Barstool Sports
PENN Entertainment Completes Acquisition of Barstool Sports
PENN Entertainment, Inc. (Nasdaq: PENN) (“PENN” or the “Company”) today completed its previously announced acquisition of Barstool Sports, Inc. (“Barstool Sports” or “Barstool”) after previously acquiring a 36% stake of Barstool Sports in February 2020. PENN has acquired the remaining interest in Barstool Sports for approximately $388 million.
The closing of the acquisition marks a major milestone for Barstool Sports as it celebrates its 20th anniversary. Founded in 2003 as a free sports and gambling newspaper by Dave Portnoy, Barstool has evolved into a leading digital player in sports, lifestyle, and entertainment. With over 200 million loyal followers, the company creates and delivers unmatched sports and comedic content through its extensive network of over 100 shows and 90+ personalities. Its content offerings span podcasts, video, social media, live events, pay-per-view, and a growing commerce business, solidifying its position as a multimedia powerhouse.
Since partnering with Barstool Sports in 2020, PENN has successfully developed an omnichannel strategy that leverages Barstool’s well-known brand and personalities. Barstool Sportsbook has grown to become a leading online betting platform currently live in 15 states, with PENN also having launched retail branded Barstool Sportsbooks at its properties across the country. PENN and Barstool Sports will continue to innovate and collaborate, including across Barstool’s sports bar footprint, to deliver compelling integrated gaming and entertainment experiences.
“We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family,” said PENN Entertainment CEO and President, Jay Snowden. “Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.”
“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” said Dave Portnoy, Founder of Barstool Sports. “I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”
“This is a huge moment for Barstool Sports that was made possible by a lot of people and a lot of grit,” said Erika Ayers, CEO of Barstool Sports. “Our focus has always been to create relevant and entertaining content for our fans and to deliver strong results for our partners. It’s exciting to have that vision recognized and to be able to put it to work inside of PENN. We have the best fan base on the planet, and we look forward to doing even more for them with PENN’s support.”
In the past three years since PENN first invested in the company, Barstool Sports has:
- Grown its audience 194% and recorded total podcast downloads of 1.6B.
- Delivered over 875K videos across social media totaling over 128 billion video views.
- Increased ad sales by 160%.
- Sold over 5 million units, including apparel, licensed products and accessories, by combining a direct-to-consumer approach and bringing the brand to thousands of retail stores nationwide.
- Expanded its live event programming, including producing and broadcasting its first Division I college basketball games (Barstool Sports Invitational) and the Barstool Arizona Bowl college football game.
- Launched TwoYay, its proprietary NIL marketplace, connecting athletes to brands and agencies.
PENN and Barstool Sports initially announced an exclusive sports betting and iCasino partnership in January 2020, with PENN acquiring 36% of Barstool Sports on February 20, 2020 for a total consideration of approximately $163 million, comprised of approximately $135 million in cash and $28 million in non-voting convertible preferred stock. The initial agreement included a path for PENN to establish full control and ownership of Barstool Sports.
Barstool Sports
Betting Game On: Sports Betting Market Set to Soar Past $182.12 Billion by 2030 | SkyQuest Technology
The global sports betting market size is expected to reach $182.12 billion by 2030 and exhibit a CAGR of 10.3% in the forecast period (2023-2030), according to SkyQuest’s latest research report. The growing popularity and acceptance of sports betting, increasing legalization and regulatory reforms, technological advancements and mobile betting platforms, wide accessibility and convenience of online betting, rising sports fan engagement and spectatorship, the introduction of live and in-play betting options, expansion of sports betting markets and options, integration of artificial intelligence and data analytics, partnerships with sports leagues and teams is fuelling the market’s growth.
According to SkyQuest’s latest global research of the sports betting market, the shift towards online and mobile betting platforms, growth of in-play and live betting options, rise of eSports betting, integration of social media and user engagement, expansion into new and emerging markets, emphasis on responsible gambling and player protection measures, use of data analytics and artificial intelligence in betting strategies, increasing adoption of cryptocurrency and blockchain technology, the emergence of virtual sports and fantasy betting are the trends that aid in the market’s growth.
Get sample copy of this report:
Https:// www. SkyQuestt .com/Sample-Request/ Sports-Betting-Market
Browse in-depth TOC on Sports Betting Market:
* Pages – 157
* Tables – 64
* Figures -75
Sports betting is the activity of predicting the outcome of a sporting event and placing a wager on that outcome. The wager can be made with a bookmaker, a person or organization accepting bets on sporting events or with another individual. The bettor can win or lose money depending on the event’s outcome.
Prominent Players in Sports Betting Market:
* DraftKings
* FanDuel
* BetMGM
* Caesars
* PointsBet
* BetRivers
* WynnBET
* TwinSpires
* Unibet
* 888Sport
* Pinnacle
* Betway
* Barstool Sportsbook
* Fox Bet
* Score Bet
* SugarHouse
* TheScore Bet
* RushStreet Interactive
* Golden Nugget
* Betfred
Browse summary of the report and Complete Table of Contents (ToC):
Https:// www. SkyQuestt.com/ Report/Sports-Betting-Market
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 83.65 Billion |
| 2030 Value Projection | 182.12 Billion |
| CAGR | 10.3% |
| Segments Covered | · Platform
online and offline · Betting type Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel, eSports Betting, and Others |
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Odds Betting Demand to Grow Substantially in the Forecast Period:
Odds betting dominated the global online market due to its wide popularity and familiarity. It covers a wide range of sports including popular ones like football, basketball, tennis and horse racing. Bookmakers offer a comprehensive selection of events, matches and tournaments, ensuring a diverse and extensive market coverage for fixed odds betting.
