Barstool Betting App

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WYOMISSING, PA (Jan. 29, 2020) – Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that it has entered into an agreement to acquire a 36% interest in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports media company, for approximately $163 million in cash and convertible preferred stock. Under the agreement, Penn National will be Barstool Sports’ exclusive gaming partner for up to 40 years and have the sole right to utilize the Barstool Sports brand for all of the Company’s online and retail sports betting and iCasino products.

Jay Snowden, President and Chief Executive Officer of Penn National, commented, “This exciting new partnership with Barstool Sports reflects our strategy to continue evolving from the nation’s largest regional gaming operator, with 41 properties in 19 states, to a best-in-class omni-channel provider of retail and online gaming and sports betting entertainment.”

Mr. Snowden continued, “With its leading digital content, well-known brand and deep roots in sports betting, Barstool Sports is the ideal partner for Penn National and will enable us to attract a new, younger demographic, which will nicely complement our existing customer database. In addition, 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.”

Jon Kaplowitz, Head of Penn Interactive, commented: “We look forward to introducing our 20 million mychoice customers to the Barstool Sportsbook brand through our retail sportsbooks and our interactive products. Our growing team of product and engineering talent at Penn Interactive is focused on what we anticipate will be a best-in-class sports betting app, which is expected to launch in the third quarter of 2020. Our team is excited to begin collaborating with Barstool Sports on ways to utilize its key talent and leading content to drive audiences to Penn National’s online gaming products and retail locations, as well as to special events and fan experiences.”

Erika Nardini, Chief Executive Officer of Barstool Sports, said, “Barstool Sports is a dynamic content company that has grown into a media juggernaut thanks to some of the best talent and fans in the world. Over the last five years, Barstool Sports has brought its audience, creativity and expertise to the biggest sports betting and DFS operators in the country with great results. The chance to combine our content and fans with Penn National's massive footprint, and to develop a unique and compelling omni-channel approach together, was for us a no brainer.”

Dave Portnoy, Founder of Barstool Sports, added, “This opportunity is a dream of mine and why I started Barstool Sports in the first place. Barstool Sports has a deep sports and gaming history and from the moment we met Jay and the Penn National team we knew this could be an exciting and game changing partnership and we can't wait to get started. I think with our shared vision and goals, we are uniquely positioned to be a leader in this business.”

Mike Kerns, Partner at TCG, stated, “We’re excited to partner with Penn National on Barstool Sports’ next chapter. We have long believed in the power of Barstool Sports’ unique brand, and with Erika’s leadership and Dave’s vision, the Company has realized remarkable growth over the last four years. We believe the marriage of the Barstool brand and passionate audience with Penn National’s gaming leadership will change the industry.”

Mr. Snowden concluded, “As we continue to execute on our omnichannel strategy, we plan to remain focused on our efforts to de-lever our balance sheet while building on our long-term progress in expanding operating margins at our regional casinos. As previously announced, our goal is to achieve a lease-adjusted net leverage level of 5.0x by the end of 2020.”

Transaction Details
Penn National’s initial investment for 36% of the equity of Barstool Sports is comprised of approximately $135 million in cash and $28 million in shares of non-voting convertible preferred stock. After three years, Penn National will increase its ownership to approximately 50% with an incremental investment of approximately $62 million, consistent with the implied valuation at the time of the initial purchase.

Under the terms of the agreement, Penn National has immediately exercisable call rights, and the existing Barstool Sports shareholders have put rights exercisable beginning three years from closing, for the remaining Barstool Sports shares based on a fair market value calculation to be performed at the time of exercise. Penn National also has the option to bring in another partner who would acquire a portion of Penn National’s shares of Barstool Sports. Penn National will have customary governance rights, including initially two seats on Barstool Sports’ seven-member board of directors.

Following the close of the transaction, entities affiliated with The Chernin Group, which previously owned approximately 60% of Barstool Sports, will own 36% of Barstool Sports, and the remaining 28% will be held by Barstool Sports’ employees, including Mr. Portnoy and Ms. Nardini.

The Company expects to close the transaction in the first quarter of 2020, subject to customary closing conditions set forth in the purchase agreement.

Penn National Gaming will host an analyst day in June to discuss the Barstool Sports transaction further and expand upon the Company’s omni-channel vision for the convergence of sports betting and casino gaming.

Conference Call and Webcast
Penn National will host a conference call and simultaneous webcast today, Wednesday, January 29, 2020 at 8:00 a.m. ET to review the Barstool Sports transaction, share the Company’s vision for sports betting and iGaming, and host a question and answer session. To access the conference call, interested parties may dial www.pngaming.com. During the conference call and webcast, management will review a presentation which can be accessed at www.pngaming.com. A webcast replay will be available for 90 days following the live event at www.pngaming.com. Please call five minutes in advance to ensure that you are connected. Questions and answers will be taken only from participants on the conference call. For the webcast, please allow 15 minutes to register, download and install any necessary software.

