DraftKings and Barstool Sports agree to extensive long-term partnership

On February 11, Dave “El Presidente” Portnoy, the creator of Barstool Sports, took to social media to announce a new multi-million-dollar partnership between his company and DraftKings. This partnership, which was initially reported by Sportico in January, is a multi-year sports betting media deal.

The agreement was only finalized after the conclusion of the Super Bowl, where the Kansas City Chiefs emerged victorious over the San Francisco 49ers. This delay was due to a non-compete clause that Barstool Sports had to adhere to, which related to the termination of their relationship with PENN Entertainment after PENN decided to end their Barstool Sportsbook and form a new partnership with ESPN.

PENN Entertainment had paid $1.5 billion for the licensing rights to ESPN Bet and had also previously acquired a stake in Barstool in 2020 before gaining full control in February 2023 in a deal valued at $551 million.

The newly announced partnership with DraftKings will involve various Barstool Sports personalities, including Portnoy himself, participating in a free-throw challenge with the goal of making 41 consecutive free throws, which is the NBA’s record for most in a row. The event will be live-streamed, and viewers can answer questions to win a share of the $100,000 prize pool.

In other news, executives at DraftKings recently sold close to $78.8 million worth of stock before the release of the company’s fourth-quarter and 2023 results. This move raised some eyebrows in the investment community.