Nevada Regulators to Probe Penn National’s Bid for Barstool

Nevada Regulators to Probe Penn National’s Bid for Barstool

An allegation leveled against Barstool founder Dave Portnoy of sexual misconduct has cost his reputation and the future of his company. 

It has also drawn the Nevada and Indiana gaming regulators to review the operations at Barstool, of which Penn National is a stakeholder.

According to Nevada Gaming Control Board Chairman J. Brin Gibson, “Penn is aware of the [Indiana Gaming Commission’s] ongoing concerns, and we will continue to evaluate any new information that emerges.” 

Gibson added that this review is a necessary part of the regulatory process. Gibson shared that “it is to protect the reputation of the state and the reputation of the state’s gaming industry.”

According to industry news, the rising concerns about Barstool Sportsbook operations have led to the inquiry by the regulatory body.  

Although Barstool Sportsbook does not operate any casinos in Las Vegas, Penn National has two casinos.  

Refutes allegations

Despite the uproar about Portnoy’s behavior, the founder continues to refute the allegations. In addition, he has filed a defamation case against the original news report by Business Insider. The report had alleged that multiple women had accused the media celebrity of sexual misconduct.

Besides, the CEO of Penn National, Hay Snowden, has publicly dismissed the allegations against Portnoy. Instead, he has urged the public to know the whole story before accusing Portnoy.

Penn National for complete acquisition 

Back in 2020, when Penn National acquired barstool Sportsbook, the stake it took was 36%. With the growing success of the mobile sports betting app in over 12 states, Penn continues to harbor hopes of making the complete acquisition of Barstool at the earliest. 

Hence, Snowden believes that Barstool Sports’ should be given a full media appeal to vindicate Portnoy!

Despite the change in investors in Barstool, the sports gambling app has continued to grow profit margins. It has grown by over 150% in the past two years in terms of revenue earned. In addition, it has over 100 million followers across social media platforms.

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.