PENN is not a US state. it's a gaming company that owns many gaming properties across different US states. all they are doing is "leasing out" their licenses in different states that have legislated Sports Betting bills, to different operators.
each state will have its own rules and the market size in each state will be determined over time based on the population size and how favorable the legislation is, competitive landscape and so on.
hope that helps your question.
keep an eye on Pointsbet (ASX:PBH), page-12
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