# # #

About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company operates 41 facilities in 19 jurisdictions. In total, Penn National Gaming’s facilities feature approximately 50,500 gaming machines, 1,300 table games and 8,800 hotel rooms. The Company also offers social online gaming through Penn Interactive and has a leading customer loyalty program with over five million active customers.

About Barstool Sports
Founded in 2003 by David Portnoy, Barstool Sports is a leading digital sports, entertainment and media platform that delivers original content across blogs, podcasts, radio, video and social, supported by nearly 70 dedicated personalities. It benefits from approximately 66 million monthly unique visitors, including an estimated 48% of males and 44% of females in the Millennial and Generation X generations across the United States. In 2019, Barstool Sports grew by approximately 65%, delivering nearly $100 million in revenue from digital and audio advertising, ecommerce, events, licensing and subscription.

About The Chernin Group
The Chernin Group was founded as a holding company to acquire and operate direct-to-consumer brands in media and tech. After a decade building consumer businesses, The Chernin Group management team formed TCG – a multi-stage investment firm based in Los Angeles and San Francisco. TCG’s portfolio includes digital media, commerce, marketplaces, sports, gaming, consumer finance, and health and wellness brands and platforms.

Forward-looking Statements
All statements included in this press release, other than historical information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company’s investment in Barstool Sports and the related transactions, the Company’s online strategy, the potential benefits of the investment in Barstool Sports, including the benefits for the Company’s online and retail sports betting and iCasino products, the expected financial returns from the transaction with Barstool Sports, including reductions in customer acquisition and promotional costs, the projected closing date of the investment in Barstool Sports, the Company’s ability to repay debt in 2020, are subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, Penn National cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the Company may not be able to achieve the expected financial returns due to fees, costs and taxes in connection with the Company’s roll out of its own online and retail sports books and iCasino products; (b) states may not pass legislation approving online and retail sports books and iCasino products; (c) the closing of the transaction with Barstool may be delayed or may not occur at all, for reasons beyond our control; (d) the ability to satisfy the closing conditions to the transaction in a timely basis or at all; (e) the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (f) potential adverse reactions or changes to business or regulatory relationships resulting from the announcement or completion of the transaction; (g) the outcome of any legal proceedings that may be instituted against the Company, Barstool Sports or their respective directors, officers or employees; (h) the ability of the Company or Barstool Sports to retain and hire key personnel; (i) the impact of new or changes in current laws, regulations, rules or other industry standards; (j) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the Company and Barstool Sports to terminate any of the transaction agreements between the companies, and (j) other risks, including those as may be detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). For more information on the potential factors that could affect the Company’s financial results and business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.

CONTACTS:
General Media Inquiries:
Eric Schippers, Sr. Vice President, Public Affairs
Penn National Gaming

Kelly Martin, Head of Talent Relations and Communications
Barstool Sports
Kelly.Martin@barstoolsports.com

Financial Media and Analyst Inquiries:
Justin Sebastiano, Sr. Vice President of Finance and Treasurer
Penn National Gaming

Joseph N. Jaffoni, Richard Land
JCIR
212-835-8500 or penn@jcir.com

Disclaimer: Barstool sports is not yet live in Colorado. This review will be updated post the site’s launch in CO.

In February 2020, Penn National – owners of casinos and sportsbooks in multiple states – announced they were buying 36% of Barstool Sports.

A brand-new sports betting app is under development. This is expected to be available in the 3rd quarter of 2020. This will cover much more than the DFS style picks contests available on the current (national) Barstool Bets app. In the interim, here is a list of live Colorado sportsbooks.

While Penn National doesn’t directly own any casinos in Colorado, they do manage the Ameristar Casino in Black Hawk. That venue is favorite to host both retail and online sports betting under the Barstool Bets brand.

This page is a preview, based on what is known about Penn National (via its Hollywood Casinos properties), Barstool’s media empire, and the legal requirements for betting apps in Colorado.

Barstool Sportsbook Colorado: Welcome bonuses

If Penn National and Barstool make their public deadline of 3Q to launch their sportsbook, they will be entering a crowded scene in Colorado. Most rivals will have gone live on the May 1, 2020 kick-off. This is good news for prospective bettors. as Barstool will need an enticing welcome deal to get market share.

There are three types of bonuses on offer at online sportsbooks. Many offer a combination of a no-deposit free bet type offer and either a matched deposit bonus or risk-free first paid bet. Here are the possible Barstool Sportsbook bonuses:

• No deposit bet: Expect a smaller bet (up to around $20) for registering, with no deposit required. Minimum odds and strict time limits are applied to this type of betting bonus.
• Matched deposit bonus: Typical offers involve a 100% match on your first deposit up to $500. You’ll need to bet this bonus money, which comes in the form of betting credits, not cash.
• Risk-free first bet: An alternative welcome offer involves your stake being returned if your first paid bet loses. Amounts vary, from $100 to $500. Your returned stake is in the form of betting credits.

