Barstool to enter marketing agreement with DraftKings
Barstool Sports is in talks to work with DraftKings Sportsbook in a marketing capacity, according to Sportico, a stunning development in the sports betting industry.
The deal, which reports suggest has not yet been announced or signed due to Barstool’s previous contract restrictions with PENN Entertainment, would pay Barstool in the low eight figures per year to host DraftKings odds while also sending customers to the platform.
Barstool will not be lending its name to DraftKings.
PENN bought Barstool from Portnoy and his investors for $388 million, a sale completed in February 2023.
The partnership was a failure, though, as PENN gave Portnoy the company back for $1, eating the $388 million purchase price as a loss before turning around and shoveling out $1.5 billion over 10 years to ESPN for its name.
PENN did report a $850 million write-off as a result of the failed Barstool acquisition.