Barstool Sports is trimming its staff. The layoffs come in after the media entity that intersects sports and bro civilization was returned to beginner Dave Portnoy utmost month next a financially disastrous relationship with Penn Entertainment.
Penn operates 43 casinos inwards 20 states. The regional-focused commercial message gaming goliath additionally runs online sports betting trading operations inwards 17 markets and iGaming inwards 5 states.
The Pennsylvania-based company inwards too soon 2020 invested $163 gazillion to gain a 36% wager inwards Barstool Sports. Penn bought the remaining 64% just now inwards February for $364 billion to wreak the casino firm’s come stakes inward Barstool to $527 million.
But just now vi months later, William Penn shocked the sports betting universe by announcing a $1.5 1000000000000 partnership with Walt Disney’s ESPN to make a young sportsbook entity called ESPN Bet. Part of the Walt Disney business deal included Penn agreeing to unload Barstool back to Portnoy for just now a dollar.
Penn execs underestimated the regulatory incubus Portnoy’s reputation brought to the company. The Barstool Sportsbook was denied gaming licenses in several states on worries that Portnoy’s past disqualified him from beingness deemed suited to follow a paint stakeholder in a state-issued gaming license.
Barstool Layoffs
Along with outlay more than a half-billion dollars to buy Barstool Sports, Penn Entertainment spent millions to a greater extent converting the company’s brick-and-mortar sportsbooks into Barstool-branded sports betting lounges. But after William Penn divested the sports and tonic culture blog plunk for to Portnoy, the accompany this devolve testament modify the spaces into ESPN Bet sportsbooks.
Portnoy’s Barstool Sports testament no yearner follow occupied in sports betting or gaming. Portnoy says employees who worked in that business organization segment will alas head the layoffs.
Barstool’s workforce numbered nearly 130 employees before Penn’s takeover. During its clip with Penn, the Barstool staff increased by nigh 300 positions.
I’ve been rattling clear. Anybody that’s paid attention, we are going to feature layoffs and cuts, and they’ve started and it sucks,” Portnoy said last week on Barstool Sports Radio. “I hate firing people. You tin can be incompetent, non work, and i in the main don’t flak because I detest it so much. It’s the mop up thing to do.”
Portnoy confirmed this calendar week that 100 people have already been net ball go.
“Having said that, we’re inwards a attitude where it’s a no-brainer. We experience to acquire rearwards to a break-even thing. We’re losing a lot and it sucks,” Portnoy explained.
Barstool Sports is going dorsum to its roots in focusing on its blogs and social media content. Portnoy’s most recent pizza pie go over garnered many headlines after he dubbed Dragon Pizza in Somerville, Ma., as the “worst pizza pie come in in America.”
A disputatious interchange 'tween the pizza parlor’s possessor and Portnoy led to millions of views on Barstool’s societal media channels.
Penn Sports Betting Units
Penn Entertainment add up this wintertime testament no more thirster operate Barstool Sportsbooks at its casinos or online. The ESPN Bet books testament occupy those places and also live used online where permitted.
Penn officials say the fellowship testament go on to leveraging theScore brand for its sports betting operations inwards Canada. Penn bought theScore through a $2 one thousand million acquisition of Score Media completed in Aug 2021.
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