Casino and sports betting operator PENN completed its Barstool Sports acquisition. In exchange for $388 million, it acquired the remaining share in Barstool Sports. Also, it is the second phase of its acquisition of the brand. Initially, PENN acquired a 36 percent stake in Barstool Sports in February 2020.
PENN CEO and president Jay Snowden said Barstool is a reputable sports media brand with a loyal audience. Thus, it provides the gambling company with a marketing funnel for new customer acquisition. Also, the company can use the brand for cross-selling opportunities across its interactive division.
Snowden said theScore's reach could propel the brand and the parent company's integrated gaming and media business to new heights. According to casino reviews and news sites, PENN would use its proprietary technology to enhance Barstool's product offering.
Barstool Sports Acquisition
In January 2020, PENN Entertainment and Barstool Sports announced an exclusive sports betting and casino partnership, which led to a $163 million initial interest acquisition deal in 2020. In August of last year, PENN Entertainment announced that it had acquired the remaining interest in Barstool Sports.
According to bookie pay per head sources, Dave Portnoy launched Barstool Sports as a free gambling and sports newspaper brand in 2003. Also, it became a digital media company with operations spanning sports, lifestyle, and entertainment since its purchase.
With more than 200 million subscribers, Barstool Sports has established itself as a multimedia powerhouse. It produced over 100 sports and comedy shows and distributed them through various channels, including podcasts, videos, social media, live events, pay-per-view, and an ever-expanding e-commerce division. They also had shows for people to learn how to be a bookie.
Barstool Sports CEO Erika Ayers also commented on the release, noting that this moment was only possible because of many individuals' hard work and reiterating the company's commitment to providing "relevant and engaging content" for fans and "great results" for its partners.
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