Bank of America provided a glowing endorsement for Penn National Gaming and how it uses its business with Barstool Sports in an innovative form. Casino.org relayed the banking giant’s words, as they highlighted various possibilities for mergers and avenues to add new customers.
Following a meeting with Penn CEO Jay Snowden, Barstool CEO Erika Nardini, and founder David Portnoy. The multinational investment bank and financial services holding company remain enthusiastic about the stock.
Many were skeptical about the casino operator’s arrangement with Barstool. There were concerns Penn was paying too much to acquire a media partner. However, it seems as though the decision is paying off.
“Barstool continues to innovate in its core media business with a focus on its deeply loyal 21-40-year-old audience,” Bank of America said.
“This will translate into continued experimentation with new content, personalities, and platforms to serve its audiences’ changing needs/desires. It is always pushing towards new platforms and where users want to engage (TikTok, Clubhouse, OnlyFans) and is not wedded to established channels.”
Last year, Penn announced a deal with Barstool. The casino operator would buy a 36-percent stake for $163 million in cash and stock. There’s also an option to own the site outright for $450 million.
Bank of America sees room for growth. Adding that Barstool’s ability to leverage its audience with streaming and push to video technologies is a valuable asset.
Women Downloading Sports Betting Apps Faster Than Men
“Mobile sports betting apps saw a massive increase of over 4.6 million new female users in 2021. That represents a 115% increase, year-over-year.”
The sports betting space saw a surge of new participants come into the realm last year. The fastest growing population? Women.
According to data compiled by Global Wireless Solutions, a mobile insights consulting firm, new female participation in the online sports betting market is nearly doubling the pace of their male counterparts. In their findings, mobile sports betting apps saw a massive increase of over 4.6 million new female users in 2021. That represents a 115% increase, year-over-year. New male users were up too from 2020, coming in at a 63% increase in 2021.
These very large spikes start to make the $4.3 billion made in sports betting revenue in 2021 seem like just the beginning.
Some of the numbers can be explained by the sheer volume of new available legal bettors. In 2021, five states launched online sports betting (Arizona, Connecticut, Michigan, Virginia and Wyoming).
This year stands to see even more of an increase with several more states implementing online sports betting (New York came online in January) and adding to their already legal retail offerings or at least deep into negotiations attempting such a feat as soon as possible.
Global Wireless Solutions also found the most effective sportsbook to bring new female users into the fold was by far and away FanDuel. That company signed up 1.7 million new female users while DraftKings attracted an estimated 900,000 new female customers. Men, according to GWS, still outpace women by 250% as a consumer base.
Mike Francesa: Chris Russo Will Be On My Podcast
“When things rev up in the fall, I would definitely have Dog over as a guest and do a whole show with him. I would say you count on that.”
WFAN legend Mike Francesa is settling into his new podcast opportunity with BetRivers, and has left the door open for a reunion with his longtime colleague and friend Chris “Mad Dog” Russo.
Francesa was responding to questions on his show, with the newest episode out Monday, when he said he would be able to book Russo for an appearance down the road.
“Listen, I’ve gone on Dog’s shows a couple of times. I could definitely get Dog as a guest one time,” Francesa said.
The last time the two shared a stage and microphone was back in March at the BSM Summit. Francesa said he will make sure whenever Russo does come on, it will be at a time that makes the most sense.
“We will do that at an opportune time,” he said. “Maybe right before the football season or maybe late in the baseball season. When things rev up in the fall, I would definitely have Dog over as a guest and do a whole show with him. I would say you count on that.”
Whenever the reunion happens, best believe it will be a must-listen. It will mark the first time the two have been on a podcast together.
Andy King To Lead Buchwald Agency’s Podcast Division
“The hiring of King is expected to bolster Buchwald Sports, the division of the company that represents athletes, coaches, and broadcasters.”
Veteran sports programmer Andy King is entering the podcasting world. He has joined the Buchwald Agency. He will help clients develop and sell podcast ideas.
King comes from SiriusXM, where he had been since 2015. He was the director of sports programming and helped create podcasts for the company featuring high profile talent including Let’s Go with Tom Brady and Larry Fitzgerald and Digging Up the Past with Christopher “Mad Dog” Russo.
Prior to joining SiriusXM, Andy King spent 15 years in Miami. Before leaving, he had risen to program director at 560 WQAM.
The Buchwald Agency largely deals with clients from the entertainment world. The hiring of King is expected to bolster Buchwald Sports, the division of the company that represents athletes, coaches, and broadcasters.