Barstool Sportsbook Promo Code March 2021

Promotions tied to Barstool Media

The other popular media/sports betting tie-in is between StarsBet and FOX Sports. They have linked player promotions to the picks made by hosts of their popular shows. Barstool has a great opportunity to do something similar.

Hosts including KFC, Big Cat, and El Presidente could make selections, which then get enhanced odds or bet insurance/refund type deals attached. This could be the tip of the iceberg in terms of cross over deals with the media brand.

Other sportsbook apps in Colorado have a loyalty program. These vary, some offer fixed returns, others are tiered with increasing benefits as you move up. Barstool Bets will need to offer something along similar lines to be competitive in the Centennial State.

Is the Barstool Colorado Sports betting app legal?

Penn National doesn’t currently own a property in Colorado. It did own Bullwhacker’s Casino in Black Hawk, though this has since been sold. They do manage the Ameristar Casino, which has yet to announce a sports betting partner. This is one of the larger casinos in Black Hawk, and an obvious fit with the new Barstool Bets brand. No official announcement has been made at the time of writing.

With 33 casinos in Colorado, there are plenty of potential partners that have not already announced deals.

Sports betting was made legal in CO in a referendum in November 2019. Known as ‘Proposition DD’, this passed a state-wide vote narrowly. It allowed House Bill 1327, which set out a licensing framework for online and retail sports betting, to become law. The first sportsbooks went live in May 2020.

Downloading the Barstool Sports betting apps

Barstool Sportsbook App Michigan

There are three ways to place bets in Colorado. You can visit a retail sportsbook at a casino in Black Hawk, Cripple Creek or Central City or go online via desktops, Android, or iOS devices.

Most people will choose the more convenient online betting option. From a desktop or laptop computer, you’ll be able to bet via website-based sportsbooks. If you are using a smartphone or tablet, you’ll need to install the Barstool Sports betting app.

Apps include geo-location technology. This shows that you are inside state lines, which is a requirement before you can place a bet.

Barstool Bets will be able to detect whether you are using an Android smartphone or iPhone/iPad when you visit their website. You’ll then be offered the correct download. For Android users, the download will come from Barstool directly. Depending on your device, you’ll need to dismiss some warning messages about downloading from an ‘unknown source’.

Getting around the Barstool betting apps

We already know how the branding will look with the distinctive sideways stool logo and clean navigation a given. We also have a good idea of how the app will be laid out. While each Colorado betting app has some unique attributes, the navigation and layout follow a similar pattern.

First, you’ll need to find the sport, league, and then individual match(es) you want to bet on. The most popular pro leagues will be featured on a menu which will appear on the left. This will include live matches – which you’ll be able to bet on while they take place. For other sports, you’ll find an A-Z or fill list linked here.

Once your sport appears, you can drill down the divisions, conferences or choose college (or international) fixtures via tabs. When you find an individual match, this will have the popular singles bets showing only. If you want to bet the moneyline, totals or spread – then click on the lines to add them to your bet slip. Otherwise, clicking the ‘more bets’ link will give you a full list of the lines.

The final step is to visit your bet slip. On some apps this appears at the bottom – and will appear when you tap it. On others, you’ll access this via the main menu.

No bet is placed until confirmed. You can remove anything unwanted from your bet slip before you finish. The remaining selections can be combined into multiple bets like parlays or round robins, or you can place singles. The final step is to set the amount to wager, then confirm your bet.

Barstool Colorado: Sports markets to bet on

Barstool cover the pro sports leagues in depth – though there is much more to the media giant than just betting on the NFL, NBA, NHL and MLB. Here is the full list of sports currently on the Barstool Sports main menu:

• College Basketball
• College Football
• MMA
• NBA
• NFL
• NHL
• Soccer
• WWE

They also feature motor racing. This list is seasonal, with different sports (and international fixtures) swapping out the current ones as the year progresses.

Depending on who Barstool partner with for their technology back-end, this list could be expanded. For example, many brands use Kambi to provide odds and markets for niche sports and games/leagues from around the world.

What kind of bets can I place at Barstool in Colorado?

Barstool will be expanding from their current list of small picks style (DFS) contests into a full range of sports betting wagers. These can be split into single match bets, multiples (parlays) and special bets like props.

A new type of betting that online sportsbooks offer is live betting. This is also known as in-play betting by some brands. The bets you’ll place are the single match wagers listed below. The difference is that you can place them while the action is underway via your app. The name ‘Barstool’ is perfect for this type of betting – with the possibility of placing bets literally from your bar stool while you enjoy the game.

