A partnership has been announced between Penn National Gaming and Barstool Sports.
The deal gives Penn a 36 per cent stake in Barstool for a cash and stock payment of $163m. Barstool Sports is a leading digital sports media company and the partnership makes Barstool the exclusive gaming partner for up to 40 years with the sole right to use its brand for all of the Penn online and retail sports betting and icasino products.
Penn is the largest regional gaming operator in the US with 41 properties in 19 states and has an omnichannel retail and online gaming and sports betting business. The benefit of the deal to Penn comes from Barstool’s leading digital content, familiar brand and background in sports betting. Penn believes that the deal will enable it to attract a new and younger demographic to add to its 66 million monthly vistors.