Barstool Sports Dave Portnoy Explain Mobile Sports Betting Strategy - Business Insider
Penn National Gaming’s $163 million investment in Barstool Sports is being put to the test as it introduces its first Barstool-branded sportsbook.
Still, not all analysts are convinced that the Barstool Sportsbook can hold its own against industry leaders like DraftKings and FanDuel.
Industry experts said Barstool Sportsbook’s features like ability to bet with or against Barstool talent are little more than novelties, but could be differentiators if they help build a community within the sportsbook, like Barstool has done on its other digital channels.
“If you string together enough novelty, you can bring together a significant advantage,” Chris Grove, gambling-industry analyst and partner at Eilers & Krejcik Gaming, said. “They have this thing that is unique: a community connected via culture. Other sportsbooks really don’t have that.”
Outside of the sportsbook, Barstool talent has been promoting the app in their social channels, in Portnoy’s sports livestream, day-trading videos, and pizza reviews, through the outlet’s comedy-sports video series likes “Barstool Sports Advisors,” and in podcasts like gambling-preview show, “Walk the Line.”
Users wagered $11 million through the Barstool Sportsbook, Penn National reported in a company filing. Pennsylvania is a crowded market with 10 mobile sportsbooks, including the Barstool Sportsbook. By comparison, in August when live sports returned, the market leader in the state, the FanDuel Sportsbook, captured $144.6 million in online wagering. FOX Bet, another media-branded sportsbook, brought in $22 million.
“We’ve entered a very competitive market place,” Portnoy said. “We’ve made a dent early, and it reinforces the thesis that our crowd will follow us.”
FAQ
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