PENN Entertainment brings Barstool Sportsbook under its own roof

PENN Entertainment has completed the acquisition of prominent sports betting company and brand Barstool Sportsbook on Friday last week. The acquisition comes three years after PENN acquired a 36% stake in the brand in February 2020, and it completes the company’s ambitions to bring the prominent brand under its own roof.

This is an important milestone for both PENN Entertainment and Barstool Sportsbook, which coincides with the 20th anniversary of the brand. Barstool Sportsbook was founded back in 2003 as a free media focusing on providing sports and gambling coverage, and gradually evolving to encompass a broader range of topics with a particular focus on the sports industry, lifestyle, and entertainment.

Today, Barstool Sportsbook has more than 200 million followers and touts its ability to deliver exciting content that strikes home with its millions of fans. The brand’s network includes more than 90 personalities who represent it, along with 100 original shows and content initiatives. Before the acquisition, PENN Entertainment and Barstool worked actively to increase the brand’s digital presence and strike home with new audiences.

Barstool has also made good use of the mass legalization of sports betting in the United States, able to launch in 15 different states by the time the acquisition was completed last week. The company has been able to rapidly scale its offer and properties, establishing a strong presence with sports fans and approaching content distribution in an innovative way.

Commenting on the completed acquisition, PENN Entertainment CEO President and CEO Jay Snowden praised the opportunity to see Barstool join the PENN family. He touted Barstool as a proven and powerful brand with an authentic voice that has a vast and loyal audience, which will help PENN also boost its customer acquisition and cross-selling opportunities.

"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," Snowden explained. The news was similarly welcomed by the rather controversial Barstool Sports founder Dave Portnoy who paid his thanks to PENN Entertainment for sticking with Barstool and trusting in the brand.

He further hailed the acquisition completion as a "huge moment" for the company which was made possible by the hard work of many team members. As a reminder, PENN announced its intentions to buy out Barstool Sportsbook back in August, 2022.

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