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The notorious sports content site Barstool Sports and Penn National Gaming made big news earlier this year when they announced a blockbuster deal to bring the Barstool brand into the nascent US sportsbook scene. Penn National acquired a significant piece of Barstool Sports, with the intention of Barstool Sportsbook opening for business before the start of the 2020 NFL season. Read on for a look at what Barstool Sportsbook may look like, as well as more details on the merger.
Barstool Sportsbook welcome bonus
At this stage we can only speculate, but Barstool Sports will probably offer a new player bonus with a bonus code. Based on other operators in the space, this could come in the form of free bets, a match free bet, no-deposit bonus or match deposit bonus. Check back here when Barstool goes live for exact details and required promo codes.
Barstool Sportsbook promo code
|Online Sportsbook||Barstool Sportsbook|
|Free on Signup||TBD|
|Risk Free Bet||TBD|
|Last Verified||July 2020|
Barstool Sports and Penn National Gaming
Barstool Sports has entered into a partnership with Penn National Gaming whereby the casino and racetrack operator purchased a 36% share of the business. The buying price is $163 million, which equates to Barstool Sports having a value of $450 million. The investment for the acquisition comes in the form of about $135 million in cash and $28 million as non-voting convertible preferred stock. Within terms of the deal Penn National will be Barstool Sports’ exclusive gaming partner, which allows use of its online and retail sports betting brand.
The partnership will develop further over the next three years. Penn National Gaming will eventually acquire about a half share of Barstool Sports by 2023. The overall investment will increase by $62 million, which falls in line with the implied valuation of Barstool Sports at the current time. The deal could ultimately see Penn National Gaming have full control of Barstool Sports and be the full owner. Penn National now has exclusive full Barstool Sports gaming rights for up to 40 years from a deal that is significant in the overall development of legal sports betting in the United States.
Company background — Barstool Sports
Barstool Sports was originally a sports blog that attracted some controversy, but its image has changed significantly in recent years. The deal with Penn National Gaming values Barstool Sports at $450 million. The company has made a major move by entering into the legal sports betting industry. It does have existing partnerships with FanDuel and SportsBet and others, but the creation of a sportsbook and betting app is a new development.
Company background — Penn National Gaming
Penn National Gaming is already a significant player in sports betting across the United States. The company operates retail wagering in states that have legal sports betting, including the following: Illinois, Indiana, Iowa, Michigan, Mississippi, Nevada and Pennsylvania. The core products are casinos and racetracks, but Penn National has made significant acquisitions in online sports betting in recent years following the repeal of the Professional and Amateur Sports Protection Act (1992) in May 2018
Jay Snowden, president and CEO of Penn National, highlighted the major benefits of this deal with Barstool Sports. He said:
“Since announcing our groundbreaking partnership with Barstool at the end of January, we have seen first-hand the power of the Barstool brand to generate significant customer interest and increased engagement between Barstool and our own national platform of 41 properties in 19 states. Our two teams have hit the ground running and are working on plans to roll out the Barstool Sportsbook brand through both our retail sportsbooks and interactive products.”
Barstool Sports launch — App, sportsbook and retail
There is also the planned launch of a sports betting app in August 2020. The complete deal will create a significant omnichannel provider of sports betting entertainment. Sitting alongside Penn National’s stake in Barstool Sports is the remainder in the hands of the current owners and current and former employees. There are the additional purchasing options over the next three years. The deal brings together a trusted and recognized brand and a leading gaming operator.
The Barstool Sportsbook may initially be released in one of a number of states, including Colorado. Voters in the state have approved plans for legal sports betting. The margin was 756,720 (51.5%) in favor and 723,665 (48.5%) against the move. Industry experts have suggested that such votes indicate there is an interest in sports betting in the United States, which has prompted the deal between Barstool Sports and Penn National Gaming.
The sports betting software will be provided by the Kambi Group, which became Penn National’s exclusive operator in August 2019. Since 2014, Kambi has supplied sports betting services to operators that are licensed to provide gaming products. The software functions include odds compiling and risk management. There has been speculation that the first retail location could be Penn’s Hollywood Casino at Charles Town in West Virginia.
