\n\u003ctd\u003e+18% regs Q3 2025; $0.45 CPC; 22% spend (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Segments\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTraditional Retail Casino Enthusiasts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTraditional retail casino enthusiasts prefer on-site slots, table games, and in-person socializing; often aged 55+, they account for ~65% of PENN Entertainment's 2024 net gaming revenue from brick-and-mortar properties and are the primary users of the PENN Play rewards program, which had ~13 million active members at year-end 2024 and drove loyalty-related spend uplift of about 18%.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital-First Sports Bettors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDigital-first sports bettors are mainly younger, mobile-native users-median age ~33 in U.S. online bettors (2024 American Gaming Association)-who favor ESPN BET for competitive odds, app ease, and diverse markets; mobile sports wagering accounted for ~85% of U.S. sports-betting handle in 2024 (American Gaming Association), making this cohort PENN's core growth driver and highest-ARPU segment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCasual Sports Fans and ESPN Viewers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBy leveraging the ESPN brand, PENN targets casual sports fans and ESPN viewers who wager occasionally; ESPN-affiliated marketing helped PENN (ESPN BET joint venture) reach ~11m registered users by end-2024, widening reach beyond sharp bettors. Media integration and simple bet types-prop bets, same-game parlays-drive engagement on broadcasts and app, offering a clear path to grow market share in the US sports-betting market, valued at ~$24bn gross gaming revenue in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOnline Casino and iGaming Players\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOnline casino and iGaming players prioritize digital slots, poker, and table games over sports betting, seeking high-fidelity graphics, diverse themes, and at-home convenience; PENN's iGaming revenue mix-which grew 28% year-over-year to $1.02 billion in FY2024-shows this segment's high-margin consistency.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh-margin: iGaming gross gaming revenue \u0026gt;65% of digital GGR in 2024\u003c\/li\u003e\n\u003cli\u003eEngagement: avg. monthly active users up 22% YoY\u003c\/li\u003e\n\u003cli\u003eValue: repeat-player LTV 2-3x sportsbook peers\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh-Stakes VIP Players\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eHigh-Stakes VIP Players are a small, high-margin cohort-PENN reported in FY2024 that premium play accounted for roughly 6% of gaming revenue but 18% of gross profit-who demand exclusivity, personalized hosts, and high-limit gaming beyond standard loyalty tiers.\u003c\/p\u003e\n\u003cp\u003ePENN services them via dedicated VIP lounges, bespoke hosting programs, and tailored comps; in 2024 PENN's top-tier programs delivered average customer lifetime value increases of ~3x versus mass-market patrons.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~6% of gaming revenue, ~18% of gross profit (FY2024)\u003c\/li\u003e\n\u003cli\u003eDedicated VIP lounges and high-limit rooms\u003c\/li\u003e\n\u003cli\u003ePersonal hosts, bespoke comps, premium rewards\u003c\/li\u003e\n\u003cli\u003eTop-tier CLV ~3x mass-market (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN: Retail-led revenue with booming iGaming ($1.02B) and 13M PENN Play members\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's customer segments: 65% brick-and-mortar net gaming revenue (55+ traditional casino patrons; PENN Play ~13M members, +18% spend uplift); digital sports bettors (median age ~33; mobile =85% handle; ESPN BET ~11M regs end-2024); iGaming grew 28% YoY to $1.02B in FY2024 (digital GGR \u0026gt;65% iGaming); VIPs ~6% revenue ~18% gross profit, top-tier CLV ~3x.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail\u003c\/td\u003e\n\u003ctd\u003eShare of net gaming rev\u003c\/td\u003e\n\u003ctd\u003e65%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePENN Play\u003c\/td\u003e\n\u003ctd\u003eMembers\u003c\/td\u003e\n\u003ctd\u003e13M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSports bettors\u003c\/td\u003e\n\u003ctd\u003eESPN BET regs\u003c\/td\u003e\n\u003ctd\u003e11M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiGaming\u003c\/td\u003e\n\u003ctd\u003eRevenue\u003c\/td\u003e\n\u003ctd\u003e$1.02B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVIP\u003c\/td\u003e\n\u003ctd\u003eRevenue \/ gross profit\u003c\/td\u003e\n\u003ctd\u003e6% \/ 18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eost Structure\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarketing and User Acquisition Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN allocates a large share of SG\u0026amp;A to user acquisition for ESPN BET and iCasino-about $850-900 million in FY2024 marketing, promotions, and sportsbook hold-related incentives per PENN's 2024 Form 10-K, including advertising and promotional bets and fees tied to the ESPN media-rights partnership.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGaming Taxes and Regulatory Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN Entertainment pays substantial state and local gaming taxes-about 20-30% on retail gaming and 15-25% on online\/net gaming in key states-plus license renewal fees and compliance costs per jurisdiction; in 2024 PENN reported $1.1 billion in gaming taxes and fees (SEC 2024 Form 10-K), a major fixed and variable cash outflow that shifts with state law and digital market mix.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProperty Operating and Labor Expenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOperating dozens of casinos drives large property operating and labor expenses-PENN Entertainment reported property operating expenses of $2.1 billion and payroll of $1.4 billion in FY2024, covering dealers, hospitality, security, engineering, and corporate staff; utilities, maintenance, and supplies add substantial variable costs, and capex for upkeep and renovations averaged ~$300 million annually in 2022-2024 to maintain asset quality.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology Research and Development\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePENN's tech R\u0026amp;D demands steady spend on software engineering and cybersecurity to maintain its proprietary stack and app features; in 2024 PENN disclosed technology and development investment within SG\u0026amp;A increasing ~12% year-over-year, reflecting multi-million-dollar platform upgrades.