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Started By
Message
re: PENN spent $551 million to purchase Barstool. Sold it back to Dave Portnoy for One Dollar.
Posted on 8/10/23 at 12:16 am to Lester Earl
Posted on 8/10/23 at 12:16 am to Lester Earl
quote:
Not what Dave said in the interview I just watched
Didn’t see the interview but from what I read, he has a non compete so he can’t pub any online sports betting. Barstool will go back to being 100% content driven now. That’s what Dave wanted all along. The sports betting thing didn’t take off the way many thought. They were late to the game verses already entrenched services. And their app sucked.
Now he might be able to get back in at some point when the non compete ends but that may be 5 years
3
Posted on 8/10/23 at 3:32 am to Corinthians420
quote:
Well no shite it was part of the deal. It isn't like Penn would run a Barstool Sportsbook and an ESPN sportsbook
The spite is eating you up.
Posted on 8/10/23 at 4:28 am to call me goat
I watched the interview. He said a company like Barstool is worthless, if it isn't owned and run by Portnoy.
Posted on 8/10/23 at 6:53 am to Geauxld Finger
quote:Only took two years for middle class dad's to lose enough money for their wives to make them stop betting. I've noticed less and less gambling advertising in general now - its far less in your face outside of sporting events.
The sports betting thing didn’t take off the way many thought.
Posted on 8/10/23 at 6:57 am to call me goat
quote:
Now owns 100 percent of Barstool and all of the profits from Barstool going forward.
Not exactly. Penn is entitled to 50% of any dividends too. In other words, if he pays himself more than just a salary, half goes to Penn.
This post was edited on 8/10/23 at 6:57 am
Posted on 8/10/23 at 7:12 am to Geauxld Finger
quote:
he has a non compete so he can’t pub any online sports betting. B
It's amazing how emphatically wrong Lester can be without realizing it.
Posted on 8/10/23 at 7:18 am to call me goat
quote:
PENN CEO said that PENN being associated with Barstool made it difficult to get into certain states, because Barstool/Portnoy are so controversial.
I think the logical disconnect is Barstool being controversial doesn't necessarily involve anything "woke".
You're making that assumption and not backing it up with any evidence/data.
Posted on 8/10/23 at 8:14 am to call me goat
Now PENN is going into an ESPN sports betting app with Disney for about $1.5B
Posted on 8/10/23 at 8:19 am to Water
quote:
Now PENN is going into an ESPN sports betting app with Disney for about $1.5B
Theres been conversation for quite some time about Disney starting to sell of some of their assets and ESPN is one of the ones in discussion.
ESPNs revenue has been in decline and the Penn merger is an expensive one BUT the sports betting and online casino revenue can do two things....
1) Make it more attractive to other prospective buyers
2) Regain lost revenue where Disney decides to not sell it off
Posted on 8/10/23 at 8:20 am to call me goat
quote:
call me goat
Member since Aug 2023
9 post
Didn't realize I was arguing with an alter the entire time
Posted on 8/10/23 at 8:48 am to Geauxld Finger
sorry to clarify, he can't promote another sportsbook but they will still be covering gambling, which isnt my cup of tea but they get a lot of hits off of it. So still a big deal to their ability to generate clicks
Posted on 8/10/23 at 9:14 am to LSUfan4444
Disney said in earnings call yesterday that they are still looking for partners to help in the distribution aspect of ESPN.
The gambling will help shore up their bad balance sheet but they are logically still looking for alternatives to split the costs of running it.
They want to get out of cable company contracts and make ESPN streaming only eventually.
The gambling will help shore up their bad balance sheet but they are logically still looking for alternatives to split the costs of running it.
They want to get out of cable company contracts and make ESPN streaming only eventually.
Posted on 8/10/23 at 10:06 am to AlextheBodacious
quote:
Yeah woke states won’t touch barstool.
Massachusetts was threatening to pull their license because the "Can't Lose Parlay" was "false advertising." Exact bullshite PENN was having to deal with and getting tired of being partnered with Barstool.
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