• April 27, 2021

Portnoy Offering NFT, Could Spark Fascination in Barstool Sportsbook

Posted on: April 26, 2021, 10:21h. 

Very last updated on: April 26, 2021, 01:23h.

Penn Nationwide Gaming (NASDAQ:PENN) is discovering exceptional strategies to capitalize on its stake in Barstool Sports activities. It is now moving into the scorching non-fungible token (NFT) space with an image of the media company’s founder, David Portnoy.

Portnoy NFT
Barstool Sports activities founder David Portnoy pictured at an celebration over. He’s selling an NFT to drum up desire in Barstool Sportsbook. (Image: Selection)

The brash, ubiquitous Portnoy, famed for his critiques of nearby pizzerias, is the centerpiece of the NFT termed “One Chunk Pizza Evaluation of Blocks Pizza Deli (Miami) — Featuring Guy With No Arms.”

“Dave reviews Blocks Pizza in Miami and honors Kobe Bryant while a male with no arms passes by. This NFT is constrained to just a single edition and will by no means be minted once more,” according to Barstool.

portnoy token
The non-fungible token that includes Barstool Sporting activities founder David Portnoy which is up for auction. (Graphic: Barstool Sports activities)

At this composing, the large bid on the token is $6,523.39, up from $2,620 just a couple of several hours back.

Barstool Sportsbook Angle

Barstool Sportsbook is a centerpiece of Penn National’s growth method, and there are some ties concerning the burgeoning online athletics betting unit and the NFT auction.

Not only will the profitable bidder procure the aforementioned token, that particular person will also get the option to enjoy a game with Portnoy. Throughout that event, the Barstool manager will put a wager on the activity equivalent in measurement to the best bid on the NFT. If the wager wins, Portnoy “will refund the profitable bid to the winning bidder,” in accordance to Barstool.

Portnoy retains no official govt place at Penn National Gaming. But in expense circles, he’s usually witnessed as the encounter of the organization. Blunt and controversial, he’s been a steady cheerleader for Penn inventory, criticizing analysts that dare be bearish on the shares. He’s also important to Penn’s persona-based mostly model for Barstool Sportsbook — a single that aids the gaming firm cobble jointly sector share with no the considerable shopper acquisition costs confronted by rival operators.

Barstool Pivotal to Penn Outlook

Final week, Moody’s Traders Assistance lifted its outlook on Penn’s B1 credit rating to “stable” from “negative”, noting Barstool Sportsbook is portion of the explanation for that favourable alter.

“Positive consideration is also presented to Penn’s minority ownership in, and romance with, Barstool Sporting activities, Inc., a digital sporting activities media organization, which Moody’s believes will help the enterprise to reward in the retail and on the web gaming and sports activities betting marketplaces,” stated the exploration organization.

The mobile betting application is dwell in Illinois, Michigan, and Pennsylvania, with Penn concentrating on Indiana and New Jersey as the following states it will deliver the wagering platform to. It’s anticipated Barstool Sportsbook will be stay in 10 states by the start out of the 2021 NFL period.

What is an NFT?

A non-fungible token (NFT) is a device of facts saved on the blockchain. NFTs can be used to a wide range of digitized objects, this kind of as audio and online video information as effectively as images.

Pushed in massive portion by scarcity, NFTs a short while ago became an investable asset course, with just one manufactured by the artist recognized as Beeple promoting for extra than $69.3 million at a Christie’s auction.

That is, by much, the maximum price tag paid to day for an NFT. But other individuals have stretched into the millions of dollars. For case in point, a purchaser paid out $2.9 million in March for the 1st tweet sent by Twitter founder and CEO Jack Dorsey.

Other nicely-acknowledged businesses receiving in on the NFT fad consist of Playboy and baseball card big Topps.