Penn National Gaming (NASDAQ: PENN) has taken a 7% position in Australian sports betting company, PointsBet Holdings (ASX: PBH)(OTC: PBTH.F), which has some investors wondering if PointsBet could be the next 10X.

It's no shocker that Penn is expanding its reach in the sports betting market. The company has been very acquisitive in the space, buying Score Media and Gaming Inc. (NASDAQ: SCR) and taking a position in Barstool Sports. CEO Jay Snowden is serious about this market.

But this latest expansion might offer a clue to investors that there's serious upside in PointsBet, if not Penn, too.

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Source Fool.com