- Barstool Sports is looking to sell itself to a gambling company.
- The acquisition of Barstool Sports could lead to new sportsbooks being created.
- The price to purchase Barstool Sports could be over $100 million.
NEW YORK – Barstool Sports revealed this past weekend that it is in serious talks to sell itself to Penn National Gaming.
Barstool Sports is a media company that has a unique view on how to cover sports. The value of the company is reportedly over $100 million. A gambling company buying Barstool Sports would be the biggest union between media and a legal sports betting operator since the fall of PASPA in 2018.
Barstool Sports has been in talks with many different companies to see who is interested in buying the media company.
“We continue to speak or have spoken with everybody from DraftKings to FanDuel to Stars to PointsBet to Penn to William Hill to MGM to Rush Street, etc. 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,” said Dave Portnoy, founder of Barstool to Recode.
Penn National Gaming Expansion
The company that Barstool Sports seems to have decided on is Penn National Gaming. The deal is not official yet, so Penn National Gaming has not commented on the prospective acquisition.
If Penn National Gaming were to purchase Barstool Sports, more sports betting opportunities could appear. Penn National Gaming has partnered with several companies in the past and has grown in 2019. The company has 14 retail sportsbooks around the country, and that number is likely to increase.
The sportsbooks by Penn National Gaming are done in partnership with sportsbook providers such as Kambi. Barstool Sports has a subsidiary named Barstool Bets. Although it is a free to play game, Barstool Bets is providing customers with a taste of what sports betting is like.
If Penn National Gaming partners with Barstool Sports, that free game could turn into a real-money sports betting platform. If that happens, Penn National Gaming could create their own mobile sportsbooks without relying on other companies to help. It would allow Penn National Gaming to be more flexible with their sportsbooks.
At this point, nothing is official. Barstool Sports seems heavily invested in getting Penn National Gaming to acquire the company. It is only a matter of time before Penn National Gaming accepts the offer, or rejects it.
Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.