Barstool CEO Plans to Launch Barstool Sportsbook in September
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Barstool Sports CEO Erika Nardini plans to launch the anticipated Barstool Sportsbook app in time for 2020. The app comes when sports leagues around the U.S. start back up after COVID-19 shut the sports world down in March.
Also, Barstool Sports will open retail sports across the U.S. at Penn National casinos. Penn National invested in 36 percent of Barstool in early 2020. Barstool Sportsbook will be competing with mobile operators like FanDuel and DraftKings among launch.
Barstool Sports has exploded in popularity over the last five to six years. Also, the giant content creator is popular among the younger demographic between 18-32. The Barstool Sportsbook app should generate revenue as soon as they launch with their fans looking to place bets.
Basrtool Sports and Penn National Partnership
Barstool Sports partnered up with Penn National in January. Penn National acquired a 36 percent stake in Barstool worth about $450 million. Its stock rose to $39 per share in February after the deal was final.
Penn National was buying racetracks in the south 20 years ago, and that’s how they got their start in the gaming business. Soon after, they started to buy casinos and grew the Penn National brand from there. In 2019, Penn National brought in $5.1 billion in revenue and $1.1 billion in the first quarter of 2020.
The Barstool Sportsbook App will be able to launch in a few states where Penn National is located. Residents of Indiana, Iowa, Pennsylvania, and West Virginia should have the app available to them when it is ready. Also, Barstool Sportsbook could go live in Michigan in 2020 depending on if they approve mobile betting before the year is over.
Overall, the Barstool Sportsbook app should be a big hit. Even with fears of limited sports, players should be able to get action in on the games they want to while using the Barstool app. As the sports betting industry continues to grow, Barstool Sportsbook will grow with it.
Can Barstool Sportsbook Compete?
Barstool Sports is getting into the sports gaming industry at the right time. 18 states have legal sports betting and also legal in Washington D.C. They will have plenty of opportunities to expand their footprint in the sports betting world.
Barstool has grown exponentially over the last few years. Right now, they have 2.4 million followers on Twitter and 8.4 million followers on Instagram and TikTok. The company is now worth over $100 million dollars after being re-evaluated due to the Penn National acquisition.
Barstool Sports will be able to compete in the sports betting landscape when a strong foothold in content creation, as well as having loyal followers. The Barstool Sportsbook app should be able to generate millions every month from their following let along with outside patrons who will use their betting platform.
Nardini already said that they will have Barstool personalities promoting the app nonstop when it is ready for launch. As long as the Barstool Sportsbook app is available in every state that has legal mobile wagering, then they will have success in the betting industry. It’s not a matter of if, but when will Barstool be competing with the likes of FanDuel, DraftKings, BetMGM, and other large mobile betting retailors.
