Published: 25-Feb-2020 | Published By: Market Research Store
For about $163 million, Penn National Gaming, Inc. has gained 36 percent interest on the streaming sports and entertainment network. Penn National will be the official online sponsor of Barstool Sports for a duration of up to 40 years, under the deal. It will have the licensing rights to use the Barstool Sports name for all electronic and retail sports betting and iCasino items within the group.
Penn National also reserves the right to open licensed sport bars or restaurants in Barstool. Penn National operates Lawrenceburg Casino in Hollywood too.
Over three years, with an annual commitment of about $62 million, Penn National would raise its stake of Barstool Sports to about 50 percent (or more, at Penn National's election). The digital platform offers humorous, relatable and engaging content to viewers 24/7 for those who are unfamiliar with Barstool Sports. Their influence continues to grow through various media channels, with 66 million monthly tourists (stoolers).
Penn National said this exciting new alliance with Barstool Sports represents their plan to continue transforming from the nation's largest regional casino company, with 41 facilities in 19 states, to a best-in-class omni-channel retail and streaming gaming and sport betting entertainment network.
As per Market Research Store, the global online gaming market was valued at around USD 17 billion in 2019 and is projected by analysts to reach around USD 18.5 billion by 2026.
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