Barstool Sports founder Dave Portnoy hyped the launch of The Barstool Sportsbook app late Friday via Twitter. The betting app, an offshoot of the Barstool media brand, ranked number one among sports apps after it's debut. See below:
#1 sports app #BarstoolSportsbook $penn
— Dave Portnoy (@stoolpresidente) September 19, 2020
GOODNIGHT pic.twitter.com/MvElWIx2NC
The app, which launched Friday ahead of the second week of the NFL season, comes as states with legalized sports betting enjoy a new aspect of the game at a time when fans can't sit in stadiums due to the COVID-19 pandemic.
The success of the Barstool Sportsbook app bodes well for Penn National (PENN), which Portnoy owns a stake in (Penn also owns a 36% stake in Barstool Sports). The goal for Penn National is to convert Barstool's massive following into sports bettors, underscoring an atypical transformation for what started out as a media company in 2003.
The news should also make the private equity investors at The Chernin Group happy. The Los Angeles-based firm also owns a stake in Barstool.
Barstool Sports officially launching their own sports betting product is a perfect example of how a “media” company can create a massive software business.
— Blake Robbins (@blakeir) September 18, 2020
This is just the beginning...and they are paving the way. pic.twitter.com/qpymOCptbB
The return of major sports, while without a live capacity crowd, certainly helped the Barstool Sportsbook app gain traction. The NBA and NHL are currently in playoffs, while two weeks remain in the "new regular" MLB season. And the NFL season kicked off recently on Thursday, September 10.
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