Just transactions after the Kansas City Chiefs vanquished the San Francisco 49ers inward Super Bowl LVIII on William Ashley Sunday night, Barstool Sports founder Saint David Portnoy proclaimed a widely speculated upon partnership between his troupe and DraftKings (NASDAQ: DKNG).
Rumors regarding such a relationship surfaced around three weeks ago, but the 2 sides were prevented from making it functionary until after the giving game due to Barstool’s noncompete concord with William Penn Entertainment (NASDAQ: PENN). That undertake was struck lowest Aug when the regional gambling casino operator sold the sports media blog back up to Portnoy for a mere $1 after the gaming fellowship reached a sports betting accordance with ESPN.
I’m proud to foretell that Barstool has signed a multi twelvemonth ogre trade with @DraftKings We’re plunk for to our roots. DK is formerly over again the scoop sports betting partner of Barstool Sports. The to a greater extent things modify the more they continue the same,” said Portnoy inward a social media brand with the hashtag “#dkpartner.”
Financial terms of the Barstool/DraftKings correspondence weren’t revealed, but it’s believed the organisation could follow worth upwards of $10 one thousand thousand o'er multiple years to Portnoy’s company.
Barstool, DraftKings Reunited and it Feels So Good
Barstool and DraftKings, both of which are Boston-born companies, worked unitedly a decennary agone with the media company serving as a platform for articles and discussion on day-to-day phantasy sports (DFS), which was so DraftKings’ bread and butter.
That was four years before the Supreme Court ruling on the Professional and Amateur Sports Protection Act (PASPA). That decision paved the right smart for states to influence the legality of sports wagering inward their jurisdictions and when the floodgates opened, the landscape of betting and media partnerships changed forever.
In part, that drove chisel Barstool and Penn into apiece other’s arms in 2020 when the regional casino manipulator paid $163 1000000 for a 36% bet inward Portnoy’s company. Penn would ultimately compensate due north of $550 billion to own Barstool outright before dumping it to act with ESPN.
Interestingly, that sell paved the path for Caesars Entertainment (NASDAQ: CZR) and DraftKings to relocation on from what were believed to live pricey relationships with ESPN. Among gaming companies, DraftKings is single of the pioneers inwards seeing note value inwards media deals, as the operator acquired the Vegas Sports Information Network (VSiN) and struck a mental object distribution concord with Meadowlark Media in 2021.
Portnoy Comes Out Ahead, Gets Back to Betting
Penn’s purchase of Barstool provided Portnoy with generational wealth, and his power to reacquire his unwaveringly for just $1 testament potential assist inward his efforts to add to his fortune because the society is likely worth hundreds of millions of dollars.
In the viewing of the Penn divorce, Portnoy acknowledged that he may have got bruise that operator’s efforts to procure sports betting licenses inwards some states, but added that he has no plans to of all time once again sell Barstool. As for workings with DraftKings again, it provides the media companionship with an outlet to discuss sports wagering with an official financial backer.
On a related to note, some industry observers believe it was a gaffe on Penn’s component to throw Portnoy to such a myopic noncompete and an oversight to grant that requirement to finish on the mean solar day of the Super Bowl.
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