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Wyomissing’s Penn National Gaming buys piece of Barstool Sports for $163M
Stacy Wescoe//January 29, 2020
Wyomissing’s Penn National Gaming buys piece of Barstool Sports for $163M
Stacy Wescoe//January 29, 2020
With sports betting becoming a larger portion of the casino industry’s income, Penn National Gaming of Wyomissing has entered an agreement to acquire a 36% interest in Bar Stool Sports Inc. for $163 million in cash and convertible preferred stock.
Barstool Sports is a digital sports media company, founded in 2003 by David Portnoy, that delivers original content across blogs, podcasts, radio, video and social media.
Under the agreement, Penn National will be Barstool Sports’ exclusive gaming partner for up to 40 years and have the sole right to utilize the Barstool Sports brand for all of the company’s online and retail sports betting and iCasino products.
“This exciting new partnership with Barstool Sports reflects our strategy to continue evolving from the nation’s largest regional gaming operator, with 41 properties in 19 states, to a best-in-class omni-channel provider of retail and online gaming and sports betting entertainment,” Jay Snowden, president and CEO of Penn National, said in a statement.
Snowden said he hopes the deal will help Penn National attract a new, younger demographic.
Penn National noted that after three years, Penn National plans to increase its ownership in Barstool Sports to approximately 50 percent with an incremental investment of approximately $62 million.
Penn National currently operates 41 facilities in 19 jurisdictions. The company also offers social online gaming through Penn Interactive and has a customer loyalty program with over five million active customers.
The Chernin Group, a media holding company, has owned Barstool sports since 2016. It is currently headquartered in New York City.
