Five months after Barstool Sports was re-acquired by Dave Portnoy, they are back in the betting game. According to Eben Novy-Williams of Sportico, Barstool and DraftKings are close to a deal.
The deal is more of a marketing promotion than anything else with Barstool promoting DraftKings odds and benefitting from customers referred to the Sportsbook. They won’t be getting their own sportsbook or betting app any time soon.
As of now, no deal is concrete.
“While nothing is yet signed, the talks have centered around a multiyear deal that will pay Barstool in the low eight figures per year, said the people, who were granted anonymity because the details are private. Barstool is unable to finalize a betting deal until after the Super Bowl, because of a lock-up as part of its recent separation from Penn Entertainment, according to the sources.”
The biggest reason that they have to wait til after the Super Bowl is because of a non-compete agreement with ESPN and PENN. Which appears to only have been for six months.
PENN had bought Barstool as part of a plan to utilize the name and following to build a betting platform. Though, nothing came of it. PENN later sold Barstool back to Portnoy for $1 and launched their own betting site under the name ESPN BET. Due to the creation of the new Sportsbook, ESPN also ended it’s deal with DraftKings.
Barstool has always been part of betting from the moment that they were created. They started in 2003 and would disperse a free weekly fantasy and betting pamphlet.
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