Digital Wager Wire highlights the most significant events affecting the domestic and international sports betting and gaming industries each week throughout the year.
Penn Re-Shuffles the Deck, Putting Online Casino on Top
As Penn Entertainment moves further away from its calamitous decisions to spend $2 billion on a 10-year deal with Disney-owned ESPN to create ESPN Bet, following the $550 million spent to own the now-defunct Barstool Sportsbook, its stock price is beginning to surge.
But it is not only the cost savings experienced after Penn wisely exited the 10-year pact after only two years, but also the revenue increases generated by the company’s online casino gaming platforms, primarily Hollywood Casino.
For example, in the four US states, coupled with the province of Ontario, where Penn’s Hollywood Casino app is available, the brand boasted a combined net gaming revenue increase of 362%, with average monthly users spiking 345% year-over-year.
Based on Penn’s recent earnings report, gaming analyst Jeffrey Stantial increased his target price on Penn Entertainment from $23 to $25.
“We come away from meetings positive on the setup into 2H26,” Stantial wrote.
“Overall, we got the sense PENN’s Interactive business continues to pace on plan now six months following ESPN termination and pivot to an iCasino-led strategy,” Stantial added.
Penn has announced it will be a contender in Alberta’s July 13th launch and anticipates spending somewhere in the $20 million neighborhood.
Penn’s Chief Technology Officer, Aaron LaBerge, stated, “Look, we’ve launched in Ontario and enjoy a very nice market share there today. It’s a big part of our gaming business, and we expect to see similar market share there based on the investments we’re going to make.”
After reaching a stock price high of $136.47 in March 2021, Penn’s stock quickly plummeted to $11.67 in February 2026, shortly after Penn terminated its 10-year deal with Disney-owned ESPN after just two years. However, less than four months after its stock reached its nadir, the price has rallied to $21.23 as of this mid-June writing.
Nevada Rep Takes Aim at CFTC Over Prediction Market Support
Nevada congresswoman Dina Titus is not shy about sharing her feelings regarding the Commodity Futures Trading Commission’s support of its prediction market licenses that offer sports event contracts. She took to X late last week to make her feelings known.
“The [CFTC]’s proposed rule reinforces its failure to respect state and tribal sovereignty,” Titus said. “Arguing that sports event contracts are anything but sports betting is pure fiction.
“Rather than confronting that reality, the agency appears more interested in cozying up to [President Trump’s] family interests. Congress must put an end to this blatant corruption and pass my Fair Markets and Sports Integrity Act.”
The president’s son, Donald Trump Jr., serves as an advisor to prediction market leaders Kalshi and Polymarket, which clearly signals which side the administration is on. Sports event contracts contribute 87% of Kalshi’s overall trading portfolio.
Bill Miller, CEO of the American Gaming Association (AGA), a major lobbying group for the gaming industry. Its CEO, Bill Miller, echoed Representative Titus’s sentiments.
“This is a remarkable attempt to redefine what constitutes sports betting,” said Miller. “It makes a mockery of congressional intent while going against a bipartisan coalition of 41 Attorneys General, countless legislators across the country, and the 81% of voters who recognize that the so-called ‘prediction markets’ are backdoor sportsbooks evading state and tribal law.
“The consequences are real. Prediction markets’ evasion of state and tribal laws is estimated to have already cost communities across the country more than $1 billion in sports betting tax revenue, hurting critical local projects. This siphoning will intensify as prediction markets continue refusing to comply with state and tribal law.”
