Barstool Sportsbook App Launch
Don’t look now, but we have Barstool launch news.
Unfortunately, it’s not the Barstool sports betting app.
As we detailed a few weeks ago, expect the app to launch in Colorado in the first quarter of 2021.
No, this Barstool launch news is about the retail sportsbook at the Ameristar Casino in Black Hawk.
The Pennsylvania Gaming Control Board (PGCB) recently approved the Barstool Sportsbook app for a “soft launch” that will take place from Sept. If all goes well, it’s expected that the PGCB will approve Barstool Sportsbook for full-scale launch on Sept. Penn National Launching Barstool Sportsbook App in Pennsylvania A three-day trial period will take place starting on September 15 If the Pennsylvania Gaming Control Board is happy, the full launch will be on September 18 This is the first launch of a Barstool sportsbook; expansion into other states is planned. B arstool Sportsbook on Monday started promoting the availability for bettors to download its app in Illinois. Tweets sent out from both Hollywood Casino locations in Joliet and Aurora heralded the announcement as Dave Portnoy, Big Cat, and the well-known group from Barstool Sports will further expand its digital sports wagering presence. If Barstool does. The “soft launch” test period from September 15-17 will be available to a limited number of pre-registered participants, who will be able to make real-money wagers and access all of the features and functionality of the Barstool Sportsbook. The Company will also work with regulators to test the system and make any refinements prior to the.
One more week! The new @BSSportsbook will feature a 24 foot video wall, 13 betting kiosks, 29 HDTVs and drink specials! pic.twitter.com/tJe2u9HISD
— Ameristar Black Hawk (@AmeristarBH) October 29, 2020
The casino announced earlier this week that the retail shop would open on Thursday, Nov. 5.
As the tweet above notes, users can expect a 24-foot video wall, 13 betting kiosks, 29 HD TVs and drink specials at the sportsbook.
It’s a way for the Colorado sports betting market to get a feel for the product and service. It also gives us an indication of the kind of response the market will have for Barstool.
As it stands now, basically all of the $207.6 million September handle in Colorado is done via online and the 15 Colorado sportsbook betting apps. If Barstool is able to move the retail number even slightly, that may show us the app will be a major player in the Centennial State. There are currently 11 operators with mobile and in-person sportsbooks.
Of all September’s wagers, 98% were made online. That is a total of $203 million, or about the same from the 98.5% in August. No other major legal sports betting market has seen such a high percentage of its monthly handle generated online.
Can Barstool in PN tell us anything about CO?
As of now, Barstool is only live in Pennsylvania.
If we look at how the Barstool and Penn Gaming launch has gone there, it’s not far-fetched to imagine the same thing happening in Colorado.
The Barstool Sportsbook account tweeted on Thursday that its app in PA has generated a handle of $78 million in its first 37 days across 30,000 first-time depositors.
Yes, Pennsylvania is a more populated state than Colorado.
And in terms of the sports betting handle in September, the two states aren’t close.
- New Jersey: $748.5 million
- Nevada: $575 million
- Pennsylvania: $462.7 million
- Colorado: $207.6 million
- Indiana: $207.4 million
But the Colorado sports gambling market could see a similar, albeit miniaturized, response.
The ultimate hope for Barstool is that the retail sportsbook can build even more interest in the sports betting app.
And while users will have to wait a few more months before the app arrives, they can get a feel for what Barstool sports betting in CO is like with the retail shop.
The long-awaited, Barstool Sportsbook will take its first bets in Pennsylvania this week drawing plenty of buzz across the industry. Their sportsbook will officially soft launch on Friday, Sept. 18, garnering excitement from investors and players alike.
Earlier in the week, fans were able to download the app but that is where the product stopped. The app is able to be downloaded and said, “Barstool Sportsbook is undergoing scheduled testing by the Pennsylvania Gaming Control Board. We will be back soon!”
Pennsylvania’s Gaming Control Board will make sure the product is up to code before moving forward to its launch Friday.
As of Wednesday, fans are now able create an account and browse the app for betting options but not place any bets until Friday.
Barstool Sportsbook is partnered with Hollywood Casino PA which is managed by Penn National. Penn Nationals’ strength across the United States will surely continue to help the Barstool Sportsbook App gaining legislation elsewhere.
Penn National manages casinos in Indiana, Colorado, and Nevada so expect these to be their immediate targets to launch their product in the near future.
Penn National Inc. Market Cap Rockets After the Purchase of Barstool Sports Inc.
In January of 2020, Penn National Gaming Inc. announced it was acquiring a 36% interest in Barstool Sports Inc. for approx. $163 million setting the stage for the Barstool Sportsbook to launch.
Penn National Head of Interactive Jon Kaplowitz stated in the press release his excitement in purchasing Barstool Sports Inc. and the future of the Barstool Sportsbook.
“We look forward to introducing our 20 million mychoice customers to the Barstool Sportsbook brand through our retail sportsbooks and our interactive products. Our growing team of product and engineering talent at Penn Interactive is focused on what we anticipate will be a best-in-class sports betting app, which is expected to launch in the third quarter of 2020.”
Prior to the purchase of Barstool Sports Inc., Penn National featured a steady market cap hovering around $2 billion. It then hit $3 billion for the first time in January and then $4 billion within two weeks of the purchase of Barstool Sports Inc.
Penn National Inc. stock took a scary hit when COVID-19 was at its peak in March. Their market cap tumbled down as low as $550 million on March 18 before a quick rebound.
After serious turmoil, Penn National bounced back strong showing the investment in Barstool Sports would be a good one. 7 months later, Penn National Inc. is now over a $9.5 billion market cap.
Barstool Sportsbook App Android
What felt impossible a few months ago, PENN is now competing with the largest companies in the industry. Quickly moving towards MGM Resorts International (NSDQ: MGM) $11 billion market cap and already slightly higher than the $9.2 billion boasted by Caesars Entertainment Inc. (NSDQ: CZR). PENN is poised for further gains this week and next week at the least with the launch.
PENN’s Industry Experience + Barstool’s Media Empire Pack a Powerful 1-2 Combination
Of note for users who intend to use the Barstool Sportsbook App immediately, there is a solid first deposit bonus of a $500 risk-free bet and a $10 no deposit bonus. Rollover requirements are not yet listed but this is a strong start for the newcomer.
Barstool will be grabbing users from across a very competitive state. Their sportsbook is the 11th to launch in Pennsylvania and hopes to take a stranglehold on the PA market before long.
Barstool Sports Inc. President Dave Portnoy is not shy to make any headlines. Per his Twitter account, Portnoy makes some ambitious proclamations by saying, “What will happen to $Penn when I force the Barstool Sportsbook to be the #1 app in the App Store on Friday in the sports category?”
There is little doubt that Barstool Sports has a cult-like following so the downloads are going to come quickly during their Friday launch, whether it will be top of the App Store is a lofty goal from El Presidente.
While Dave Portnoy could get the downloads that he demands, the question will be if the stoolies push his sportsbook, “to the moon”.
Barstool Sportsbook App Launch Time
Penn National sure is counting on it.