Barstool Sports and DraftKings Announce Plans for Strategic Betting Collaboration

Barstool Sports, led by founder Dave Portnoy, is reportedly in advanced talks with DraftKings for a comprehensive sports betting deal. The potential deal is expected to be a traditional marketing partnership, with Barstool promoting DraftKings odds to refer customers to the sportsbook.

The negotiations are reportedly focused on a multiyear contract that could see Barstool receiving a substantial annual sum in the low eight figures. However, the deal cannot be signed before the Super Bowl, as Barstool faces restrictions on reentering the betting arena until the conclusion of the current NFL season and playoffs due to its recent separation from Penn Entertainment.

DraftKings, Barstool, and Penn have not officially commented on the ongoing negotiations. Barstool’s journey into the betting realm is a return to its roots, with the company originally starting as a betting and fantasy publication. Despite its expertise in gambling advice and picks, the absence of a formal betting sponsor has left the company without a share in the sports betting market.

DraftKings, a giant in the online sports betting industry, has been looking to establish strategic partnerships with media companies to enhance its brand recognition and attract a broader customer base. The potential collaboration between Barstool and DraftKings comes after Barstool’s tumultuous relationship with Penn Entertainment.

Portnoy clarified that Penn encountered difficulties in fully leveraging the Barstool brand due to compliance-related obstacles. The pending deal between Barstool and DraftKings has created waves in the market, with DraftKings’ stock rallying to its highest levels since late 2021. Investors are closely watching this space, anticipating a breakthrough that could reshape the dynamics of the sports betting industry.