Dave Portnoy Lays Out How Bartsool Sports Separates Penn National From Other Stocks

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Penn National bought a 36% stake in Barstool Sports and has enjoyed a new loyal following thanks to Portnoy and Barstool’s popularity.” data-reactid=”20″>Earlier this year, Penn National bought a 36% stake in Barstool Sports and has enjoyed a new loyal following thanks to Portnoy and Barstool’s popularity.

recently downgraded Penn National. Analyst Thomas Allen believes its valuation was too high after a 100% gain. Portnoy took to Twitter in response mainly to the analyst’s $55 price target:” data-reactid=”21″>What Portnoy Thinks: Morgan Stanley recently downgraded Penn National. Analyst Thomas Allen believes its valuation was too high after a 100% gain. Portnoy took to Twitter in response mainly to the analyst’s $55 price target:

• “People root for Barstool like we’re a sports team”
• “They wear our merch. They wear our letters.”
• “They root for us. They follow us.”
• “That’s why the PENN stock rockets.”
• “It’s owned by the everyday man… It’s owned by the fans.”

Portnoy brought up the case for the built-in following of him and Barstool being a huge marketing advantage for Penn National.

“[We have an] entire marketing force that we don’t have to pay,” Portnoy said. “We have a marketing force that you can’t buy.”

“Based on Barstool’s significant awareness/engagement (100 million social media followers), we forecast it achieving 10% market share of US sports betting,” Allen said.

DKNG) market share to fall from 30% to 25%, taking a hit from the Barstool app launch and other sports betting players.

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