So, this article is about a company called PENN Entertainment that owns many places where people can play games and bet on sports. Some people are buying special things called options, which let them control or make money from the company's stock without actually owning it. The price of the stock goes up and down, and some people think it will change soon because of these option trades. Read from source...

1. The article title is misleading and does not reflect the content of the article. It suggests that the author is revealing some insider information or exclusive data about what whales are betting on PENN Entertainment, but in reality, it is just a summary of recent options trading activity and market trends.
2. The use of terms like "whales" and "bets" implies that the large options traders are making reckless or irrational decisions based on their personal preferences or emotions, rather than on objective analysis and rational decision-making. This creates a negative tone and a sense of bias against these traders, which may not be fair or accurate.
3. The article focuses mainly on the options trading activity and market trends, without providing enough context or explanation about what PENN Entertainment is, how it operates, and why it is relevant for investors. This makes it difficult for readers who are not familiar with the company or the industry to understand the significance of the options data and the implications for the stock price.
4. The article does not provide any clear or actionable recommendations or suggestions for readers who are interested in trading PENN Entertainment options or stock. It only summarizes the recent trends and patterns, without offering any guidance on how to use this information to make better investment decisions. This leaves readers feeling unsure and confused about what to do next.
5. The article ends with a promotional pitch for Benzinga Pro, which seems inappropriate and irrelevant for an informative and objective article. It also creates a potential conflict of interest for the author or the publisher, as they may benefit financially from convincing readers to sign up for this service. This undermines the credibility and trustworthiness of the article and the source.

The article is overall bearish about Penn Entertainment.

1. Buy 500 shares of PENN at market price. This will give you an initial exposure to the company and allow you to benefit from its growth potential in the online gaming and sports betting markets, as well as its media assets. The risk is that the stock may decline further due to macroeconomic or industry-specific factors, such as increased competition or regulatory changes. To hedge this risk, you can also buy a corresponding number of put options with a strike price close to the current market price, which will give you the right to sell the shares at a specified price in case of a significant drop.
2. Sell 500 call options with a strike price of $20 and an expiration date of one month. This is a bullish strategy that allows you to collect premium income from those who are betting on a higher stock price. The risk is that the stock may rise above the strike price, resulting in the obligation to sell your shares at a lower price than the current market value. To hedge this risk, you can also buy a corresponding number of call options with a higher strike price, which will allow you to offset the potential losses from the sold calls by selling the shares at a higher price if the stock rallies.
3. Buy 100 shares of PENN and sell 500 shares short. This is a bearish strategy that allows you to profit from a decline in the stock price, while also benefiting from the potential upside if the stock rebounds. The risk is that the stock may continue to rise, resulting in unlimited losses if you are not able to cover your short position at an acceptable price. To hedge this risk, you can also buy a corresponding number of call options with a strike price below the current market price, which will give you the right to purchase the shares at a specified price in case of a rally. This way, you can limit your potential losses and still participate in the upside if the stock bounces back.