Barstool Sports Reunites With DraftKings, Launches 41-Straight Free Throw Contest: 'We're Back To Our Roots,' Says Portnoy
Portfolio Pulse from Chris Katje
Barstool Sports has renewed its partnership with DraftKings (NASDAQ:DKNG) following the repurchase of Barstool by its founder, Dave Portnoy, from PENN Entertainment (NASDAQ:PENN). The deal makes DraftKings the exclusive sports betting partner of Barstool Sports. This partnership was announced shortly after Super Bowl LVIII and includes a Free Throw Challenge with a $100,000 prize from DraftKings. PENN previously acquired and then sold Barstool Sports back to Portnoy, moving on to a partnership with Disney's ESPN Bet. The rekindled Barstool-DraftKings partnership could attract new customers to DraftKings and impact the sports betting market.
February 12, 2024 | 3:46 pm
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POSITIVE IMPACT
The Walt Disney Company, through its ESPN Bet brand, has entered the sports betting market, showing initial success and gaining market share.
Disney's entry into the sports betting market with ESPN Bet, especially after PENN's partnership, could positively impact its stock as it diversifies revenue streams and captures market share.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
DraftKings renews partnership with Barstool Sports, becoming its exclusive sports betting partner. The announcement includes a promotional Free Throw Challenge.
The renewed partnership with Barstool Sports could attract new customers and increase user engagement for DraftKings, potentially boosting its market share and stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
PENN Entertainment sold Barstool Sports back to founder Dave Portnoy and moved on to a partnership with ESPN Bet, reporting an $850-million write-off on its Barstool acquisition.
The sale of Barstool Sports and the reported $850-million write-off could negatively impact PENN's financials and investor sentiment in the short term, potentially affecting its stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80