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOngoing engineering \u0026amp; security ops\u003c\/li\u003e\n\u003cli\u003eFeature rollout and app stability\u003c\/li\u003e\n\u003cli\u003eCompetitive necessity vs. tech-first rivals\u003c\/li\u003e\n\u003cli\u003e2024 tech spend rose ~12% YoY (multi-$M) \u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Expense and Debt Servicing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePENN carries roughly $7.3 billion of total debt as of 12\/31\/2025, largely from property buys and digital-investment financing, and pays recurring interest that materially reduces operating cash flow.\u003c\/p\u003e\n\u003cp\u003eActive balance-sheet management-debt maturities, swaps, and refinancing-keeps interest-rate exposure manageable so capital remains available for growth.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e12\/31\/2025 debt: ~$7.3B\u003c\/li\u003e\n\u003cli\u003e2025 interest expense: ~$360M\u003c\/li\u003e\n\u003cli\u003efocus: maturities, swaps, refinancing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN's 2024 costs: $7.3B debt, $1.1B taxes, $850-900M promos, $3.5B ops\/payroll\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's largest costs are marketing\/promotions for ESPN BET and iCasino (~$850-900M in FY2024), gaming taxes\/fees ($1.1B in 2024), property ops \u0026amp; payroll ($2.1B property ops; $1.4B payroll in FY2024), tech spend (↑ ~12% YoY in 2024), and interest on $7.3B debt (2025 interest ≈ $360M).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024-2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarketing\/promos\u003c\/td\u003e\n\u003ctd\u003e$850-900M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming taxes\u003c\/td\u003e\n\u003ctd\u003e$1.1B (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProperty ops\u003c\/td\u003e\n\u003ctd\u003e$2.1B (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePayroll\u003c\/td\u003e\n\u003ctd\u003e$1.4B (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech spend\u003c\/td\u003e\n\u003ctd\u003e+12% YoY (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt \/ interest\u003c\/td\u003e\n\u003ctd\u003e$7.3B \/ $360M (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eevenue Streams\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLand-Based Gaming Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePENN Entertainment's land-based gaming revenue-primarily from slot machines and table games-has historically driven most of its topline, generating about $2.1 billion of gaming revenue in 2024 and roughly 65% of consolidated net revenue through high-volume play and the house edge on games. This segment remains a stable cash-flow anchor, delivering consistent operating EBITDA margins near 25% in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOnline Sports Betting Handle and Hold\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRevenue comes from ESPN BET's handle - total bets placed - minus payouts; PENN reported digital handle of $24.1 billion in 2024 and online sports betting contributed a material share of revenue. The sportsbook's hold (net win\/handle) typically ranges 6-9% industry-wide; PENN's digital net win margin was about 7.2% in 2024, and this stream swings seasonally with NFL, NBA, and major events. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eiCasino and Digital Gaming Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eiCasino and digital gaming revenue comes from online slots and table games, which carry higher gross margins than sports betting; PENN earned about $1.1 billion in iGaming revenue in FY2024, largely via Hollywood Casino and ESPN BET apps where income is driven by the house edge on each digital play. This segment grew ~32% YoY in 2024 as 10+ states expanded legal online gaming, boosting backend margins and ARPU.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFood, Beverage, and Hotel Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN earns significant non-gaming revenue from hotels, restaurants, and bars-these hospitality outlets drove roughly $1.3 billion of non-gaming revenue in 2024, boosting margins as F\u0026amp;B typically runs higher gross margins than gaming.\u003c\/p\u003e\n\u003cp\u003eThis stream scales with resort foot traffic and occupancy; PENN reported a 68% average occupancy across its major properties in 2024, directly lifting F\u0026amp;B and hotel revenue.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 non-gaming revenue ~ $1.3B\u003c\/li\u003e\n\u003cli\u003eAverage occupancy 2024 = 68%\u003c\/li\u003e\n\u003cli\u003eF\u0026amp;B = higher gross margins than gaming\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRacing Commissions and Management Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePENN earns commissions on pari-mutuel wagering at its racetracks and collects management fees from operating partner properties and JVs; in 2024 racing-related revenue and management fees contributed about $120 million, roughly 4% of consolidated net revenue, providing steady, expertise-driven income beyond core gaming.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~$120M in 2024 racing\/management fees\u003c\/li\u003e\n\u003cli\u003e≈4% of PENN's 2024 net revenue\u003c\/li\u003e\n\u003cli\u003eRevenue tied to handle and management contracts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePENN 2024: $2.1B land gaming (65%), $1.1B iGaming (+32%), $24.1B sports handle\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePENN's 2024 revenue mix: land-based gaming $2.1B (65% of net, ~25% EBITDA margin); digital sports handle $24.1B with 7.2% net win; iGaming $1.1B (+32% YoY); non-gaming $1.3B (68% occupancy); racing\/management $120M (≈4%).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eStream\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003cth\u003ePct\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming (land)\u003c\/td\u003e\n\u003ctd\u003e$2.1B\u003c\/td\u003e\n\u003ctd\u003e65%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSports (digital)\u003c\/td\u003e\n\u003ctd\u003eHandle $24.1B; net win 7.2%\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiGaming\u003c\/td\u003e\n\u003ctd\u003e$1.1B\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-gaming\u003c\/td\u003e\n\u003ctd\u003e$1.3B\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRacing\/fees\u003c\/td\u003e\n\u003ctd\u003e$120M\u003c\/td\u003e\n\u003ctd\u003e4%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"4P Marketing Mix","offers":[{"title":"Default Title","offer_id":64254996873565,"sku":"pennentertainment-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1058\/5151\/9325\/files\/pennentertainment-canvas-business-model.webp?v=1776776459","url":"https:\/\/4pmarketingmix.com\/products\/pennentertainment-business-model-canvas","provider":"4P Marketing Mix","version":"1.0","type":"link"}