Penn Entertainment finalises acquisition of Barstool Sports
Penn Entertainment has completed its acquisition of Barstool Sports. It had previously obtained a 36% stake of Barstool Sports in February 2020. The remaining interest of Barstool Sports was acquired by Penn Entertainment for $388m.
Barstool is a media platform that delivers podcasts, videos and live events. It was founded in 2003 and currently has over 200 million users. The company released Barstool Sportsbook in September 2020, as a mobile app used for sports betting.
Penn Entertainment has supported this by launching retail-branded Barstool Sportsbooks at its properties across the country.
Penn Entertainment CEO and President, Jay Snowden, said: “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.”
Dave Portnoy, Founder of Barstool Sports, said: “Barstool Sports is bigger than ever and has become more than I ever dreamed of. 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.”
In 2020, Penn and Barstool Sports announced an exclusive sports betting and iCasino partnership. Following the initial partial acquisition of February 2020, the initial plan that was agreed upon included full control and ownership of Barstool Sports.
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