“The Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.” Changes will take place on the backend, with Penn integrating Barstool into its organizational systems, as confirmed by Snowden: With its presence, Penn gives Barstool an avenue toward continued growth. If Penn didn’t like Barstool’s product, it would have done something already or never invested in the first place. In other words, Penn bought Barstool for the brand it is.
Portnoy knew Penn’s acquisition dates when the initial investment came and didn’t even have a call regarding any changes from the takeover. What is actually in store for the next chapter, though?Īccording to Portnoy, “ nothing ” will change moving forward. I’m looking forward to this next chapter with PENN.” I’m very thankful to the Barstool team and Stoolies who have been along for the ride. “Barstool Sports is bigger than ever and has become more than I ever dreamed of. Here’s what Portnoy said of the acquisition: Change will come, but NJ gamblers will not notice it That all came after Penn’s investment, too.
Oh, and what about Barstool’s entrance into NJ sports betting and NJ gambling in the first place?
BARSTOOL REDDIT LICENSE
Barstool Casino falls under the Resorts Digital license (NJ online casinos must partner with an Atlantic City casino). This includes the Garden State where the Barstool NJ sports betting app operates under the Freehold Raceway license. The Barstool Casino operates in four states, too. The Barstool Sportsbook app has expanded into 15 states, and Penn has introduced branded retail Barstool Sportsbooks at its properties across the country. It also hosts live events like the Barstool Sports Arizona Bowl and pay-per-view wrestling matches. Since its inception in 2003, Barstool Sports has grown its brand to become an industry leader in digital media and entertainment, with over 200 million worldwide followers.Īcross its podcasts, videos and social media, it boasts a lineup of over 100 shows with 90-plus different sports personalities. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business.” More about Penn Entertainment’s new asset “Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division. “We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family,” said PENN Entertainment CEO and President, Jay Snowden. Penn also acquired Canadian powerhouse Score Media in 2021 for $2 billion to further its influence in sports and iGaming. The purchase comes three years after Penn bought 36% of the company in 2020.ĭuring the initial agreement, both parties laid out a framework for Penn to take over Barstool Sports fully. Penn acquired Barstool’s remaining assets for $388 million, including its media productions, live events, sportsbooks and online casinos.
The deal was announced via press release.
Dave Portnoy is now a Penn Entertainment employee after Penn completed its acquisition of Barstool Sports on Feb.
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