One of the most popular digital media platforms, Barstool Sports, announced a new long-term partnership with the sports betting giant DraftKings immediately after the Super Bowl. The deal reportedly announced less than an hour after the Kansas City Chiefs beat the San Francisco 49ers comes after the expiry of the prohibition clause from the company’s former sports betting agreement with Penn Entertainment set for the end of the 2023/24 NFL season.
Deal Announced Immediately After the Super Bowl:
The prohibition clause expiry therefore automatically made Barstool Sports eligible to enter the DraftKings deal. As Sportico reports, Barstool owner Dave Portnoy announced the partnership via social media saying: “We’re back to our roots.[DraftKings] is once again the exclusive betting partner of Barstool Sports.” As reported by Sportico, Barstool Sports will not launch its own sports betting brand but rather promote DraftKings wagering operations and ensure smooth information flow between customers and the sportsbook. DraftKings CMO Stephanie Sherman reportedly said in a statement: “DraftKings has a portfolio of advertising deals and our exclusive agreement with Barstool represents another valuable, high-reach addition to our marketing mix.” Terms of the deal have not been announced, according to the source.
$100,000 Contents Marking the Deal:
Sportico further reports that Portnoy also announced a live free throw contents with a $100,000 prize pool to mark the beginning of the partnership. As reported, the engaging contest will be organized in a currently popular social media format and streamed live to boost the prize pool according to the number of viewers. The deal with DraftKings reportedly comes after the Penn Entertainment acquired a 100% stake in Barstool for a total of around $551 million and sold it back to Portnoy for $1 in August 2023 upon the failure of Penn’s plans to launch a Barstool-branded sportsbook. According to Sportico, the sale back included the clause that prevented Barstool from partnering with sports betting operators before the end of the latest NFL season.
Reinstated Partnership:
Still, the media company has got a vast experience in the betting market. It was reportedly founded in 2003 as weekly betting and fantasy pamphlet to evolve into a reputable provider of gambling advice and picks over the years. As Sportico reports, Portnoy announcement referred to the partnership with DraftKings forged a decade ago to be reinstated on February 11, 2024. The last whistle blown on the Allegiant Stadium marked the end of the spectacular Super Bowl LVIII and the 2023/24 season. But it also represented a starting gun for Barstool Sports and DraftKings to announce a new multi-year promotion deal. As reported by Sportico, the details have not been revealed, but the fact that DraftKings invested $1.19 billion in sales and marketing activities in fiscal 2022 seems promising enough for Portnoy’s company to look forward to the next NFL season.
