Barstool Sports just hit the jackpot.
The casino kingpin Penn National Gaming is buying a 36% stake in Barstool, in a deal that values the controversial sports and pop-culture blog at $450m, The Wall Street Journal reported.
Barstool’s brash founder, Dave Portnoy, celebrated the news in the most #onbrand way possible: with a fake press conference beamed from the surface of the moon.
Portnoy said he wants Barstool to be the biggest gambling company in the country. Here’s why that could be a strong bet:
There’s just one potential hitch: Portnoy’s reputation for acting like a neanderthal and attracting the frattiest of frat bros. A few lowlights from Barstool’s recent past:
The company’s checkered history doesn’t seem to be scaring off investors — Penn National’s stock took off after the announcement.
What’s next: Expect more tie-ins between media companies and gambling outfits. Last year, ESPN launched a new show called “Daily Wager” that caters to viewers who bet on sports.
Capitalize on it: Our Trends story explains how you can pounce on the growing sports-gambling industry.