Barstool Sports and its burgeoning Barstool Sportsbook brand have been acquired by Penn Entertainment in a $387 million deal that is expected to close in February 2023.
Penn Entertainment, which recently rebranded from Penn National Gaming, acquired 36% of Barstool Sports in 2020 for $163 million. Barstool Sportsbook subsequently launched its sports betting app, which is now available in 12 states, including Pennsylvania and New Jersey.
The purchase of the remaining 64% was announced last week.
Barstool Sports founder Dave Portnoy appeared on Fox News on Friday to discuss the completion of the sale.
“First thing I gotta do, is I got to make sure I get the hell out of New York, right?” Portnoy said. “And get down to Florida and establish some residency, so the government can’t steal all my money.”
Portnoy was referring to the fact there is no individual state income tax in Florida.
It’s not clear what role the eccentric Portnoy will have in the company’s future, but he said he wants to take his Penn investments “to the moon.”
“The more Penn goes up, that’s my investment,” Portnoy said. “The other stuff is all fun and games, but Penn is still where most of my net worth is tied up.”
Barstool Sportsbook’s in Expansion Mode
Barstool Sportsbook is unique among commercial sportsbooks as it utilizes a content-heavy approach to help acquire new customers for its sports betting app. A seemingly endless series of podcasts and shows featuring Barstool personalities are produced and consumed by a younger demographic online.
Barstool Sportsbook, to cite one key metric, has 13.9 million followers on Instagram.