Online Gambling Reports
It’s official. Dave Portnoy is now a Penn Entertainment employee following Penn’s completion of its acquisition of Barstool Sports on February 17.
The deal was announced via press release. Penn acquired Barstool’s remaining assets for $388 million, including its media production, live events, sportsbooks, and online casinos. The purchase comes three years after Penn bought 36% of the company in 2020.
Under the initial agreement, both parties outlined a framework for Penn to take over Barstool Sports completely. Penn also acquired Canadian powerhouse Score Media in 2021 for $2 billion to further expand its influence in sports and iGaming.
“We are thrilled to welcome Barstool Sports fully to the PENN Entertainment family,” said Penn Entertainment CEO and President, Jay Snowden. “Barstool is a proven, powerful media brand with an authentic voice and a large, loyal audience that provides us with a strong top of the funnel for new customer acquisition and organic cross-selling opportunities across our expanding interactive division. Barstool, combined with theScore’s reach and highly engaged user base, creates a significant digital footprint and ecosystem that will help propel Barstool Sportsbook and our fully integrated media and gaming business.”
More about Penn Entertainment’ nasiums new advantage
Since its creation in 2003, Barstool Sports has grown its brand to become an industry leader in digital media and entertainment, with over 200 million worldwide followers.
Through its podcasts, videos, and social media, it offers a collection of over 100 shows featuring more than 90 different sports personalities. It also hosts live events such as the Barstool Sports Arizona Bowl and pay-per-view wrestling matches.
The Barstool Sportsbook app has expanded into 15 states, and Penn has branded retail Barstool Sportsbooks at its properties nationwide. The Barstool Casino operates in several states as well.
This includes the Garden State, where the Barstool NJ betting app operates under the Freehold Raceway license. Barstool Casino falls under the Resorts Digital license (NJ online casinos must be affiliated with an Ocean City casino).
Lastly, Penn gains a valuable partner to expand its own brand. In a statement, Penn mentioned that it would continue to collaborate with Barstool to enhance their coverage in providing integrated gaming and entertainment experiences.
Penn Enjoyment expanding about Barstool Activities growth
Penn has been putting its seal of approval on Barstool since it entered the picture, which makes sense when considering its plans for full acquisition. Over the past three years, Penn has helped Barstool achieve a handful of successes:
– 194% growth in audience
– 160% increase in advertising sales
– Over 128 billion video views
– Expanded live event programming
– Over 5 million items sold (apparel, licensed merchandise, accessories)
Oh, and what about Barstool’s entry into NJ sports betting and NJ online gambling in the first place?
That all came after Penn’s acquisition, too.
Switch will come, although NJ bettors will not identify it
Here’s what Portnoy said about the acquisition:
“Barstool Sports is bigger than ever and has become more than I ever imagined. I’m very grateful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”
But what actually awaits in the next chapter? According to Portnoy, “nothing” will change. Portnoy learned about Penn’s acquisition days when the initial investment came in and didn’t even have a phone call regarding any changes in the takeover.
This means that Penn acquired Barstool for its brand as it is. What you see is what you can expect to still find. If Penn didn’t like Barstool’s product, they would have done something already or never pursued the acquisition in the first place.
With its presence, Penn gives Barstool an avenue for continued growth. Changes will take place on the backend, with Penn integrating Barstool into its company systems, as confirmed by Snowden:
“The Barstool Sportsbook could greatly benefit from the upcoming integration into our proprietary technology stack, a focus that will substantially enhance the overall product offering and provide meaningful value.”
It seems like Barstool will continue to operate as it has, just with additional ammunition.
