PENN CEO considers pursuing land-based opportunities in Canada
PENN Entertainment’s abandonment of its U.S.-facing ESPN Bet venture will fuel further investment and growth in theScore Bet’s Canadian operations in both Ontario and the upcoming Alberta market, said CEO Jay Snowden on Thursday.
And he suggested that his company, which has its roots as a land-based casino operator, will continue to assess whether there is an opportunity to re-establish a brick-and-mortar footprint north of the border.
“That’s something that’s been on our radar before, and I’d say it would remain on our radar,” Snowden said on an earnings call on Thursday. “I wouldn’t necessarily think about it as moving up significantly in the list of priorities. There’s not a lot of options there, there’s sort of two large operators in Canada from a retail perspective. If opportunities presented themselves at the right time and the right price, we would definitely take a hard look at that.”
PENN previously had skin in the Canadian casino game, operating the First Nations-owned Casino Rama in Ontario from PENN’s 2001 acquisition of Carnival Resorts & Casinos until 2018. At that time, the operations were taken over by Gateway Casino & Entertainment, one of the two multi-provincial operators Snowden was referencing on the call.
That ended PENN’s direct presence in Canada until it bought theScore for around $2.1 billion USD in October 2021 and launched online sports betting and online casino in Ontario via the legacy sports media brand’s theScore Bet app when Ontario’s regulated market opened in April 2022.
Cross-sell, cross-sell, cross-sell
Given how much value Snowden and Co. place on cross-selling customers between retail casinos, online casino and sports betting, it’s easy to see why the idea of getting back into the brick-and-mortar game in Ontario (or perhaps Alberta?) could appeal.
In the U.S., PENN runs 42 retail casinos under various brands, primarily Hollywood Casino. It expanded that brand online and launched it as a standalone app at the start of 2025. PENN’s primary iCasino platform is now live in four U.S. online casino states. It was also integrated into the ESPN Bet app, and that integration will remain part of the American platform under theScore Bet branding.
Snowden and other executives have stated several times that they are pleased with Hollywood Casino’s progress, particularly with its cross-sell success. Could they try to replicate a similar crossover between land-based and online gaming by re-entering the Canadian brick-and-mortar scene?
“There would be synergies from an omnichannel perspective similar to what we’ve seen in the U.S.,” Snowden mused. “I would say it’s not really ratcheting up on the priority list, but we would be opportunistic if the opportunity presented itself.”
While PENN transitions its U.S.-facing sportsbook from ESPN Bet to theScore Bet, Snowden vowed that PENN would hone its focus on the online casino vertical that has brought its greatest digital success across North America.
PENN’s North American iCasino business achieved its highest quarterly gaming revenue to date for the three months ended Sept. 30, an improvement of nearly 40% year over year with a 79% increase in iCasino monthly active users. Snowden said that was driven by record cross-sell from online sports betting of 62%.
In Ontario specifically, it was the company’s best online casino month ever.
PENN pledges ESPN Bet dollars to Canada
That should be no great surprise, as theScore Bet’s performance in Ontario is consistently a highlight for PENN, with growth quarter upon quarter while ESPN Bet languished in the States. Snowden said earlier this year the province is its number one digital market in terms of revenue, gross profit and contribution margin and has a healthy market share. The latest quarterlies showed a 7% year-over-year increase in PENN’s Ontario gaming revenues.
Though theScore is historically a sports-focused product, PENN has been ramping up the casino side of the platform and launched a standalone theScore Casino app in Ontario in April of this year. PENN Interactive Vice President of Operations Jason Birney told Canadian Gaming Business in September that launching Hollywood Casino within Ontario isn’t something that’s off the table.
PENN also has firm eyes on Alberta. Snowden has high hopes that theScore’s strong positioning in Ontario and longstanding cachet with sports fans across Canada can help Alberta become a top three or four market for PENN Interactive whenever that province opens in 2026.
“The popularity of theScore is really spread across Canada,” he added on Thursday. “All provinces across Canada, there’s about the same level of popularity and market share from a digital sports media perspective, which is why we are very encouraged about the opportunity in Alberta.”
However PENN does proceed in Canada, it intends to fuel its operations north of the border with money it will no longer be spending on ESPN Bet. PENN paid $150 million USD per year to license the ESPN Bet brand, but payments will stop at the end of this year and it will no longer have any marketing obligations with ESPN from the start of 2026.
“This brand change doesn’t affect our Canadian operations at all,” Snowden added on the call. “We’ve got some nice momentum there and I believe we can build on that with more of a focus and more resources and marketing dollars headed up north of the border. We’ve been competing really well [in Canada] with not a lot of marketing spend. That’s going to change. We’re going to be able to spend more money in Canada and grow our share.”