Penn National Gaming (PENN) has a Barstool edge
This isn’t the first time we’ve seen Mr. Portnoy leverage his considerable social media clout for a business endeavor.
Last January, Penn National Gaming (PENN) purchased a 50% share of Barstool Sports for $450M.
Since then, PENN’s consumer mentions have exploded higher, currently at an all-time high and up +107% YoY in the past 90 days.
The casino and sportsbook operator's stock price has also more than tripled since the deal closed, largely due to repeated endorsements from Portnoy himself.
Impressive, considering Barstool began as a gambling tip sheet that Dave Portnoy gave away for free at subway stations. Now he’s doubling down on Wall St.