Clicky

Penn National in Advanced Talks to Acquire Barstool Sports - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
penn_national_gaming_barstool-sports
Published on
Update on

Over the past year or so, there have been several instances where gambling companies have joined forces with sports media companies. The goal of these partnerships has been to ensure that the stakeholders are able to grow their presence in the country’s sports betting market. These partnerships majorly foster the growth and retention of audiences across the country. So far, this move has worked for a number of gaming and media companies.

Now, more organizations are looking into emulating this business model. The latest one is Penn National Gaming which is reportedly in advanced talks to acquire a majority stake in sports media company Barstool Sports from The Chernin Group (TCG).

Barstool’s Sports Betting Ambitions

Even prior to the rumors of a possible acquisition by Penn National, Barstool Sports had already started pursuing sports betting. It has previously purchased a gambling-focused show. In addition to that, it has recently launched an online gaming site as well as a mobile betting app known as Barstool Bets. The app and the site offer players a ton of sports betting content as well as free games where they to wager and stand a chance of winning huge prizes.

To top it all off, Barstool Sports took everything a notch higher when it hired David VanEgmond to head its strategy and corporate development department – David VanEgmond is a former executive at renowned sports betting operator FanDuel. All these moves were mostly driven by the fact that up to 60 percent of the media company’s audience bet on sports.

How Penn National Can Help

Putting all of Barstool Sports’ ambitions into consideration, Penn National which already operates in 19 states is going to be a great partner for the media company. If everything goes as planned, Barstool Sports will receive a tremendous boost from Penn National in as far as growing its customer base is concerned. Furthermore, there is huge potential in the space which means both companies can use it to fuel other revenue streams through such things as exclusive content.

“I think that if we aligned ourselves with one company with a shared vision, that company would have an extraordinary advantage in the race to becoming the leading gambling company in the United States,” Barstool founder Dave Portnoy commented on the company’s plans.

According to the Barstool Sports founder, the company has been in talks with several companies including Penn Nation, of course. Other notable brands he mentioned include William Hill, PointsBet, Rush Street, The Stars Group and FanDuel. However, with so many signs pointing to Penn National, it is likely that an official announcement of the acquisition will be made very soon.

Latest Headlines

Wind Creek Bethlehem Presents a Plan to Deal With Issues Related to Minors

Wind Creek Bethlehem has presented a mitigation plan to the Pennsylvania Gaming Board through which it will improve security and make sure that unattended children will not present a problem in the future. According to the casino, it plans to spend around $4 million to become more effective in this sector. Wind Creek Had Quite a […]

Pennsylvania Skill Negotiates Settlement for the of Return Its Games

According to a press release issued this week, Pace-O-Matic’s legal representatives have secured a settlement that involves the restoration of its confiscated skill games, equipment, and money. In September of 2021, the Pennsylvania Bureau of Liquor Control Enforcement and the Clearfield County District Attorney’s office conducted raids and confiscated this property wrongfully. This fight was […]

Pennsylvania Posts Record Gaming Revenue for Second Consecutive Month

In April, Pennsylvania’s gaming sector set a new high for revenue, with $461.6 million received from gamblers closely matching the previous record set in March. The good and rising statistics come from a handful of factors, according to PGCB Director of Communications Doug Harbach. Players are continuing to feel at ease with the expanding iGaming […]

PointsBet Receives Top Sports Betting Operator Award

Renowned worldwide online gambling operator and the leading live betting sportsbook, PointsBet has recently received the award for the top sports betting operator at the EGR North America Awards 2022 for the second year in a row. The award comes as a result of the company’s unwavering commitment, impressive scale and development, capacity to innovate […]

New iGaming Options for Pennsylvanian Gamblers

Pennsylvania casinos had a pretty solid run in the 2021 calendar year. Casinos in the state did very well in terms of recovery from the devastating impacts of the COVID-19 pandemic. To put this into perspective, these gaming operations brought in a state-record $4.7 billion in revenue. Online gaming’s contributions were a key part of […]

Similar Stories in Gambling

PointsBet Receives Top Sports Betting Operator Award

Renowned worldwide online gambling operator and the leading live betting sportsbook, PointsBet has recently received the award for the top sports betting operator at the EGR North America Awards 2022 for the second year in a row. The award comes as a result of the company’s unwavering commitment, impressive scale and development, capacity to innovate […]

Pennsylvania’s January Revenue Report Reveals Market’s Status

The Pennsylvania Gaming Control Board (PGCB) released the monthly gaming revenues for January 2022, in mid-February. At first glance, everything seems to be going very well for the massive betting market. Overall gaming revenue, for instance, was up 26 percent from the previous year which is very impressive, to say the least. However, the state’s […]

PointsBet Online Sportsbook Now Live in Pennsylvania

Australia-listed sportsbook operator PointsBet has recently extended its footprint to the lucrative sports betting market in the Keystone State. The operator has been very busy with its ambitious expansion plans and it comes as no surprise that Pennsylvania which happens to be one of the country’s largest markets would be one of its key considerations. […]

22 December Opening Date Set for Hollywood Casino Morgantown

The Keystone State’s gambling sector will this month add one more casino to its list of operators. Penn National Gaming, Inc.’s highly anticipated casino in Morgantown will finally open its doors to the public on Wednesday, December 22. The launch of the Category 4 Satellite Casino or mini-casino is still pending regulatory approvals but there […]