This sports betting thing is enormous!
News broke that Barstool Sports received 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 in Barstool, making PNG a 50% shareholder.
Barstool is now a sports betting company—but not just any company—with this investment, it is now valued at $450 million! David Portnoy founded Barstool in 2003 as a gambling and fantasy sports print publication tip sheet, and it launched online in 2007.
Takeaways from the Barstool Sports, PNG deal
Content Matters!
Why does content matter? Blogs, 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 its 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 sports betting law. Where does your state stand?
As of early September 2024, 38 states, including North Carolina, Ohio, and New York, have legalized sports betting.
As a content platform focusing on sports, entrepreneurship, mental health, and media, we see it 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!
More content related to ‘Sports Betting and Barstool Sports Collide’:
Sports Betting Addiction Is on the Rise
The Legalization of Sports Betting in North Carolina | Big Money
ESPN BET | The Sports Leader Is All-In on Sports Betting
Content Disclaimer: Our articles and podcasts, including those on sports betting, are for entertainment and informational purposes only and are not intended to promote or endorse betting. If you choose to bet, we urge you to do so responsibly. Help is available for those facing challenges with gambling. Contact the National Problem Gambling Helpline at 1-800-522-4700 or visit ncpgambling.org. North Carolina residents can also find resources at More Than a Game. If you need immediate assistance, call 1-800-GAMBLER. For more details, see our full disclaimer.