Sports bettors anxiously awaiting the launch of the Barstool Sportsbook app won’t have to wait much longer. The app is expected to launch before the start of the 2020 football season, and it could become a huge player in the sports betting industry.
Barstool Sports CEO Erika Nardini announced on Thursday that Barstool is looking to launch by Sept. 1, but there is a chance that it could be available even earlier. The sportsbook app will be produced by Penn National Gaming, which owns a share in Barstool Sports.
Penn National Gaming bought 36 percent of the Barstool Sportsbook share earlier this year for a price of $163 million. The deal also gives Penn National Gaming the rights to take over the entire company for a whopping price of $450 million.
Penn National Gaming is the largest retail casino operator in the country, and Barstool Sports was eager to join forces with such a giant. Barstool Sports started as a small media-based sports company but has grown tremendously, especially with the younger generation.
The agreement also calls for all of Penn National Gaming’s mobile and retail sportsbooks to go by the Barstool Sports brand. The Barstool Sportsbook app is currently slated to launch in Colorado and Indiana, but several other states are on the radar as well.
Colorado and Indiana are two of the fastest-growing sports betting markets in the industry, and the Barstool Sportsbook app should be a strong competitor in the market. Both states do have a flooded market, and Barstool Sportsbook will be trying to make up ground in a hurry.
In Time For Football, Other Sports In Play As Well
The September launch was planned to be live by the time of both college and professional football, but there will be other sports playing as well. Major League Baseball will be entering the final month of its regular season, with playoffs still on the way.
Both the National Basketball Association and the National Hockey League are still slated to be playing in September as well, giving Barstool Sports a chance to make up ground in a hurry. Normally, September is a slow time for sportsbooks outside of betting on college football and the NFL.
Betting on football is the most popular sport to bet on in the United States, but every sport is expected to bring in plenty of action this summer and fall. Bettors have been extremely limited in their sports betting options due to the coronavirus pandemic, and sportsbooks have struggled to find bets to offer.
Penn National Growing With Barstool
Even though Penn National Gaming has a huge presence in the online casino and sports betting industries, they were looking to take the next step. Adding Barstool Sports to their portfolio should cause huge growth with the company, and will bring in a whole new demographic of customers.
Barstool founder David Portnoy has built up a cult-like following throughout the United States, and there are branches of Barstool Sports located throughout the country.
The company started off by producing blogs and media content, and they tackled controversial issues. Barstool Sports was prominently featured on ESPN for some months before the two companies had a falling out.
Barstool Sports covers a wide range of topics, and this content can now be used by Penn National Gaming throughout the country. The younger generation of sports bettors likely hasn’t heard of Penn National, but they know about Barstool Sports.
One interesting aspect of this deal is that Barstool Sports will now be competing against both FanDuel and DraftKings in the sports betting industry. Both companies have advertised Barstool Sports in the past, but that will now stop as the app is preparing for launch.