Penn National Gaming went out on a limb as the first gaming operator to partner with a sports media brand — and a controversial one at that — for its online sports gambling product. The Barstool Sportsbook officially launched in Pennsylvania on Sept. 18 after a three-day testing period.
Download our new apps for Barstool Sports to enjoy on your Apple, Android, Roku, Fire TV and other devices wherever you are.
- To download the iOS app, simply navigate to the Apple App store and find the Barstool sportsbook app. Android users can download the app directly from the website. The app is free and once downloaded, you can sign up, deposit, and place bets directly from the app.
- Barstool Sportsbook Online Review & Welcome Bonus. If Horatio Alger and P.T. Barnum – and Jim Cramer, and your favorite pizza shop owner, and Jimmy the Greek – had a child, the result would undoubtedly look something like Dave Portnoy, a.k.a. Davey Pageviews, Davey Day Trader, El Presidente, and probably a few other names not suitable for print.
- One of the best things about not having one of your teams or your rivals' teams in the Super Bowl is that you get to just enjoy the game and casually root for whatever team you would like as well as whatever bets you responsibly placed on the Barstool Sportsbook app (DOWNLOAD.
Penn and Barstool combined have huge expectations for the app, hoping it can immediately compete with the likes of DraftKings and FanDuel in PA and beyond.
Those hopes rest largely on an ability to leverage Barstool Sports’ millions of followers, the majority of whom are in the young, male demographic target ideal for sports betting customers. Penn went all in on the marketing scheme in late January, buying a 36% stake in Barstool in a deal that gave the latter $163 million in cash and stock.
So where are Penn and Barstool headed now that we finally have a product live? Here’s a look at the stock, opening weekend numbers for the app and how it stacks up in a crowded PA market.
Hype around Barstool launch drives Penn stock
Much hype surrounding the success of last Friday’s launch propelled Penn National’s stock ($PENN) to a new 52-week high of over $76 — quite astounding, considering it dipped below $4 when the pandemic hit in mid-March.
The controversial frontman of Barstool Sports, Dave Portnoy, is the source of much of the fanfare surrounding the Barstool launch and the subsequent Penn stock surge. That is in large part by design. When Penn inked the deal with Barstool, Penn CEO Jay Snowden emphasized the customer acquisition value of the partnership:
“With 66 million monthly unique visitors, we believe the significant reach of Barstool Sports and loyalty of its audience will lead to meaningful reductions in customer acquisition and promotional costs for our sports betting and online products, significantly enhancing profitability and driving value for our shareholders.”
Portnoy is holding up his end of the bargain, tirelessly pumping out videos praising the Barstool sportsbook product and plugging the stock (always accompanied with his “CYA” disclaimer that he’s not a stock expert).
Many stock analysts have attributed movement in the market — not just with Penn — to Portnoy’s messaging as “Davey Day Trader Global,” a persona he took up in the absence of sporting events in the spring. His millions of sports-starved followers purportedly followed him into the stock market in what has become known as “the Barstool effect” in stock circles.
So it’s hardly surprising that Portnoy’s touting of how great the Barstool app launch has been in PA also boosted Penn stock. But he’s had some help from stock analysts as well.
Penn stock dips with public stock offering news
On Thursday, Penn stock took a dive to the tune of 5.1% in premarket trading following Penn’s announcement of a public stock offering of 14 million shares of its common stock.
Based on Wednesday’s closing price of $69, the stock offering would be valued at around a billion dollars. According to the Penn press release:
How does draftkings work ufc. “We intend to use the net proceeds from the offering for general corporate purposes, which may include, among other things, investments in long-term growth initiatives, our brick-and-mortar properties and our omnichannel strategy.”
This is not the first time even this year that Penn National has turned to a public stock offering to boost company coffers. The cash-strapped PA-based casino company was hit extra hard during the height of the pandemic and had to take many measures to alleviate the damage.
Those measures included tapping $430 million in credit, furloughing and eventually laying off thousands of employees nationwide, selling two of its properties to its landlord and offering up a common stock sale worth $600 million in shares in early May.
The news of the common stock offering was unwelcome to Portnoy, who took to Twitter to express his displeasure. Penn stock closed the day at around $64 but was rebounding to around $68 in early Friday trading.
