Dave Portnoy Lost Out On $1 Million Through Oilers Bet But Is Trying To Win It Back With A World Series Gamble
Portfolio Pulse from Aaron Bry
Dave Portnoy, founder of Barstool Sports, lost a $150,000 bet on the Edmonton Oilers but is trying to win back $1.2 million with a $200,000 bet on the Philadelphia Phillies to win the 2024 World Series. He placed the bet through DraftKings. Barstool Sports, previously owned by Penn Entertainment, is now back with Portnoy.
June 25, 2024 | 8:54 pm
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POSITIVE IMPACT
Dave Portnoy's high-profile bet on the Philadelphia Phillies through DraftKings could attract more attention and users to the platform, potentially boosting its stock price.
Portnoy's bets are widely followed and can drive significant traffic to betting platforms like DraftKings. This increased user engagement could positively impact DraftKings' stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Penn Entertainment, which sold Barstool Sports back to Dave Portnoy, now operates the ESPN Bet sports book. The sale could allow Penn to focus on its new venture.
The sale of Barstool Sports allows Penn Entertainment to concentrate on its ESPN Bet sports book. This strategic shift may not have an immediate impact on Penn's stock price but could be beneficial in the long term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60