Major US operating company Penn National Gaming has completed its acquisition of 36 per cent of Barstool Sports for $163m.
Penn now becomes Barstool’s exclusive gaming partner with the sole right to use the Barstool brand for its online and retail sports betting and icasino products.
After three years, Penn has the right to increase its holding of Barstool stock to 50 per cent and set up the pathway to taking complete control. Penn National designated senior vice president and chief strategy officer Chris Rogers and senior vice president of interactive gaming Jon Kaplowitz to join Barstool Sports’ seven-member board of directors.
Penn National Gaming operates slots and video gaming terminals in 41 locations in 19 states. It operates over 50,000 machines, 1,300 table games and has 8,800 hotel rooms.
Barstool has 66 million monthly unique visitors to its site in the US. Last year it grew by 65 per cent, delivering nearly $100m in revenue from digital and audio advertising, ecommerce, events, licensing and subscription.