Hey world, now I'm mad $PENNpic.twitter.com/VWXN84tnAY
— Dave Portnoy (@stoolpresidente) September 24, 2020
Barstool Sportsbook download numbers, depositors and handle
In Penn’s stock offering prospectus on Sept. 24, it provided the following data on the Barstool launch:
“From Friday, September 18, 2020, to Monday, September 21, 2020, the Barstool Sportsbook app received approximately 24,000 registrations in Pennsylvania, approximately 30,000 downloads in Pennsylvania (approximately 35,000 including downloads during the test period), approximately 180,000 downloads in the United States, approximately 12,000 first-time depositors in Pennsylvania with an average deposit size of approximately $243, approximately $11 million of total handle (i.e., amount wagered) and an average rating in the iTunes App Store of 4.9. During its launch weekend, the Barstool Sportsbook was the most downloaded of any sports-related app.”
But what does the early Barstool Sportsbook launch data really tell us?
Key takeaways from this data include Pennsylvania-specific downloads, sign-ups, the 12,000 first-time depositors and $11 million in total handle in four days. But first, some broader context of the market the app is joining.
Launch context: Healthy and growing PA sports betting market
Pennsylvania sports betting is currently peaking, with August breaking the state record with nearly $365 million wagered at PA regulated sportsbooks across online and retail. Online continues to dominate as expected, claiming 88% of all bets. With the addition of Barstool, there are now 10 online sports gambling sites to choose from in PA.
That all adds up to a lot of competition in a healthy and growing market. With Pennsylvania’s sports betting tax one of the highest around at 36%, it also means relatively conservative revenues for operators.
August online vs. retail sports betting handle and revenue:
- Online handle: $321.6 million
- Online revenue: $15.4 million
- Retail handle: $43.4 million
- Retail revenue: $2.8 million
The highest online revenue earner in August was FanDuel, which set a single-operator monthly record with nearly $8.9 million. But much more typical of a strong month for a PA online sports betting operator is somewhere in the ballpark of $1.1 million-$1.5 million, as the next five highest revenue earners posted last month.
|Online Sportsbook||Online Handle||Online Revenue|
|FanDuel (Valley Forge Casino)||$144,635,085||$8,865,958|
|DraftKings (The Meadows)||$86,855,018||$1,156,515|
|PlaySugarHouse (Rivers Philadelphia)||$20,306,160||$1,236,042|
|Fox Bet (Mount Airy)||$22,044,056||$1,166,132|
|BetRivers (Rivers Pittsburgh)||$18,980,114||$1,267,294|
|BetAmerica (Presque Isle Downs)||$606,139||$33,642|
|Unibet (Mohegan Sun Pocono)||$4,806,580||$156,051|
|Caesars (Harrah's Philadelphia)||$1,102,952||$55,060|
Is Barstool on track to pass FanDuel and DraftKings in PA?
So, what does the $11 million in handle for Barstool in the first four days of operations tell us?
First of all, it’s pretty good. Bear in mind, though, that Barstool had exceptional press and build-up around the app launch, which also followed the start of the much-anticipated NFL season. That is, the launch benefited from the fullest slate of sports in months (including an exciting weekend of college and NFL games), not to mention the highest demand ever for legal sports betting.
But let’s see how it compares to other books.
- FanDuel daily handle in August was nearly $4.7 million, so a four-day period would, on average, equate to nearly $18.7 million.
- For second-top dog DraftKings, August saw daily handle of approximately $2.8 million, meaning an average four-day handle of $11.2 million.
- Assuming handle of around $20 million (a more realistic target for most sportsbooks), the daily average is about $645K, or $2.6 million, on average for four days.
If Barstool can keep up the early pace of $11 million handle per four days, it would be on track to at least contend with the top dogs in PA. However, this was four busy days, including an NFL Sunday, not including the rest of the week.
Barstool Sportsbook States
The August comparison would land Barstool on par with DraftKings but trailing FanDuel, though both operators should see a boost in September numbers because of the start of NFL.
Is Barstool the answer to Penn National’s cash flow problems?
Still, it’s important to also realize that revenue from online sports betting in one state is not going to move the needle a whole lot for a company like Penn, which reported a net income loss of $214.4 million in Q2. While the sports betting market is certainly healthy and growing, it’s a small piece of a bigger puzzle for most operators.
