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Penn had announced a $2 billion agreement with ESPN to rebrand Barstool Sportsbook as ESPN Bet, and the sale was intended to relieve Penn of "non-compete and other restrictive covenants" tied to its ownership of Barstool. Portnoy stated, "The regulated industry is probably not the best place for Barstool Sports and the type of content we make".
It originally launched in 2020 as Barstool Sportsbook, in partnership with the then-Penn owned Barstool Sports. In August 2023, Penn sold Barstool back to its founder Dave Portnoy , and concurrently announced a brand licensing agreement with ESPN; the 10-year agreement is valued at $1.5 billion, plus $500,000 in options for ESPN to purchase ...
[14] [15] [16] Portnoy re-purchased Barstool in August 2023 for one dollar, non-compete agreements in the gambling space, and a clause that if Barstool were to be sold again Penn Entertainment would take 50%. [17] The “Dave Portnoy Show with Eddie & Co.” was a podcast hosted by Dave Portnoy and Eddie Farrer that aired on Barstool Sports.
ESPN Bet is a rebranding of an existing sports-betting app, the online Barstool Sportsbook. Also in August, Penn said it sold Barstool Sports back to its founder Dave Portnoy.
Starting in the fall, Penn's online mobile sports book, formerly called the Barstool Sportsbook, will be named ESPN Bet. Penn initially took a 36% stake in Barstool for $163 million back in 2019.
Dave Portnoy said he bought back Barstool Sports, the brash sports and pop-culture media company he founded, from Penn Entertainment for “pennies on the dollar.” In fact, Portnoy paid 100 ...
[61] [62] In September 2020, Penn and Barstool launched a branded mobile betting service known as Barstool Sportsbook. It was initially launched in New Jersey, and expanded to twelve states by 2021. [63] [64] In August 2021, Penn National agreed to acquire Canadian digital media company Score Media and Gaming for $2 billion.
Barstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn’s big win over Purdue on Monday night in the NCAA men’s ... with sports betting now legal in 38 states plus Washington ...