Penn Entertainment told shareholders it is ready to improve its sports betting product, but made it clear it can pivot if necessary.
Chairman David Handler and CEO Jay Snowden co-penned a letter to shareholders to open its proxy statement concerning its June 17 annual meeting, hitting on its ESPN Bet sports betting product as a main topic.
“That said, our market share and financial performance in sports betting to date has not met our expectations,” the letter reads. “Our Board and management team are moving swiftly and decisively to recalibrate execution and unlock the full value of this partnership. We have a committed partner and shared desire to compete and build share in a financially responsible way.”