For comparison, Pennsylvania’s 11 online casinos have brought in upward of $56 million in monthly revenue, doing so in May and August. PA’s top online casinos, also now peaking, are reaching new monthly revenue highs of $5 million-$8.7 million.
Penn now has two iGaming products live in PA, with Hollywood Casino and DraftKings Casino also utilizing its license. Together, the two sites netted $11.8 million in August.
Even a stellar month for Barstool is unlikely to eclipse revenue from online casino any time soon. However, the two verticals could create some cross-sell opportunities and aid customer acquisition, as Penn brass has alluded to.
What do the download numbers mean?
Penn, Portnoy and others have pointed to high numbers of app downloads to indicate launch success. But until we had the specifics on where downloads took place, along with the number of sign-ups and deposits in PA — the only state where the app is live — any comps were mostly unfounded.
As it turns out, only 30,000 downloads (35,000 including downloads during the three-day testing period) of a total 180,000 downloads nationwide took place in Pennsylvania. This kind of distribution is unheard of for other sports betting brand apps, making comparisons misleading.
But it makes sense. Only a relatively small number of “Stoolies” live in PA and can wager on the app. But it’s all the rage right now on the Barstool media front, and many Barstool fans outside of PA or other legal sports betting jurisdictions are downloading the app to check it out — even though they can’t place a bet on it (not yet, at least).
But the 35,000 downloads and, more telling, the approximately 12,000 first-time depositors (FTDs) are good signs for Barstool/Penn sports betting customer acquisition.
Will Barstool dominate PA sports betting out of the gate?
So, is there room in the market for Barstool to succeed? Of course. It’s a healthy and growing market, and Barstool showed good launch numbers and strong early adoption.
But will it immediately dominate and blow FanDuel and DraftKings out of the water? Likely not — but that’s not to say it won’t be able to compete.
As gaming analyst Chris Grove explained via Twitter on Thursday, expected handle for a weekend in September is around $90 million. Based on that figure, he says:
“If Barstool is expanding the market vs taking share, the number should get larger. Still … if you combine that with the other metrics Penn provided, you can reasonably shorthand this as ‘Barstool grabbed double-digit market share in PA on launch,’ which is obviously a good headline for the company.
“Things to watch for: (i) Do they make share or take share, (ii) how much of that handle was driven by promotional credits, (iii) what does the company tell us about second deposits, and (iv) how does the download to deposit hold up as they move out of early adopters?”
Making vs. taking market share
Clearly, much of this is yet to be seen. One fact to consider is Barstool’s high volume of loyal followers. Just look at the 150,000 downloads (83% of the total) happening in states where you cannot yet place wagers.
Based on that, it’s likely that Barstool is doing more expanding of the market (“making share”) vs. taking market share from existing operators. It’s not a far stretch to assume many “Stoolies” are following Davey into the sports betting market just as they did with stocks. And they’ll likely do the same thing in other legal markets as Barstool and legal sports betting expand into additional states.
But Barstool/Penn will still have to contend with other established sports betting brands and compete for market share in new markets too.
So, what do all the launch numbers and Penn’s stock sale tell us?
- Barstool sportsbook looks as if it will secure low double-digit market share in PA out of the gate, while also taking a meaningful share of and helping expand the sports gambling market.
- Barstool will likely be competing with DraftKings for second place in initial full monthly reporting. (Note: Barstool’s first full month of revenue will come in October.)
- And finally, Barstool is yet to pay off for Penn. While the partnership has certainly boosted stock prices in the short term and is saving Penn money on marketing/customer acquisition cost, Penn National’s cash flow problems appear to be lingering as gaming revenues slowly return to pre-pandemic levels and the company continues to invest in online betting infrastructure.
|Online Sportsbooks· Reviews· Barstool Sportsbook· Barstool Promo Code|
What do you get when you combine a prominent site for sports content and an online betting giant? The highly anticipated launch of the Barstool Sportsbook app is the tenth addition to Pennsylvania’s collection.
Since acquiring a portion of Barstool Sports, Penn National Gaming revealed its intention to launch the app in time for the 2020 NFL season, and it achieved that goal. This operator aims to claim a spot as one of the leading US online sportsbooks with competitive Barstool Sportsbook odds.
The anticipated Barstool Sportsbook launch date passed on September 18 2020, and there’s much excitement around the available offers at this new provider. Join us as we discuss the generous Barstool Sportsbook promo codes, how you can claim one, and what the benefits are.
