Some people who know a lot about a company called PENN Entertainment have been buying or selling parts of it called options. Options are like special tickets that let you control how much money you make or lose based on what happens to the company's stock price. The people who bought these options think the stock will go up, while the ones who sold them think it will go down. They have different prices they want to buy or sell the stock at, ranging from $10 to $25 per share. This helps us understand how much these smart people think the company is worth and what might happen to its stock price in the future. Read from source...

1. The author fails to disclose any potential conflicts of interest or biases that may influence their analysis of PENN Entertainment's options activity. This is a major flaw in the credibility of the article and should be addressed by the readers.

The sentiment among these major traders is split, with 77% bullish and 22% bearish.

As an AI model that can do anything now, I have analyzed the article titled `Decoding PENN Entertainment's Options Activity: What's the Big Picture?` and generated the following comprehensive investment recommendations and risks for PENN Entertainment. Please note that these are not personalized advice or guarantees of performance, but rather a general overview based on historical data, market trends, and expert opinions. You should always consult with your own financial advisor before making any investment decisions.

Investment Recommendations:
- Buy PENN Entertainment shares if you believe that the recent options activity reflects a positive outlook for the company's growth and profitability in the online gaming and entertainment sector, which has been booming during the COVID-19 pandemic. The split sentiment among major traders suggests that there is potential for both upside and downside movements in the stock price, but the overall volume and open interest indicate a high level of liquidity and interest in PENN options.
- Sell PENN Entertainment shares if you think that the recent options activity reflects a negative outlook for the company's future performance and profitability, which may be affected by various factors such as increased competition, regulatory changes, legal issues, or changing consumer preferences. The split sentiment among major traders also implies that there is uncertainty and volatility in the market, which could lead to losses if you are not able to exit your position at a favorable price.
- Hold PENN Entertainment shares if you are neutral about the company's prospects and do not want to take significant risks or rewards from trading the stock. Holding the shares may provide you with dividend income, capital appreciation, and exposure to the online gaming and entertainment sector, but it also exposes you to market fluctuations and potential losses if the company underperforms or faces unexpected challenges.
- Consider buying PENN Entertainment call options if you are bullish on the stock's short-term price movement and expect it to rise above the current level of $14.96 within a specified time frame. Call options give you the right, but not the obligation, to buy shares at a fixed price (strike price) in the future, regardless of the market price. By purchasing call options, you can leverages your investment and gain more exposure to PENN Entertainment with less capital outlay than buying the shares directly. However, you also face the risk of losing your entire investment if the stock does not reach the strike price before the expiration date of the option contract.
- Consider selling PENN Entertainment put options if you are bearish on the stock's short-term price movement and