Barstool Sports is looking to attract a new generation of gamblers and signing up more sports leagues. Company chief executive Dave Portnoy explains.
Barstool Boss Speaks to Stuart Varney, Outlining Company Plans
Barstool Sports founder Dave Portnoy has his eyes set on the prize, the chief executive seems to suggest in an interview with “Varney & Co.” In this case, the prize is building the most forward-thinking sports gambling company in the US and the world.
At a time when M&A’s in the sector are proliferating, and Penn National Gaming has just acquired Score Media & Gaming Inc., Barstool Sports is turning to innovative, out-of-the-box approaches to remain competitive.
The Score Media purchase will impact Barstool Sports, as well, because Penn National Gaming Inc. owns around 31% of the company worth $163 million. In light of this consolidation between different actors in the industry, Portnoy is hoping to drive bigger synergies between the media and gambling operations of his company. Penn National Gaming is also planning to bring the Barstool brand to at least one casino in Pennsylvania, to name the Hollywood Casino York.
Portnoy is looking to target a new generation of consumers who are interested in what Barstool Sports has to offer. “It’s an exciting time to be in the industry,” Portnoy told host Stuart Varney.
Barstool Finding Local Partnership Opportunities
Barstool is now planning to bring its digital expertise to the physical realm with the company launching several branded sports bars across markets, including Chicago and Philadelphia. While no official date has been set as to when these two may open, Barstool has been engaged with raising its profile elsewhere.
The company is now the official sponsor of the Arizona Bowl and will have boots on the ground to carry out thorough reporting and provide highlights from the event. Essentially, Portnoy explained that every league out there that Barstool endorses is taken seriously because it provides the company with a new and strong monetization channel.
The company also offered Kelly Stewart, the controversial ESPN analyst, a place to carry out her professional sports commentary. Barstool Sports has had a few interesting ideas over the years, and they have stuck with them, allowing the website to prosper through the production of unique assets and a strong push across video, news, and social media content.