Barstool Sportsbook Promo Code
Penn National Gaming has attained an influential position among both land-based and online sportsbooks and casinos; its portfolio is ever-expanding. The land-based casinos boast over 50,000 games at premium hotels in desirable locations.
Since development in 2003, Barstool Sports has been the go-to source for many Americans seeking the latest original sports and entertainment content online. Seventy reputable personalities have kept its dedicated audience entertained as the site continued to grow.
In early 2020, Penn National Gaming acquired a considerable portion of Barstool Sports as an addition to its omnichannel approach. This partnership marked the beginning of Barstool Sportsbook, with exclusive promotions of Penn National’s multiple gambling options.
After acquiring its approval from the Pennsylvania Gaming Control Board, the Barstool Sportbook launch date occurred in mid-September. We can soon expect the Barstool Sportsbook app release in Indiana, with Colorado and Michigan to follow.
Barstool Sportsbook Pa
As our advancement into the digital age continues, the existing dedicated audience of Barstool Sports could prove immensely beneficial for this partnership. All that’s left is to look into how these loyal fans will benefit from any available Barstool Sportsbook promo codes.
Other reliable sportsbooks where you can find a great live promotion:
bet365 Bonus Code DraftKings Promo Code FanDuel Promo Code BetMGM Bonus Code BetRivers Promo Code Borgata Bonus Code FoxBet Promo code PointsBet Promo Code Unibet Promo Code William Hill Promo Code
Barstool Sportsbook App
September 18 marked the highly anticipated Barstool Sportsbook launch date in Pennsylvania. However, the testing stage spanned September 15 to 17, by special invitation only. Though the Barstool Sportsbook app marks the tenth release in the state, access was limited to a select few users initially.
Our focus today, however, isn’t on the Barstool Sportsbook app. Instead, we’ll focus on what we know about Barstool Sportsbook and what makes it unique.
Unlike most other online sportsbooks, players can interact with their favorite personalities when participating in Barstool Sportsbook sports betting. Users can follow the news and other content provided by the Barstool Sports site.
Through the app, you’ll find a wide variety of markets available, including the moneyline, parlays, point spreads, totals, and props. The three main types on offer at Barstool Sportsbook will likely be pregame, futures, and in-play bets.
(T&C's Apply, 21+, Only in PA)
Barstool Sportsbook App Download
When you join this provider, you can expect some impressive Barstool Sportsbook odds and extensive markets. As mentioned earlier, the provider made a clever move by setting the Barstool Sportsbook launch date during the 2020 NFL season.
Online sportsbooks use welcome bonuses and promo codes to entice new players to register. We expect nothing less from Barstool Sportsbook. The site lists various bonuses with no specific Barstool Sportsbook promo codes required. However, it’s unclear if these are exclusively applicable to the site or whether they’re available on the app too.
If an app-specific Barstool Sportsbook promo code is provided in the future, we expect it would come in the form of a no deposit bonus. Some other popular options include risk-free bets or a deposit match bonus, so keep an eye out for all three.
Whichever offer the provider chooses to attach to the Barstool Sportsbook promo code, we’re sure it’ll grab the attention of potential players. After all, any bonus could add some padding to your Barstool Sportsbook sports betting account balance and give you more bang for your buck.
Barstool Sportsbook Available States
After the initial testing phase from September 15 to 17, the Pennsylvania Gaming Control Board granted all required approvals to proceed with the full rollout. This marked the Barstool Sportsbook launch date in the state for September 18, and it went live without a hitch.
Pennsylvania is presently the only state where Barstool Sportsbook is available. The company does, however, plan to expand operations to Indiana, Colorado, and Michigan. As soon as the provider expands into these states, we expect to see the available Barstool Sportsbook promo codes to expand in number.
The exclusivity of the Pennsylvania launch makes it a slow start for this potential heavyweight of the sportsbook world. We expect to see some impressive Barstool Sportsbook promo codes in those states too.
Barstool Sportsbook Promo Code and Bonuses
As mentioned earlier, there are currently bonuses listed that don’t require Barstool Sportsbook promo codes. If you’re getting ready to register an account, here are a few options to try out.
Once you’ve created and verified your profile, the provider will credit your account with $10. No deposit or Barstool Sportsbook promo code is required.
