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PENN CEO says prediction markets’ legal status remains unclear

Deals & M&A

PENN Entertainment chief executive Jay Snowden said on the company’s Q4 2025 earnings call that prediction markets could affect sportsbook handle, but PENN cannot quantify the impact. He argued that their legal status remains unclear and said licensed casino operators cannot risk their land-based licences by entering the market. PENN is discussing its response with regulators and lawmakers, he said.

PENN’s remarks underscore regulatory uncertainty for licensed operators assessing prediction markets and sportsbook competition.

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Latest reported results

PENN Entertainment NASDAQ: PENN

Quarter ended 30 September 2026

Revenue
USD 1.84bn
Operating income
USD 127.3m10-Q filing 0000921738-26-000028

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Regulation

US election leaves prediction market legal disputes before courts

The US mid-term election brought Democrats control of the House and Senate, while state regulators and prediction-market operators continue to dispute the legality of sports event contracts. New Jersey Attorney General Jennifer Davenport asked the Supreme Court in September to review whether federal law prevents states from regulating those contracts; a law professor quoted in the report said he expects the court to hear the challenge.

New Jersey Atty. Gen. Jennifer Davenport petitioned the Supreme Court in September to consider whether states may regulate sports offerings on prediction markets. Democrats took control of both the House and the Senate in the mid-term election.

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