Barstool Sportsbook new player bonus – Terms & conditions
The Barstool Sportsbook has yet to be launched, so we can only speculate about any new player bonus and bonus or promo code. One of the most common welcome offers among existing US licensed operators is the deposit match bonus. The value of the bonus is related to the qualifying deposit. If Barstool Sports offers new customers a bonus of this nature, you can assume that it will be subject to the following terms and conditions:
- New customers only and existing customers are not eligible.
- Players must be 21 or older.
- Registration including the bonus code.
- Qualifying initial deposit.
- Types of deposit bonus: from 50% to 200%.
- Odds restrictions and wagering requirements will apply.
- Stakes will not be included in any winnings from using the bonus.
- Free bets expire after a specified number of days.
- General Barstool Sports terms and conditions apply.
The Barstool Sports welcome offer will be a genuine 100% match deposit bonus if the value of the bonus equates to the value of the qualifying deposit. However, it could be a 50% or 200% bonus if the value is half or twice the first deposit, respectively. Alternatively, the Barstool Sports welcome offer could be in the form of a free bet, no-deposit bonus or bet match bonus.
Typically, the value of any free bets from US operators ranges from $50 to $500 with appropriate terms and conditions. Bearing in mind the backing from Penn National Gaming, you would expect the Barstool Sports welcome bonus to be at the upper end of that range. However, at this stage, the nature and value of any new player bonus from Barstool Sports is only speculation.
Barstool Sports 2020 promos
You can safely expect a high-profile hard launch of Barstool Sports, possibly at the end of the summer and before the start of the NFL season. We expect the partnership with Penn National Gaming to provide the financial resources to introduce a decent welcome offer that is complemented by a varied range of ongoing promos for registered players. Ongoing promos are generic for sports, and are event-related with a time limit. It is reasonably safe to assume that players with Barstool Sports will enjoy the benefits of promos related to football, hockey, basketball and baseball.
Here is a sample of current promos with existing US sports betting operators:
- NBA bets paid out early if the backed team led by a specific number of points.
- NHL boosted odds for winning parlays.
- NFL Monday Night Football bonuses.
- MLB free bets for specific games.
The most popular betting categories with Barstool Sports will most probably be the four main North American professional and amateur sports. That interest should influence the package of promos, but there could be others linked to the global sports of soccer, boxing, tennis and golf. We await with interest the range of 2020 promos from Barstool Sports. We can expect that the overall portfolio of promotions will provide a good incentive to open an account, make a deposit and bet.
How to sign up for an account at Barstool Sports
A typical sign-up procedure with current US operators will probably be replicated on Barstool Sports. Here is the expected step-by-step guide to creating a new account when the online sportsbook comes into operation:
- Visit the homepage of the Barstool Sports site.
- Click the registration button.
- Enter personal, contact and account details.
- Specify a username and password.
- Enter the bonus code or promo code.
- Populate the required fields.
- Verify you are 21 or older.
- Confirm acceptance of the Barstool Sports terms and conditions.
- Create the new account.
Depending on the nature of the welcome offer, any bonuses will be activated by creating the account or making an initial deposit. There will almost certainly be the option to enter a bonus code that is linked to the new customer sign-up offer.
Barstool Sports betting app
In announcing the deal with Barstool Sports, the CEO of Penn National Gaming indicated that the app is on course for release in August. As a mobile customer you will be able to download the sportsbook app with ease. Android and Apple users can install the operator’s website on their devices, as long as the browser is mobile-optimized. The Barstool Sports iOS app should be downloadable from the Apple App Store, but Android users will have to install the website release.
There is unlikely to be a mobile-specific welcome offer and ongoing promotions exclusive to mobile users. However, the Barstool Sports app should have all the functions of the website. Therefore, Android and iOS users will be able to claim any sign-up offer when registering and take advantage of the package of dynamic promotions for current players. You can expect the Barstool Sports app to be well-designed, visually appealing and easy to navigate.
