PENN Q1 results show how digital is contributing alongside a larger retail base. The company continues to shift focus towards online, though land-based still dominates revenue. In PENN Q1 results, interactive performance improved, but its share of total revenue remains limited.

• PENN reported interactive adjusted revenue of USD 172.5m (ca. EUR 148m) in Q1 2026, compared to total retail revenue of USD 1.42bn (ca. EUR 1.2bn). This means digital accounted for roughly 11% of combined segment revenue. The majority of group income still comes from land-based operations.
• Within the interactive segment, iCasino contributed USD 70.9m (ca. EUR 61m) and sportsbook added USD 65.2m (ca. EUR 56m).  The remaining revenue came from media, retail sportsbook and market access fees. iCasino was the main driver of growth, rising 14.9% year-on-year.
• Overall interactive revenue grew 6.5% year-on-year, slightly ahead of retail growth at 2.8%. This allowed digital to gain a small share of total revenue mix. However, the gap between segments remains wide.
• Despite lower scale, interactive profitability improved sharply, with adjusted EBITDA losses narrowing to USD 10.8m  (ca. EUR 9.2m) from USD 89m (ca. EUR 76m) This was supported by reduced marketing spend and better monetisation. PENN Q1 results show digital is moving closer to breakeven.
• Management continues to position interactive as a growth area, supported by iCasino expansion and upcoming Alberta launch. Still, with retail generating over USD 1.4bn (ca. EUR 1.2bn) in the quarter, digital remains a smaller part of the overall business. PENN Q1 results highlight a gradual shift rather than a rapid change.

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