June 27th 2020
If you are sports fan in the United States you have probably heard of Barstool Sports. It is a powerful source of sports information started by a man named Dave Portnoy. Portnoy himself has earned fame for being very vocal on the sports scene and for his constant lambasting of NFL commissioner Roger Goodell.
Sports betting company Penn National, which owns betting establishments all over North America was reported to have bought Barstool back in January for $450M. It now appears that Penn National actually owns a 36% ($163M) stake in Barstool and will handle an integration of a sports betting option for the estimated 66 million Barstool audience members.
Barstool sports is a leader in the area of sports podcasting. They have amassed a collection of 38 podcasts with about 9 million listeners, including Jim Florentine’s Everybody is Awful (Except You), a favorite around our offices.
As you may have surmised, this is a long play by Penn National. The online sports betting industry in the US is still very discombobulated and there are only about a half dozen or states that have a real and competitive mobile betting option up and running.
The goal is to have the Penn National/Barstool sports betting option up and running by the start of NFL season this year. They have a lot of work cut out for them.