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PENN Entertainment Inc. (NASDAQ:PENN) is one of the 10 Stocks Posting Outsized Gains.

PENN Entertainment snapped a four-day losing streak on Thursday, climbing 16.86 percent to close at $17.26 apiece, as investors took heart from its strong revenues in the first quarter and the looming launch of its online and sports betting platforms.

In an updated report, PENN Entertainment Inc. (NASDAQ:PENN) said that it is underway with its preparations for the launch of its iCasino and online sports betting in Alberta, Canada, on July 13, as the company aims to tap into the rapidly growing market.

For illustration purposes only. Photo by Pavel Danilyuk on Pexels

For this year alone, the industry is expected to reach $179.7 billion in revenues by 2034, at a compounded annual growth rate of 6.80 percent, a study by ResearchAndMarkets.com said.

The outlook came on the heels of technological advancements, coupled with a more favorable regulatory environment, leading to increased user trust and participation.

“In the United States, the legal environment for online gambling is progressively favorable, with more states legalizing the activity. High smartphone and internet usage make gambling more accessible, while technological advancements in secure payment gateways and immersive experiences build trust. Sports betting has been notably boosted by collaborations between gambling operators and major sports organizations,” the report said.

“Companies like PENN Entertainment are setting examples with apps like the Hollywood Casino, offering extensive gaming options,” it noted.

Meanwhile, PENN Entertainment Inc. (NASDAQ:PENN) announced on Thursday that its revenues surged by 6.37 percent in the first quarter of the year to $1.779 billion from $1.672 billion in the same period last year.

However, it swung to a net loss of $2.8 million from a $111.5 million net income year-on-year.

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