Penn Entertainment Inc. just bought the whole Barstool Sports for about $388 million. Penn already owned a huge part of Barstool, but the company decided to acquire the remaining part.

The reasons behind the complete acquisition: 

Their partnership started in 2020 when they joined forces to deliver exclusive sports betting and iCasino content. Back then, Penn owned 36% of the company. However, even then, there were rumors about the full acquisition.

Barstool is one of the most popular digital platforms which shares sports, lifestyle, and entertainment news. Dave Portnoy founded it in 2003 when it was just a free sports and gambling newspaper, and over the years, it expanded to other markets and industries. 

Barstool celebrates its 20th birthday this year, so there are plenty of reasons to be happy and proud. Twenty years after its founding, the company has more than 200 million followers, and its content is appreciated everywhere. Its network consists of more than 100 shows and over 90 personalities, including podcasts, video content, social media, and live events, and its commerce business keeps growing rapidly.

On the other hand, Penn has been working on its omnichannel strategy, which helped increase Barstool’s popularity among the fans. Now, Barstool Sportsbook is the ultimate leader in online betting platforms in the US. The company is present in 15 states, including the retail sportsbooks in Penn’s casinos. 

Jay Snowden, CEO and President of Penn, said: “We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family. Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of the funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division.”

Portnoy also commented on the acquisition: “Barstool Sports is bigger than ever and has become more than I ever dreamed of. I’m very thankful to the Barstool team and Stoolies, who have been along for the ride. I’m looking forward to this next chapter with PENN.”

A great success of the partnership:

We already know this partnership is a great success, and the numbers confirm that fact. Since the partnership between the two industry giants was signed, the audience of Barstool has grown by 194%, and the podcast has been downloaded 1.6 billion times. Also, more than 875 videos have been uploaded on various platforms, resulting in more than 128 billion views.

Probably the most significant is the increase in ad sales, which has been 160%. About 5 million units have been sold, both online and in various retail stores across the country. 

Live event programming has been greatly enhanced. The company produced its first Division I college basketball games, as well as the Barstool Arizona Bowl college football game

One of its great successes is also TwoYay, a well-known NIL marketplace that helps connect agencies, brands, and professional athletes.