Penn National Gaming is preparing for the upcoming soft launch of the newly developed Barstool Sportsbook App. In January of 2020, Penn National acquired a 36% stake in Barstool Sports, Inc. for a cash sum of $163 million.
This implies that the company has become the sole gaming partner of Barstool for the next four decades, granting them the privilege to utilize the brand for promoting their casino and sportsbook offerings.
Jay Snowden, the President and Chief Executive Officer of Penn National, stated:
“Our strategy is to further develop as a leading omnichannel provider of retail and online gaming and sports betting entertainment. This thrilling new partnership with Barstool Sports showcases our evolution from being the largest regional gaming operator in the nation, with 41 properties in 19 states.”
Barstool Sports is the perfect partner for Penn National with its top-notch digital content, renowned brand, and extensive experience in sports betting. Collaborating with them will help us attract a fresh, youthful audience that will beautifully complement our current customer base.
Furthermore, given that Barstool Sports attracts 66 million monthly unique visitors, we are confident that the extensive reach of the platform and the unwavering loyalty of its audience will result in substantial decreases in customer acquisition and promotional expenses for our sports betting and online offerings. This will ultimately enhance profitability and deliver significant value to our shareholders.
The Founder of Barstool Sports, Dave Portney, expressed his excitement about the new partnership and sportsbook app, stating that they are both highly thrilling for the company.
“This opportunity has been a long-held dream of mine and the driving force behind the creation of Barstool Sports. With its rich history in sports and gaming, Barstool Sports perfectly aligns with the vision and values of Jay and the Penn National team. Recognizing the immense potential, we are thrilled to embark on this exhilarating partnership, which has the potential to revolutionize the industry. Together, we believe that our shared vision and objectives position us uniquely to emerge as leaders in this field.”
The Chernin Group previously held stakes in more than half of the sports company before Penn National’s agreement with Barstool Sports. Following the new deal, The Chernin Group retained a 38% stake.
Commenting on the matter, Mike Kerns of The Chernin Group said:
We are thrilled to announce our partnership with Penn National for the next phase of Barstool Sports. We have always had strong faith in the distinctive Barstool Sports brand, and under Erika’s guidance and Dave’s visionary approach, the company has experienced incredible growth in the past four years. This collaboration between the Barstool brand and its passionate audience, combined with Penn National’s expertise in gaming, is set to revolutionize the industry.
The application known as Barstool Sportsbook.
The soft launch of the Barstool Sportsbook App is scheduled from September 15th to 17th, exclusively for pre-registered users. Participants will have the opportunity to win real money and be among the first to experience the sportsbook app.
Penn National is aiming to ensure compatibility of the app with both iOS and Android devices, and has set a definitive launch date of September 18th.
Initially launching in Pennsylvania, the Barstool Sportsbook App will subsequently expand its availability to additional states.