Barstool Sports betting options
Barstool Sports will be launching a conventional fixed-odds online sportsbook. The model should replicate existing services, and that means a familiar range of sports and betting options. It is safe to assume that you will be able to select from a comprehensive range of betting markets for football, hockey, baseball and basketball. The site is a US-facing operation, but there should be a number of global sports categories. We can anticipate full coverage for soccer, boxing, tennis and golf. In addition to the regular sports, Barstool Sports players will probably be able to place wagers on politics, esports, and TV and entertainment novelty markets.
The operator will no doubt provide a wide range of betting options. Other existing US sportsbooks offer an extensive package of markets, and you can assume Barstool Sports will follow suit and produce a service that features the following bets:
The single line betting markets will no doubt be two-ways including overtime and three-ways including the tie. Points markets will mainly be expressed in half points to eliminate a push and returned stakes. US bettors generally like a definite outcome with a winner and loser from any bet. Barstool Sports will tailor its product to the US market and create its sportsbook product accordingly.
Types of bets with Barstool Sports
You can expect Barstool Sports to offer the three main types of bets that are common to existing sportsbooks for players who reside in the United States:
Barstool Sports will offer a comprehensive range of pregame markets across potentially up to 30 sports. The operator will release the odds a few days before a fixture, and they will be subject to change. There will be minimum and maximum bets, depending on the sport and the importance of an event. Pregame betting will be suspended once the game has started.
We expect in-play wagering to be an important element of the Barstool Sports sportsbook. You will be able to place bets in a number of markets after a game starts across all the popular US betting sports. The odds are updated during the game but suspended after a key event. At this stage we can only speculate about cash-out betting. However, similar sites offer this service, so customers with Barstool Sports should be able to close bets before expiry to guarantee a profit or limit a loss. The cash-out value depends on the original bet and odds at the time of the request.
Futures betting is popular with bettors in the United States, and Barstool Sports should offer many options. We can expect betting markets for the winners of divisions, conferences and championships in the main US betting sports. You will also be able to place futures bets on the winners of competitions and tournaments in soccer, tennis and golf.
How to place a bet with Barstool Sports
The bet placement process with Barstool Sports should be quick and easy and involve locating a line or number of lines, selecting one or more and then specifying the type of bet and stake on a bet slip. Once the bet has been accepted, your account balance will be updated accordingly.
Barstool Sports deposit and withdrawal options
In keeping with existing sportsbooks in the US market, as a customer with Barstool Sports you will have all or a number of the following banking options:
- Debit and credit cards
- Bank transfer
- Cash at a gaming location
- PayNearMe stores
- Prepaid cards
Most transactions will be free, but some providers may issue a nominal charge. Deposits will mainly be immediate, but withdrawals will be subject to delays, depending on the method.
Other Barstool Sports online gaming products
Sports betting is the core product with Barstool Sports, so it is unclear at this time whether the operation will include a casino, video poker, slots or any other gaming product.
Barstool Sports loyalty program
VIP programs feature on some US sportsbooks, so Barstool Sports could go down this route or reward the loyalty of all players with a package of ongoing free bets and bonuses.
Customer service with Barstool Sports
Barstool Sports will no doubt mimic existing operators and provide customers with some or all of the following types of contact methods and sources of information:
- Postal address
- Help facility
- Live chat
- Social media accounts
We can expect a commitment to responsible gambling, with links to support bodies and a raft of control measures that can be adopted by problem gamblers.
Closing comments about Barstool Sports
We can expect Barstool Sports to utilize the association with Penn Gaming National and the Kambi Group to offer customers across the country a good destination for sports betting. The operation should have no major flaws and provide effective pregame and in-play interfaces. The service should also include a fully functional mobile app that offers all the features of the website. Overall, this omnichannel operation can bring together the strengths and experience of Barstool Sports and Penn National Gaming to produce a good addition to the US sports betting market.