Here are the types of bet you’ll find at the Barstool Bets sportsbook:

Barstool Betting App Indiana

• Moneyline: You’ll bet on the team you expect to win, with the odds provided by Barstool.
• Spread: Here Barstool will level the chances of the teams, by adding points / goals to the underdog.
• Totals: The combined points/goals of both teams are shown, you can choose to bet the under or the over.
• Parlays: You bet on 2+ matches, all of your selections need to win for this bet to pay out.
• Teasers: Also called ‘alternative spreads’, this type of parlay has spreads to improve your winning chances.
• Round robins: Combine parlays in different combinations, if one team loses – you can still get paid.
• Futures: Any bet on an event some way off, for example winners of next year’s Super Bowl.
• Prop bets: A bet on something that is not the match outcome. First player to score, highest scoring player and so on.
• Period bets: Instead of wagering on the entire match, this might cover the first quarter, or final period.

Barstool Bets Colorado: Depositing and withdrawing

Unless you get lucky with your no-deposit free bet deals, you’ll need to fund your sports betting account. A significant benefit to regulated sportsbooks in Colorado, is that many easy deposit and withdrawal methods are now available. For many people, using a credit or debit card in the same way as making any online purchase is the easiest of all. Others prefer to keep their regular spending and sports betting separated,while some people prefer the security of third-party payment systems.

Here is the full list of ways you’ll be able to deposit and withdraw from Barstool Bets in Colorado:

• Credit and debit cards: Big brands like Visa, MasterCard, Discover and (sometimes) Amex can be used to fund you betting account. Depositing will follow exactly the same process as making any online purchase.
• Prepaid cards: Many sportsbook brands have partnered with Discover to bring branded debit cards to their players. It is not known whether Barstool will follow the likes of DraftKings and FanDuel and bring out a ‘Barstool Bets Card’.
• PayPal: The most popular electronic wallet service is widely welcomed at legal/regulated online sportsbooks. This provides a secure online wallet between your bank and Barstool in exchange for small fees.
• Skrill/Neteller: These are similar services to PayPal in the electronic wallet space. Both are popular with gambling brands.
• ACH bank transfers: This payment option is also known as ‘e-Checks’. It is a local bank transfer direct to your Barstool account. If you get verified in advance, ACH transfers become instant.
• Bank wires: A slower, secure payment option which is still popular where very large transfers are required.
• Bill pay: Some sportsbooks allow you to fund your account in the same way that you’d pay a utility bill. This method is only available at some banks.
• Cash at cage: Once we confirm which casino (Ameristar or otherwise) Barstool will be partnering with, the options for paying in cash at the cage of a Colorado casino will become clear.
• PayNearMe: You can pay cash at the cashier of 7-Eleven stores to fund your betting account. Note that this does incur fees.

About Barstool Sports

Barstool sports started as a sports-only magazine in 2003. This covers the Boston area, offering fantasy sports content. They moved online in 2007. Since then Barstool has expanded the topics covered. In addition to their sports coverage, they cover popular culture and celebrity news.

You can enter picks contests online at Barstool Sports. This site is a bit-player in a DFS space dominated by DraftKings and FanDuel.

More recently, the brand has expanded into video content. Regular shows include the ‘Barstool Rundown’, ‘Million Dollaz worth of Game’, and ‘Everybody is Awful (Except You)’.

In 2020, Penn National announced they were acquiring 36% of Barstool.

About Penn National Gaming

Barstool Betting App States

Penn National has grown into a major casino operator. This company has history going back to the late 1960’s, when its predecessors took advantage of legal changes in Pennsylvania to build horse racing tracks.

Today, Penn National operate 43 casino properties in 17 jurisdictions domestically and in Canada. Many of these are under the ‘Hollywood Casino’ brand.

Barstool Sports Online Betting

While Penn National Gaming no longer own a Colorado casino (after selling Bushwhacker’s), they manage the Ameristar Casino in Black Hawk. This property is owned by Gaming and Leisure Properties Ltd. In PA, this company has partnered with betting giant William Hill for their retail and online sportsbooks.

Wrapping up: Bet online at the Barstool Sportsbook in Colorado

This book will open in the third quarter of 2020. As a joint venture between the casino giant Penn National and a huge media brand, Barstool Bets is expected to hit the ground running.

Barstool Apparel Betting

Barstool will be entering a crowded market. This means bettors can expect some solid welcome offers in an attempt to attract them from their current books. You’ll be able to bet online via apps or at the Ameristar Casino in Black Hawk, where Penn National manage a major casino.

Barstool Betting Apparel

Tying media content with sports betting has been a success for brands including FOX Bet and theScore in other legal betting states. The unique Barstool brand looks to do the same.