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bar stool exercise fully purchased Penn Entertainment. That makes the long-established gambling and entertainment brand part of a company that poured money into it only three years ago.
PENN paid for a report $388 million Acquired the remaining shares of Barstool. It previously controlled a 36% stake after buying in 2020. Barstool’s key executives and roster of content creators for the Barstool brand will continue to produce content for the company.
Barstool Sportsbook Operated by PENN Entertainment Available for Retail Massachusetts Sports Betting At the Plainridge Park Casino owned by PENN. Its online platform will launch in the state on March 10.
Will anything change in Massachusetts?
The sale of Barstool to PENN Entertainment will not change the access of Massachusetts sports bettors to the Barstool Sportsbook betting app. Retail sportsbooking at Plainridge Park Casino will also not be affected.
However, PENN promises that sports betting apps will get better.
“Barstool Sportsbook will benefit greatly from the imminent migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful advantages,” said jay snowdenCEO of PENN Entertainment, via a press release Friday.
Looking to the future: Potential Massachusetts Sportsbook Welcome Bonuses
The Evolution of Barstool in 20 Years
founder Dave Portnoy Launched in Milton, Massachusetts in 2003, Barstool was little more than a betting slip and sports newsletter. The company has grown to include social media channels, a website and podcasts, as well as video and radio programming. Portnoy has developed into a popular and often controversial face of the brand. His brash style is popular among his followers, known as “Stoolies”, and he calls himself “The Prez” on social media.
Since becoming Barstool’s major shareholder, PENN has capitalized on Barstool’s success with the 20- and 30-year-old demographic, using the popular Barstool brand for its gaming products.
The company has launched Barstool-branded mobile sportsbooks in 15 states (up from 16 on March 10). It also owns retail sportsbooks of the same name in several states, including Massachusetts.
read more: PPC’s Flutie Sports Bar to Be a ‘Boston-Themed’ Barstool Sportsbook for Summer
According to PENN, since 2020, Barstool’s total audience has grown by 194%, and total podcast downloads have reached 1.6 billion. It also streamed more than 800,000 videos with more than 128 billion views. Barstool will also reportedly sell more than 5 million items from its clothing and accessories line in 2022.
Barstool has never been afraid to enter new markets and innovate with its products. In 2022, the brand ventures into live event programming. It produces and broadcasts the Barstool Sports Invitational, a Division I college basketball tournament. Also last year, the company launched TwoYay. It’s a Name Image Likelihood (NIL) marketplace that allows collegiate athletes to partner with brands and advertising agencies.
How much are high stools worth?
Its track record with a young, niche audience who enjoy watching and consuming sports content makes Barstool a lucrative asset for PENN.
“Barstool is a proven, powerful media brand with an authentic voice and a large, loyal audience, providing us with a strong top of the funnel to acquire new clients and organic cross-sell across our growing interactive segment opportunity,” Snowden said in a statement. February 17 press release announcing the acquisition.
While much of Barstool’s content is sports-related, and Barstool Sportsbook has received attention from PENN in recent years, the company is also a popular lifestyle brand. Many Barstool hosts, including Portnoy himself, create content under the brand around food, clothing, music, movies and more. The company claims to reach “more than 200 million social followers and growing rapidly”.
“Barstool Sports is bigger than ever and has become more than I ever dreamed possible,” Portnoy said in the release.
Portnoy will continue to work for Barstool following the sale of the company he founded.
Portnoy has been at the center of numerous controversies in recent years. He was accused of sexual misconduct by at least three women in 2021, but charges were never filed. The National Labor Relations Board investigated him in 2019 when he allegedly threatened to fire his employees if they joined the union.
Portnoy eventually settled with the NLRB. He was arrested at NFL headquarters in 2015 while handcuffing himself to his office to protest the Deflategate scandal.
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