Penn National Agrees to Acquire Rest of Barstool Sports

Written by :

Gilbert Horowitz

Published on :

18 August, 2022

Penn National Agrees to Pay $387 Million More to Buy the Remaining 50% of Barstool Sports

Penn Sports outright purchase of Barstool Sports makes the outspoken and colorful founder of the later, Dave Portnoy, a super wealthy man.

Penn is buying the sports entertainment and gambling company outright, having already paid $163 million for a 36% prior ownership. This brings the valuation to $450 million.

Portnoy will remain the face of Barstool and its sports betting site.

PENN made the announcement via an 8-K filing with the Securities and Exchange Commission.

Barstool Sportsbook is available for mobile sports wagering in 12 states, including New York, and iGaming in four states. Michigan has provided Barstool Sportsbook with its best performance thanks in no small part to its arrangement with Greektown Casino in Detroit.

Barstool was started in 2003 as a print publication but gained traction as an internet blog soon after. To his followers, Portnoy is often referred to as “El Presidente”.