Penn Entertainment plans to lay off about 100 employees as it focuses on growth for ESPN Bet.

CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.

The company employs about 20,000 people.

“When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore’s best-in-class-platform,” Snowden wrote in the memo. “This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.”

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Penn went on to say it’s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney’s ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN’s ecosystem.

Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.

Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.

Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.

Penn’s release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company’s commitment to seeing its investment yield results.

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Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.

“Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what’s guided) it’ll take to reach,” Jonas notes.

SuperBook Sports has announced that they will no longer accept bets or deposits in Arizona, Colorado, Iowa, New Jersey, Tennessee, Ohio, Maryland, and Virginia. SuperBook was licensed for online operation in those eight states.

“We regret to inform you that SuperBook Sports will no longer be accepting wagers, deposits or new accounts in Colorado, New Jersey, Arizona, Tennessee, Ohio, Iowa, Maryland and Virginia effective July 19, 2024 at 8:00 pm ET,” a statement released by SuperBook read.

SuperBook wrote it will continue to operate at Westgate SuperBook in Nevada and bettors in Nevada will be able to access mobile betting through the Westgate SuperBook mobile app.

The SuperBook sportsbook at Westgate in Nevada is one of the most popular sportsbooks in Las Vegas. It appears they were unable to parlay the retail success into online wagering success.

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In Ohio, for example, SuperBook accounted for 0.08% of the state’s total handle and 0.02% of the gross revenue from January 2024 (legalization) to May 2024.

That put SuperBook on par with Parx and Betr and a long way from some of the mid-tier sportsbooks such as Caesars, Fanatics, and ESPN BET which hold about 5% of the share.

The PGA of America and PENN Entertainment announced a multiyear sports betting partnership. Under the agreement, ESPN BET becomes the “Official Sports Betting Sponsor” of the PGA Championship through 2026. The 2024 PGA Championship will take place at Valhalla Golf Club in Louisville, Kentucky from May 16-19.

This agreement marks a milestone for the PGA Championship as it becomes the first men’s golf major to establish an official sports betting sponsor. ESPN BET is a best-in-class online sportsbook that combines PENN’s proprietary in-house technology and deep sportsbook operational expertise with ESPN’s industry-leading brand and multiplatform reach.

“We are incredibly proud to partner with PENN Entertainment and immerse ESPN BET into the spectator experience throughout the PGA Championship. The added onsite presence of ESPN BET as well as broadcast and content offerings will provide spectators with exciting new ways to enjoy and engage with all of the action during the PGA Championship,” said Jeff Price, PGA of America Chief Commercial Officer.

“We’re pleased to be the PGA of America’s first ever gaming partner and align ESPN BET with this prestigious men’s golf major. We look forward to accessing highly engaging touchpoints to bring ESPN BET onto the course and into the PGA Championship broadcast on ESPN. With the PGA Championship set to take place in states where ESPN BET operates through 2026, this partnership provides us with a great opportunity to interact with and engage golf fans,” said Jason Birney, Vice President of Operations at PENN Interactive.

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The 2024 PGA Championship will feature the ESPN BET Members Lounge located adjacent to the green on the par-4 13th hole. The ESPN BET Members Lounge is a premium hospitality space available only to ESPN BET account holders. The lounge offers views of Valhalla’s newly renovated signature 13th green and includes a variety of amenities including beverages, covered seating, a VR simulator of the 13th hole, special ESPN BET offers for patrons on site, and more. Additional consumer-facing activities will also take place in the lounge throughout the week.

In addition to activating onsite at the Championship, ESPN BET will be integrated into broadcasts on ESPN networks, with betting odds and insights provided to enhance storytelling within the Championship. The sponsorship also includes opportunities for collaborative content across PGA of America digital media platforms. In the leadup to the Championship, ESPN BET will offer specially curated PGA Championship betting offers prior to and during all four rounds of competition.