In this article In this photo illustration, the Penn Entertainment logo is displayed on a smartphone mobile screen. 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 revenue for the period by nearly 1% to $1.6 billion. The profit in sports betting came even in spite of a highly publicized $10 million bet Jim “Mattress Mack” McIngvale placed – and won – on the Houston Astros winning the World Series in November. Caesars also took a hit from Mattress Mack’s baseball bet, which blocked its own ability to turn a profit in sports betting in the fourth quarter, according […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
