Alberta's Betting Market: Insights from Penn CEO Jay Snowden
Transcript
00:00Our first focus here is Alberta, let's begin with Jay Snowden, the CEO of Penn, having
00:09some very intriguing words on what the future may look like there.
00:13Yeah, so it wasn't that long ago that Penn, Jay Snowden is the CEO of Penn Entertainment,
00:21they spent $2 billion on the score, a very well known Canadian sports, you know, entertainment
00:31brand, however you want to put it, with a sports betting arm, they spent a lot of money
00:38on that.
00:39And then they took them out of America where they had a little bit of a, you know, endeavor,
00:43but very little market share.
00:47And so now we're going and they're laying, you know, what they can do in Ontario was
00:53huge with the score from all signs.
00:56And now they're looking at Alberta, which, you know, we've talked about before on this
01:01show, that Alberta is going to open up, it's a very small province in comparison to Ontario,
01:09the population's tiny.
01:11But you know, there's a lot of betting going on there, there's a lot of casinos, there's
01:17a lot of people who like to bet from what I gathered at the Canadian Gaming Summit
01:21last two months ago now.
01:24And there's a lot of people very bullish, including Jay Snowden and Betway, a brand
01:29that just pulled out of the US or will be pulling out of the US, but they're going to
01:33stay in Canada.
01:34And they see big things in Alberta, too, because there are a lot of brands have been okay with
01:38what's happened in Ontario.
01:40And they see Alberta going ahead and taking exactly that model and putting it in Alberta.
01:46And, you know, really benefiting from a public that likes to bet on sports and bet in general.
01:51I mean, one of the people at the Canadian Gaming Summit a couple months ago pointed
01:56to the Oilers playoff 50-50 raffles.
02:00During the regular season, they were, you know, $4 million or something like that, nothing
02:04huge, it got up to $12-16 million during the playoffs from their anecdotes, which is pretty
02:12wild if you think about that and coming away from a game with half of that, that'd be okay.
02:18But that just shows that they're very excited about the prospect of being able to bet on
02:22their teams, I would think just, you know, going to a game and throwing down some money
02:26just because of a raffle.
02:28But there's lots of teams there.
02:29There's the hockey teams, there's the Canadian football teams, there's, of course, the NFL,
02:33everybody loves the NFL.
02:34So a lot of opportunity in Canada and brands are already talking about Alberta being the
02:39next frontier there.