Penn lays off about 100 employees as it focuses on ESPNBet growth [Video]

Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPNBet.

CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.

The company employs about 20,000 people.

“When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore’s best-in-class-platform,” Snowden wrote in the memo, which was seen by CNBC. “This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.”

Penn went on to say it’s embarking on a new phase of growth in its interactive business, which include ESPNBet, a $2 billion branding partnership with Disney’s ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN’s ecosystem.

Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist …