Penn National Gaming remains committed to Barstool acquisition despite accusations
Two states are now investigating both companies due to allegations of sexual misconduct against Dave Portnoy.
Allegations of sexual misconduct against Barstool Founder Dave Portnoy have not dissuaded Penn National Gaming from an ongoing pursuit to acquire the media company. The company still plans to acquire full ownership of Barstool next year.
Penn took a 36% stake in Barstool two years ago, and according to Chief Executive Jay Snowden, the company will continue to move forward with a deal.
Snowden said the company stands by Portnoy and still believes in importance of Barstool’s media appeal for Penn’s future success in sports betting and digital media.
Gambling regulators in Nevada and Indiana have said they are looking into Barstool and Penn National in the aftermath of the accusations.
Nevada Gaming Control Board Chairman Brin Gibson said the board’s obligation “is to protect the reputation of the state and the reputation of the state’s gaming industry.”
The Indiana Gaming Commission released the following statement: “Penn is aware of the [Indiana Gaming Commission’s] ongoing concerns and we will continue to evaluate any new information that emerges.”
Portnoy founded Barstool in 2003 as a gambling newspaper in Boston. The media company has evolved since then to produce online content, podcasts, videos and a betting app.
The Barstool betting app is currently live in 12 states.
Portnoy denies the sexual misconduct allegations and has filed a defamation lawsuit in response news articles published by Insider Inc.
“I’m suing to prove they’re not true,” he said.
Insider defended its position in a statement to The Wall Street Journal: “We stand behind our reporting and will defend the case vigorously.”
Furthermore, Insider Global Editor in Chief Nicholas Carlson said in a letter to its readers that Insider published the articles because they were in the public interest. Carlson was specifically named in Portnoy’s lawsuit, along with two reporters.
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