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

New State Legislation Targets Smoking in Pennsylvania Casinos

For the second year in a row, Pennsylvania State Representative Dan Frankel (D-Allegheny) has spoken out against allowing smoking exemptions at some companies, such as casinos. He has submitted a bill in Harrisburg, the state capital, that would make it illegal to smoke inside casinos and other businesses that are now excluded from the law. […]

Caesars Palace Online Casino Makes a Mark in Pennsylvania

Caesars has released a fresh initiative to strengthen its position in the expanding market of Pennsylvania online casinos. In its new guise as Caesars Palace Online Casino, the company hopes to compete with other top providers in Pennsylvania. Not just in Pennsylvania, but throughout the country, industry behemoths like DraftKings, BetMGM, and FanDuel have a […]

Pennsylvania Gaming Industry Reaches New Revenue Milestone

During the fiscal year 2022-2023, the gaming sector in Pennsylvania was on a phenomenal growth trajectory, setting multiple new revenue records. These milestones are reflective of the growing gambling market in the state. The PGCB reported record-breaking gaming revenue of $5.51 billion for the fiscal year. This figure represents a considerable rise of 10.0% above […]

Pennsylvania’s Self-Exclusion Program Reaches the 20,000 Mark

The Pennsylvania Gaming Control Board (PGCB) has achieved a significant milestone by processing its 20,000th voluntary request for self-exclusion from the state’s brick-and-mortar casinos. Pennsylvania’s Casino Self-Exclusion Program first launched in 2006 to provide gamblers with the option of excluding themselves from the state’s legal casinos and retail sportsbooks. The PGCB, under the leadership of […]

Pennsylvania’s iGaming Wake-Up Call

Through the first four months of 2018, the gambling business in Pennsylvania has continued its increasing trend. In April, gambling establishments in Pennsylvania raked in more than $476,7 million. As compared to April of 2022, that’s an improvement of 3.2%. In April of 2023, the state’s revenue hit $420 million for the ninth consecutive month. […]

Similar Stories in Gambling

Pennsylvania Gaming Industry Reaches New Revenue Milestone

During the fiscal year 2022-2023, the gaming sector in Pennsylvania was on a phenomenal growth trajectory, setting multiple new revenue records. These milestones are reflective of the growing gambling market in the state. The PGCB reported record-breaking gaming revenue of $5.51 billion for the fiscal year. This figure represents a considerable rise of 10.0% above […]

Pennsylvania Sets Record Gambling Revenue in March 2023

According to the Pennsylvania Gaming Control Board (PGCB), the state’s gaming sector set a new monthly revenue record in March 2023. Gross gaming revenue (GGR) in the Keystone State almost reached $515.3 million in March, breaking the $500 million barrier for the first time. This is an increase of 11% compared to the same period […]

Pennsylvania Brings In $429M in Gambling Revenue in July

The Pennsylvania Gaming Control Board (PGCB) has just published the gaming revenue data for July, which shows a notable rise in comparison to July of the previous year. According to the findings of the survey, Pennsylvania’s gaming industry saw modest year-over-year growth. In July 2022, the state’s gaming authority reported $429.07 million in earnings from […]

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 […]