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

Horseshoe Online Casino Arrives in PA as Wind Creek Bethlehem Secures Five-Year License

Pennsylvania’s gaming market has seen several impressive developments, marking significant steps for both online and land-based operators. With the launch of Caesars Entertainment’s Horseshoe Online Casino and the Pennsylvania Gaming Control Board (PGCB) renewing the license for Wind Creek Bethlehem, the state’s gambling landscape is expanding in both digital and physical domains. Caesars’ Horseshoe Launch […]

Pennsylvania Gambling Revenue Hits $525.5M in August 2024

Pennsylvania’s gambling industry saw impressive growth in August 2024, with total revenue hitting $525.5 million. This marks a 14.9% increase from the same time last year and a 4.9% rise from July. The state’s booming iGaming sector played a key role in driving these numbers, further cementing Pennsylvania’s place as a top market for online […]

Presque Isle Downs & Casino to Face License Renewal Review

On September 25, 2024, the Pennsylvania Gaming Control Board (PGCB) will hold a pivotal public hearing to evaluate Presque Isle Downs & Casino’s request to extend its Category 1 Slot Machine Operator License. Keeping up the high standards anticipated in Pennsylvania’s gaming industry is essential, and this review process is more than simply a periodic […]

Evolution Expands Casino Offerings with Spanish-Language Blackjack in Pennsylvania

Evolution Gaming has taken an unexpected leap by adding Spanish-language live dealer blackjack tables to its portfolio in Pennsylvania. This decision highlights the increasing necessity of catering to ethnic audiences. In addition to being a new feature, the launch that occurred in the middle of August was a deliberate move to cater to the state’s […]

Bet365 Expands U.S. Presence with Full Pennsylvania Gaming Approval

Bet365, the world-renowned gaming company, achieved a major milestone with the formal authorization it received from the Pennsylvania Gaming Control Board to provide online sports betting and iGaming in Pennsylvania. This license solidifies Bet365’s position in the competitive online gambling industry by broadening its U.S. footprint to eleven states. Bet365 successfully started its soft launch […]

Similar Stories in Gambling

Pennsylvania Gambling Revenue Hits $525.5M in August 2024

Pennsylvania’s gambling industry saw impressive growth in August 2024, with total revenue hitting $525.5 million. This marks a 14.9% increase from the same time last year and a 4.9% rise from July. The state’s booming iGaming sector played a key role in driving these numbers, further cementing Pennsylvania’s place as a top market for online […]

Pennsylvania Shatters Records with $5.7 Billion in 2023 Gambling Revenue

The Pennsylvania Gaming Control Board announced a record-breaking $5.7 billion in revenue for the state of Pennsylvania in 2023, marking an important milestone for the gaming sector in the Keystone State. The astounding figure represents a substantial increase of 9.3 percent from the prior year and is complemented by a record-breaking tax income of 2.34 […]

Pennsylvania’s Unexpected November Revenue Trends

Data from the Pennsylvania Gaming Control Board shows that in December 2023, the state’s gaming income took a surprising nosedive, mostly due to decreased sports betting operations. Despite a general upward trend in gaming income over the preceding several months and even years, the sector suffered its first year-over-year loss since February 2021 in November, […]

PA Sports Betting Posts Record-Breaking Performance in October

October saw a staggering increase in Pennsylvania’s sports betting handle, reaching an amazing $829.0 million. This mind-boggling sum was a notable 4.0% rise from the prior peak of $797.1 million, boosting the industry to an all-time high. A substantial 18.8% year-on-year gain in sports betting income, reaching $48.2 million, was propelled by the recent spike […]