This type of bonus often carries heavy wagering requirements and restrictions before you can withdraw your winnings. It may sound like a lot of work, but it’s a fantastic way to try the provider.
First Time Deposit Bonus
After registering your account, you’ll receive a 100% risk-free bet on your first qualifying wager after making your initial deposit. You don’t need to provide a Barstool Sportsbook promo code to claim this offer.
If your first wager loses, you’ll receive 100% of your money back up to $500. Of course, this is subject to your wager meeting the specific requirements. As always, ensure that you’ve read the terms and conditions attached before claiming this bonus.
The typical value of risk-free bets with US providers ranges from $200 to $500. We’d expected nothing less from this provider, even without a Barstool Sportsbook promo code. Considering the Penn National involvement, we’re glad to see it’s gone with this bracket’s higher end.
Another fantastic opportunity to receive some extra credit is the Customization Bonus. You don’t need to enter a Barstool Sportsbook promo code or make any payments to qualify. Head over to the “Betting Favorites” section of your profile and add it to your preferences.
Barstool Power Hour
The #ReducetheJuice offers discounts on weekdays for one hour. You could receive discounted Barstool Sportsbook odds for selected events during this period. You don’t need to provide a Barstool Sportsbook promo code to qualify, and you could receive a better price for your wager.
Listed Pitcher Insurance
This promotion requires no Barstool Sportsbook promo code and is valid for wagers on MLB games. Receive 100% bet insurance against listed pitcher changes before the first pitch.
Deposit Match Bonus
This offer is the most common among US online sportsbooks, so it’s no surprise that we see it as a Barstool Sportsbook promo code. It isn’t among the active bonuses, but we hope it’ll make an appearance soon.
This type of bonus is often in the form of a percentage match on your first deposit. Some providers go a step further and spread this offer over the first three or four deposits with varying percentages. From our experience, this will likely range from 50% to 200% if Barstool wants to attract bettors to its sportsbook.
Furthermore, we speculate that the provider may have some league specific Barstool Sportsbook promo codes joining the lineup. Significant events such as the NFL, NHL, NBA, and MLB could pique some Barstool Sportsbook sports betting interest.
Since the Barstool Sportsbook is a bit late in joining the game, it’ll need to step it up to attract new players and gain market share. That requires launching more generous Barstool Sportsbook promo codes than the other more established operators. There’s nothing new players enjoy more than a little boost to their Barstool Sportsbook sports betting experience at no extra cost.
Whichever Barstool Sportsbook promo code is available, always be sure that you’ve read the terms and conditions attached. Some standard requirements that you’d find might include a limitation on Barstool Sportsbook odds, or restrictions on which games you can wager on and when. Failure to read and understand these terms could result in some unexpected losses.
Barstool Sportsbook Promo Code FAQ
What Do I Need to Open an Account?
From the Barstool Sportsbook site’s homepage, navigate to the login page and Create A New Account. Complete the registration form by providing your name, email, telephone number, address, and the last four digits of your social security number.
Remember that you must be at least 21 years old and reside within the borders of Pennsylvania.
What States Can I Wager In?
You may only place a wager while physically located in a state where Barstool is licensed. For now, this is restricted to Pennsylvania only. However, future plans for this brand include Michigan, Indiana, and Colorado.
Is Using Barstool Sportsbook App Legal?
Yes, the provider is licensed to operate within the borders of Pennsylvania.
Final Thoughts on Barstool Sportsbook Promo Code
With the impressive reputations of both Penn National Gaming and Barstool Sports, the Barstool Sportsbook app’s high anticipation before the recent launch was no wonder. These giants have a lot to offer, bringing both sports entertainment and betting together for an impressive gambling experience.
You can find the app available for download from the Apple App Store for all compatible devices. Unfortunately, due to the regulations from Google, it’s not available from the Play Store.
If you’d like to install the app, visit the Barstool Sportsbook site, locate the link, and download the apk. file. Once the download is complete, you may proceed with installing the app to your device.
As mentioned earlier, while the site has bonuses and promotions listed for new players, there are none specific to the app. Luckily there are no particular Barstool Sportsbook promo codes required to claim any of the current offers available.
The dedicated customer care team, competitive odds, diverse markets, and user-friendly design may just be the perfect combination. Expectations are high for this dynamic duo, and we look forward to seeing what their users think.