PENN Entertainment, Inc. (NASDAQ:PENN) Q4 2023 Earnings Call Transcript

Jay Snowden: Yes. Bernie, we think it’s both. We definitely have a lot of new users. So we think we feel strongly we’ve grown the market. And so that’s going to take a little bit of time to grow their play to be commensurate with maybe somebody that’s been betting on online sports betting for the last 3 or 4 years. I think most of it, however, though, is a share of wallet that we are one of the apps people have on their phone. They’re using the app. They’re on the app. We see all of that in the data and we’re getting a smaller portion of their wallet than we are of how many people are actually using the app. And so on a percentage basis, I think this is exciting for us. Slide 8, I think, says a lot about where we think we can get to in — it’s not going to take us a really long — that’s not a 5-year journey.

We think that’s something that we can accomplish in the next couple of years if we really get our product to where it needs to be. And of course, the deeper integrations with ESPN, we think integrations with the fantasy app with ESPN is going to be a huge shot in the arm. We anticipate that happening before the end of the year. obviously, targeting football season. We’ll see if we can get there. But it’s a combination of the two but the fact that people have the app, they’re using the app, we just need to build more loyalty with those users overtime.

Bernard McTernan: Great. Thanks, Jay.

Jay Snowden: Thanks everybody for joining us and we look forward to sharing more with you next quarter.

Operator: That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.