Earnings

Penn sports betting business posts fourth quarter profit

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In this photo illustration, the Penn Entertainment logo is displayed on a smartphone mobile screen.

Rafael Henrique | SOPA Images | Lightrocket | Getty Images

Penn Entertainment on Thursday became the first U.S. gambling company to post a profit in its sports betting business during the final three months of a year.

Usually, it’s tougher to turn a sportsbook profit during the third and fourth quarters because companies spend more on marketing and promotions during football season.

Penn’s interactive business, which also includes online casino games, made a $5.2 million profit on $208 million in revenue during the fourth quarter of 2022. The performance helped lift the company’s overall…



Source cnbc.com

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