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Gambling and Sports Betting News January 29, 2020: Barstool Sports Confirms Sale to Penn National

Written by:
C Costigan
Published on:
Jan/29/2020

Here are today's headlines in the world of gambling and sports betting as they happen - Wednesday January 29, 2020


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Barstool Sports Confirms Sale to Penn National

Gambling company Penn National Gaming will buy about a third of Barstool Sports in a deal that will bring the brash but beloved blog into the sports betting arena, the companies announced Wednesday.

Penn National will pay $163 million for a 36 percent stake in Barstool in the deal valuing the website at about $450 million, the gaming firm said.

“This opportunity is a dream of mine and why I started Barstool Sports in the first place,” Barstool founder Dave Portnoy said in a statement. “… I think with our shared vision and goals, we are uniquely positioned to be a leader in this business.”

Penn National will increase its Barstool share to about 50 percent after three years for another roughly $62 million, and both companies will have options to give Penn controlling ownership of Barstool, according to a news release.

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Our Free Picks Record as of January 29

2020 NBA Record: 35-18-1 (66%)

2019 NFL Record: 3-10 (0%)

2019 College Football Record: 4-2 (66.6%)

2019 MLB Record: 26-18-2 (59%) - No Plays Over -160

2018-19 College Basketball Record: 12-9 (57.1%)

2018-19 NBA Record: 7-5 (58%)

2018 MLB Record: 45-35 (56.2%)

2018 NBA Record: 12-4-1 (75%)

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- Aaron Goldstein, Gambling911.com

- Chris Costigan, Gambling911.com Publisher

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