Penn Entertainment Reports Reduced Q3 Loss for Online Operations

PENN Entertainment Inc announced on Monday that it anticipates a narrower loss from its online gaming segment in the third quarter, attributing this improvement to more favorable conditions within the industry and reduced expenses.

The company projected adjusted earnings before interest, tax, depreciation, and amortization for its Interactive unit to reflect a loss in the range of $90 million to $100 million, which is an improvement from previous estimates of a loss between $115 million and $135 million.

The Interactive unit includes ESPN Bet, one of the leading sports betting platforms in the United States. PENN noted that a “higher parlay mix” from its offerings and decreased promotional expenses contributed to the expected reduction in losses.

Following the announcement, shares of the gambling company experienced an increase of up to 13% in after-market trading before settling to trade slightly higher.