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Regulators in 13 states have allowed the University of Pennsylvania to offer Barstool-branded sports betting, and four of those states also allow digital casino gaming. Penn also launched Barstool bars and sportsbooks at 12 locations.
Penn’s results were mixed. The Barstool betting app ranks seventh in the U.S. by revenue, according to research firm Eilers & Krejcik Gaming. It holds about 3 percent of the sports betting market, less than half what analysts had predicted.
Penn said it would exercise its option to buy Barstool outright in February, but remained committed. The new Barstool Sportsbooks at the Penn Casino attracts young gamblers. Once inside, Penn executives say, they spend their money on gambling, food and drink — and often return.
Thanks at least in part to the Barstool deal, customers aged 21 to 44 now account for about 20 percent of Penn’s revenue — a figure that has nearly doubled over the past few years, Mr. Snowden told analysts this month. He said Barstool and Mr Portnoy had proven to be “great partners for us”.
They also sometimes engage in what critics say is problematic, including mocking the concept of responsible gambling and bragging about his five- and six-figure bets.
In the September 2021 tweet postalfor example, says Mr. Portnoy, “First. Always bet responsibly. Second. Here’s how you can win $250,000 fast,” alongside a photo of a betting slip showing him betting on the Barstool app. $19,000 bet.
Later that month, Barstool and Penn agreed to pay a total of $17,500 Indiana Regulatory Agency A young woman minimized the consequences of losing money after Barstool posted a TikTok video. The video violated Indiana’s laws governing deceptive marketing of gambling. (Penn, realizing the video was inappropriate, reported it to regulators in several states, but only Indiana appears to have taken disciplinary action.)
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