Penn National looking to take full ownership of Barstool Sports
Penn National Looking to take Complete Ownership of Barstool Sports
According to Penn National’s chief executive officer, the gaming company is in the process of taking complete ownership of Barstool Sportsbook. Penn National is a publicly-traded casino company based in Wyomissing, Pennsylvania, and owns 36% of Barstool Sports. However, they are going all the way, seeking 100% ownership.
Penn National CEO Jay Snowden said that they are looking forward “to being the owners of Barstool, 100%.” Barstool, an online bookmaker, media, and entertainment company was created in 2003 by Massachusetts native Dave Portnoy. It began life as a print publication before developing into a digital enterprise.
Barstool runs a website and a mobile sports betting app. It also operates sportsbooks inside casinos across the United States. Snowden stated that Barstool is profitable, having reported a growth in revenue over the past two years of 150%.
Louisiana Market Shows Barstool Success
Highlighting the success of the Barstool brand, Snowden pointed to the Louisiana sports wagering market.
According to the Penn National earnings presentation, the retail sportsbooks inside Penn National’s five land-based Louisiana casinos took in 53% of gross gaming revenue in the state during Q3 of 2021. In-person wagering launched on October 31 inside state-regulated casinos in Louisiana.
Mobile sports betting was launched in Louisiana last week. Snowden said that the Bayou State had become the 12th state where Barstool has an active sportsbook.
theScore Looking at US Market
During the earnings call, Snowden said Penn National plans to integrate its media company, theScore, into Barstool’s operations for US bettors. Snowden added that theScore operates in four states with no current plans to expand into other US jurisdictions, except as part of Barstool. He said that this strategy may evolve over time.
The Penn National CEO said theScore website and theScore Bet wagering platform are aiming for the April 4 mobile sports betting launch in Ontario, the largest province in Canada. With a population of approximately 15 million people, Ontario would be the fifth-biggest state if it were in the US.
The four most-populous States in the country, in order, are California, Texas, Florida, and New York. Currently, only New York from that list has a legal sports betting industry.
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