Barstool Sports announces partnership with DraftKings as 2023 NFL season concludes
Barstool Sports have wasted no time in announcing its latest multiyear sports betting collaboration with DraftKings.
Following its separation from Penn Entertainment last year, Barstool was barred from entering into another sportsbook partnership until the conclusion of the 2023 NFL season. However, within an hour of Kansas City Chiefs’ victory over San Francisco 49ers in Super Bowl LVIII, Barstool owner Dave Portnoy took to Twitter to announce the partnership.
‘We’re back to our roots,’ Portnoy said in the post. ‘[DraftKings] is once again the exclusive betting partner of Barstool Sports.’
Breaking News: I’m proud to announce that Barstool has signed a multi year monster deal with @DraftKings We’re back to our roots. DK is once again the exclusive sports betting partner of Barstool Sports. The more things change the more they stay the same. #dkpartner pic.twitter.com/EvmDGK0shl
— Dave Portnoy (@stoolpresidente) February 12, 2024
Reports from Sportico last month suggested that the two entities were nearing a deal for a conventional marketing partnership. While there won’t be a Barstool-branded sportsbook, as reported by Sportico at the time, Barstool will actively promote DraftKings odds and benefit from customer referrals to the sportsbook.
“DraftKings has a portfolio of advertising deals and our exclusive agreement with Barstool represents another valuable, high-reach addition to our marketing mix,” commented Stephanie Sherman, DraftKings CMO.
The terms of the deal were not disclosed.
This news follows less than a year after gaming giant Penn sold Barstool Sports back to Portnoy for $1, leading to a subsequent agreement that included certain restrictions and a clause entitling Penn to 50 percent of gross proceeds in the event of a future sale by Portnoy. Barstool was also prohibited from re-entering the betting sphere until the conclusion of the current NFL season, including playoffs.
Barstool Sports’ connection with betting is deeply rooted in its history, originating in 2003 as a weekly betting and fantasy pamphlet distributed by Portnoy for free. While gambling advice and picks remain integral to Barstool’s content, the absence of a sponsor in recent months has deprived the company of sharing in the benefits of directing its audience to a specific sportsbook. Portnoy’s announcement of the DraftKings partnership referenced a previous collaboration between the two companies forged a decade ago.
Marketing partnerships with media companies serve as crucial avenues for sportsbooks to maintain brand visibility and attract new customers. DraftKings’ acquisition of Vegas Stats & Information Network (VSiN) in 2021 and its partnerships with prominent sports podcasts underscore its commitment to media strategies. Additionally, DraftKings’ recent termination of its deal with ESPN, following ESPN’s partnership with Penn Entertainment to launch ESPN Bet, paved the way for discussions on a marketing deal with Barstool Sports.
DraftKings’ significant investment in sales and marketing, including $1.19 billion in the 2022 fiscal year, highlights its dedication to expanding its market presence. While the termination of the ESPN deal may have influenced recent marketing expenditure, DraftKings remains as one of the top betting companies in the US.
Welcome to the team, @KingJames 🫴👑 https://t.co/MvMOdfrB78
— DraftKings (@DraftKings) January 31, 2024
