Just as Penn Entertainment revealed it was exiting its ten-year ESPN Bet deal early, its CEO suggested that the next big market shift could be prediction markets offering casino games.
When discussing the Q3 earnings report with analysts, Jay Snowden said he would be surprised if operators weren’t considering this as their next step. He believes it’s logical to start offering prediction markets on the results of a slot machine spin or table games.
Snowden thinks this is something the industry could see in months, rather than years. The level of disruption could be similar to what sportsbooks are currently experiencing with sports prediction markets.
When asked whether Penn would consider doing something similar, Snowden kept his cards close to his chest. He said that other paths “could be a lot more effective” and would level the playing field.
share price has plummeted 77% over the past five years
Snowden has come under scrutiny for his leadership since taking over in January 2020. Despite the Snowden taking home more than $100m for his role to date, the company share price has plummeted 77% over the past five years. The ESPN Bet news on Thursday sent the stock price crashing downwards by a further 10%.
Investors will be watching Snowden’s next moves closely. He said that ESPN Bet will rebrand to theScore Bet in December, placing a bigger emphasis on iGaming.
