Barstool Sports to Focus on Sports When They Return

Barstool Sports to Focus on Sports When They Return

Founder of Barstool Sports, Dave Portnoy, recently said that he wants to see sports back in action. The company recently sold a 36% stake in its sports blog to Penn National Gaming.

Foraying into new territories

Appearing on CNBC show Mad Money, Portnoy told Jim Cramer that he is foraying into day trading because of the coronavirus pandemic. However, he wants sports to return as soon as possible. He said,

“I’m enjoying the stock stuff … It’s been fun… but I’m a sports guy. I’m a sports bettor. I want sports back, and when it comes back that’s going to be where my focus is. But, for now, I am having fun with the stock game.”

Barstool Sports to Focus on Sports When They Return

Portnoy launched the Barstool sports and culture blog back in 2003. This year, he struck a multi-million-dollar deal with Penn National Gaming. The gaming operator now owns a 36% stake in the business. It has already opened about 70% of its properties across the country as casinos start to reopen.

Portnoy is riding high

The founder talked about his experiences in trading and how he managed to trade during the pandemic. He revealed that he started day trading with $3 million on E-Trade. He admitted to having lost about $647,000 in just one day. Earlier this month he said he is the “captain now” and declared that he is far ahead of Warren Buffett in picking stocks.

However, his biggest win would be the Penn National agreement which brought in $450 million alongside an option to launch a sportsbook. He said that he is a sports gambler and risk-taker by nature. That is why he told Penn CEO Jay Snowden that he is looking for more equity. Snowden was also available during the show alongside Erika Nardini, the CEO of Barstool. He said that only 10 properties of Penn are awaiting reopening, which could be done in the upcoming weeks. He also said that the situation is getting better every day. With the reopening, about 11,000 employees are now back to work.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.