Why Casinos are Buying Sports Media Companies
Penn National has exercised its option to by sports media entity Barstool Sports in full. This continues a trend of both incumbent and startup entrants in the gaming industry buying up sports media properties. I break down the deal here between Barstool and Penn while taking a look at why media is so valuable to companies looking for foothold in the sports gambling market. I conclude with a brief look at the disparity in valuation between tech savvy betting upstarts like Draft Kings and traditional players going into digital like Penn and MGM.
#Casino #sportsbetting #portnoy
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