In 2018, the U.S. Supreme Court made federal sports betting legal in its Murphy vs. NCAA case. Since then, countless sportsbooks and online betting platforms have popped up around the country, trying to get a piece of the pie.

Penn Entertainment (NASDAQ: Penn) was no different. Having already been a casino operator, the company entered sports betting with its $551 million acquisition of Barstool Sports. Penn paid $163 million for a 36% stake in February 2020 and then $388 million for the remaining stake in February 2023.

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Source Fool.com