This sports betting thing is really big, isn’t it?
News broke this week that Barstool Sports was receiving a significant investment from a gaming company. Penn National Gaming is investing $163 million into Barstool Sports. Here’s the press release: pngaming.com/barstool-sports.
Penn National Gaming (PNG) will own 36% of Barstool Sports. In three years, an additional $62 million will be invested into Barstool–this will mean PNG will be a 50% shareholder of Barstool.
Barstool is now is a sports betting company. But not just any company–with this investment, the company is now valued at $450 million! This is the company David Portnoy founded in 2003 as a gambling and fantasy sports print publication tip sheet–it launched online in 2007.
Takeaways from the Barstool Sports, PNG deal
Why does content matter? Because blogs and podcasts and streaming shows among other forms of content are the reasons why Barstool has seen significant growth. 66 million unique monthly visitors are clearly a big reason why PNG was willing to make this investment. Sure, PNG could have built their own following, but with cash-on-hand and an opportunity to swing for the fences, why not buy access to those 66 million visitors through the media giant itself.
While the exact number of downloads and listens isn’t exact, the hit podcast show “Pardon My Take” is a huge driver of success for the content platform, Barstool Sports. The PMT show is one of many podcasts (at least 25) that Barstool produces. All of it leads to sponsorship revenue, connections, opportunities, access, leverage, and more. That is why content matters!
Sports Betting is no joke!
States are moving swiftly to legalize sports wagering. Here’s an article from ESPN with a graphic showing where each of the 50 states stands on the law of sports betting. Where does your state stand?
While there were humble beginnings for this law, as of December 30, 2019, and per ESPN, there are already 14 states that allow “full-scale legalized sports gambling”.
As a content platform ourselves that focuses on sports and business colliding, we see it as essential to cover this topic. No matter your view on sports betting, it’s a topic that requires attention–much like esports, sports collectibles, and the growth of US Soccer. We will feature leaders in sports betting on our SportsEpreneur podcast and other content. If sports betting wasn’t on your map before, it probably is now, thanks to Barstool Sports and Penn National Gaming’s big deal.
Are you a sports betting thought leader? We want to chat!