Football (Soccer) is the Leading Application Segment:
In terms of application, football (soccer) is the leading segment due to its wide popularity. In addition, it has a high frequency of matches throughout the year including domestic leagues, international tournaments and continental championships. This provides ample opportunities for sports bettors to engage and place bets regularly.
North America is the leading Market Due to the Large Consumer Base:
Region-wise, North America is one of the largest growing markets with a huge consumer base. The region, particularly the United States, is often seen as a dominant market due to its large population, high levels of consumer spending and advanced technology and innovation. Many multinational companies are headquartered in the United States, which gives the region a significant advantage in terms of market dominance.
A recent report thoroughly analyzes the major players operating within the sports betting market. This comprehensive evaluation has considered several crucial factors such as collaborations, mergers, innovative business policies and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for sports betting.
Key Developments in Sports Betting Market:
In March of 2023, Caesars Entertainment announced that it would acquire William Hill, a British bookmaker, for $3.7 billion. The acquisition is expected to help Caesars expand its sports betting offerings in the United States.
In April of 2023, Penn National Gaming announced that it would acquire Barstool Sports, a digital media company, for $1.6 billion. The acquisition is expected to help Penn National Gaming expand its sports betting offerings and reach new customers.
Speak to Analyst for Your Custom Requirements:
Https:// www. SkyQuestt .com/Speak-With-Analyst/Sports-Betting-Market
Key Questions Answered in Sports Betting Market Report
* What specific growth drivers will impact the market during the forecast period?
* Can you list the top companies in the market and explain how they have achieved their positions of influence?
* In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Polyvinylpyrrolidone Market
Global DNA Polymerase Market
Global Steel Wire Market
Global Casino Gaming Equipment Market
Global Casino Management Systems Market
Media company Barstool Sports is opening its second office in Chicago.
The company has leased a warehouse at 400 N. Noble St. near Fulton Market. The office will be 40,000 square feet with a basketball court, studios for recording music and cooking content, a golf simulator and more. Barstool also has a Lakeview office and a themed bar in River North.
Debra Duffy, a spokesperson for Barstool, said some of the company’s Chicago and New York City employees will relocate to the West Loop office while others will remain in Manhattan.
Barstool started in 2003 and has grown to become a large media company with podcast and video series, blogs, events and more focused around sports, pop culture and sports gambling.
Virginia’s sportsbooks bounced back with more than $180 million in wagering in August, a modest surge after July’s low. The gains in August were made in part because Virginians were offered their first opportunity to bet on early season football, offering a limited sample of what will likely be record-breaking months ahead for the commonwealth’s fledgling sports betting market, according to PlayVirginia, which offers news and analysis of the Virginia’s sports betting market.
“Baseball did much of the heavy lifting in August, but NFL futures betting, preseason football, and a small sampling of college games make a significant difference for sportsbooks,” said Dann Stupp, lead analyst for PlayVirginia.com. “Seeing any gain is a breath of fresh air after what was the typical slow period for the industry. But August’s gains are just a foreshadow for what will certainly be the busiest stretch since Virginia launched sports betting in January.”
Bettors placed $182.4 million in wagers at Virginia’s sportsbooks in August, up 12.7% from $161.9 million in July, according to data released Friday by The Virginia Lottery. The pace of betting grew to $5.9 million per day over the 31 days of August, topping $5.2 million over the 31 days of July, which was the lowest daily volume in any month this year.
Gross gaming revenue did fall 10.0% to $18.0 million from to $20.0 million in July. That created $8.7 million in adjusted gross revenue, yielding $1.4 million in state taxes, including $34,463 for problem gambling support.
Despite the gains, August’s handle and revenue totals were still well below the highs hit in March, which brought $304.1 million in wagers and $26.6 million in gross revenue. Virginia, though, remains on one of the fastest tracks of any legal sports betting market in U.S. history, attracting $1.7 billion in wagers and $145.0 million in gross gaming revenue since launching in January.
But the final four months of 2021 should bring the market to new heights with full schedules of college and NFL football. In 2020, a year marred by the shutdown of major sports for months, 60.2% of the money wagered legally in the U.S. was placed from September through December. In 2019, 50.8% of all legal wagers were made during the last four months of the year.
“We are entering the most important four months for Virginia’s sports betting industry, and it will be exciting to see how Virginia bettors respond to a full schedule of football,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayVirginia.com. “It is a great bet that from September through the end of the year, the commonwealth’s sportsbooks will shatter just about every record that was set earlier this year.”
The roster of operators in Virginia continues to shift, which is expected during football season. Barstool Sports debuted in August, and Golden Nugget is gearing up for its own launch, pledging funds to five Historically Black Colleges and Universities. Meanwhile, BlueBet Holdings abandoned its pursuit of a license.
Operators often target football season to debut, aiming to capitalize on increased interest. Football season represents an important opportunity for established operators, too.
“College football and the NFL will generate hundreds of millions of dollars in bets at Virginia’s sportsbooks, which is important on its own,” Stupp said. “With increased engagement comes a chance for sportsbooks to grow their customer base. A good promotional strategy set over the summer should start to pay off in September.”
For more information and analysis on regulated sports betting in Virginia, visit PlayVirginia.com/revenue.
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