{"id":183475,"date":"2021-08-21T12:17:56","date_gmt":"2021-08-21T19:17:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=183475"},"modified":"2021-08-21T17:42:20","modified_gmt":"2021-08-22T00:42:20","slug":"penn-national-is-bringing-barstool-sportsbook-to-new-jersey","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/","title":{"rendered":"Penn National Bringing Barstool Sportsbook to New Jersey Next Week"},"content":{"rendered":"<p>Penn National Gaming (NASDAQ:PENN) popped nearly four percent on Friday. That was amid speculation that the company&#8217;s Barstool Sportsbook app launched in quiet, partial fashion in New Jersey this week. There was expectation that an official, full state launch is slated for next week.<\/p>\n<figure id=\"attachment_183476\" aria-describedby=\"caption-attachment-183476\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-183476\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP-142x80.jpg\" alt=\"Barstool Sportsbook\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP.jpg 1403w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption  id=\"caption-attachment-183476\"class=\"text-description\"><em>Barstool Sports<\/em> founder David Portnoy. Penn National is bringing Barstool Sportsbook to New Jersey. (Image: <em>Variety<\/em>)<\/figcaption><\/figure>\n<p>The move into the largest US sports wagering market by the upstart sportsbook operator was confirmed Friday on Twitter by <i>Barstool Sports <\/i><a href=\"https:\/\/www.casino.org\/news\/penn-portnoy-euphoria-continues-as-analysts-sees-85-stock-highest-wall-street-call\/\">founder David Portnoy<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">&#x1f440; NEW JERSEY <a href=\"https:\/\/twitter.com\/hashtag\/BARSTOOLSPORTSBOOK?src=hash&amp;ref_src=twsrc%5Etfw\">#BARSTOOLSPORTSBOOK<\/a> <a href=\"https:\/\/t.co\/NPFhW3Gtlw\">pic.twitter.com\/NPFhW3Gtlw<\/a><\/p>\n<p>\u2014 Dave Portnoy (@stoolpresidente) <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/1428770625888440324?ref_src=twsrc%5Etfw\">August 20, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The addition of New Jersey brings the list of states in which Barstool Sportsbook is available in mobile form to seven, with others being Colorado, Illinois, Indiana, Michigan, Pennsylvania, and Virginia. The operator&#8217;s internet casino platform is available in Michigan and its home state of Pennsylvania. Penn National previously said it&#8217;s aiming to have the mobile sportsbook live in 10 states before the end of this year.<\/p>\n<h2>New Jersey a Coup for Barstool Sportsbook<\/h2>\n<p>In January 2020, Penn National doled out $163 million to acquire 36 percent of <i>Barstool Sports, <\/i>with an option to eventually acquire the media firm outright for $450 million.<\/p>\n<p>That deal set the stage for Penn to leverage the Barstool brand, which is highly recognized and popular with millennials and Gen Z \u2013 demographics gaming operators are actively wooing. Barstool Sportsbook <a href=\"https:\/\/www.casino.org\/news\/barstool-sportsbook-quickly-grabs-pennsylvania-share-analyst-sees-large-national-footprint\/\">debuted in Pennsylvania <\/a>last September and has been quick to grab decent market share in some markets.<\/p>\n<div class=\"callout\">\n<p>New Jersey is the largest state in terms of handle in which Barstool Sportsbook is available. The state is an essential market for any operator in the ultra-competitive regulated sports betting industry. Last month, sportsbooks in the state <a href=\"https:\/\/www.casino.org\/news\/atlantic-city-casinos-prosper-in-july-nearly-match-2019-pre-pandemic-land-based-revenue\/\">retained almost $55 million<\/a> on a handle of $578 million, while internet casinos posted a record win of $118.6 million.<\/p>\n<\/div>\n<p>Some of New Jersey&#8217;s dominance in sports betting is derived from neighboring New York not yet allowing mobile sports wagering. Thought the process has been slow-moving, New York is preparing <a href=\"https:\/\/www.casino.org\/news\/ny-sports-betting-deadline-looms-as-cuomo-faces-uncertain-future\/\">to embrace mobile sports betting<\/a>. Penn is partnering with Fanatics to win rights to offer online sports betting in the fourth-largest state.<\/p>\n<h2>Intense Competition Across the Country<\/h2>\n<p>While New Jersey is an essential market for any sportsbook operator, online sports betting is an increasingly national business. It&#8217;s live and legal in 22 states and Washington, DC, with another 10 states waiting in the wings.<\/p>\n<p>Rapid expansion of iGaming and sports betting in the US also underscores the fierce competition in these industries and the expenditures companies contend with to lure customers. There are plenty of participants, but the domestic online sports wagering industry <a href=\"https:\/\/www.casino.org\/news\/fanduel-heading-to-2023-ebitda-profitability-has-45-us-market-share\/\">is dominated by FanDuel<\/a>, BetMGM, and DraftKings.<\/p>\n<p><strong>However, Penn isn&#8217;t spending big dollars on marketing Barstool Sportsbook, indicating it&#8217;s generating return on investment from its stake in Portnoy&#8217;s company. That&#8217;s building market share on a cost-effective basis.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Penn National Gaming (NASDAQ:PENN) popped nearly four percent on Friday. That was amid speculation that the company&#8217;s Barstool Sportsbook app launched in quiet, partial fashion in New Jersey this week. There was expectation that an official, full state launch is slated for next week. The move into the largest US sports wagering market by the [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":183476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penn National Is Bringing Barstool Sportsbook to New Jersey<\/title>\n<meta name=\"description\" content=\"Penn National Gaming&#039;s Barstool Sportsbook is slated to launch in New Jersey next week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National Is Bringing Barstool Sportsbook to New Jersey\" \/>\n<meta property=\"og:description\" content=\"Penn National Gaming&#039;s Barstool Sportsbook is slated to launch in New Jersey next week.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-21T19:17:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-22T00:42:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1403\" \/>\n\t<meta property=\"og:image:height\" content=\"789\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/\",\"name\":\"Penn National Is Bringing Barstool Sportsbook to New Jersey\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP.jpg\",\"datePublished\":\"2021-08-21T19:17:56+00:00\",\"dateModified\":\"2021-08-22T00:42:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National Gaming's Barstool Sportsbook is slated to launch in New Jersey next week.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-is-bringing-barstool-sportsbook-to-new-jersey\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/DP.jpg\",\"width\":1403,\"height\":789,\"caption\":\"Barstool Sports founder David Portnoy. Penn National is bringing Barstool Sportsbook to New Jersey. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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Penn National is bringing Barstool Sportsbook to New Jersey. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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