Portnoy Promoting NFT, May Spark Curiosity in Barstool Sportsbook


Posted on: April 26, 2021, 10:21h. 

Final up to date on: April 26, 2021, 10:58h.

Penn Nationwide Gaming (NASDAQ:PENN) is discovering distinctive methods to capitalize on its stake in Barstool Sports activities. It’s now coming into the new non-fungible token (NFT) house with a picture of the media firm’s founder, David Portnoy.

Portnoy NFT
Barstool Sports activities founder David Portnoy. He’s promoting an NFT to drum up curiosity in Barstool Sportsbook. (Picture: Selection)

The brash, ubiquitous Portnoy, famed for his critiques of native pizzerias, is the centerpiece of the NFT referred to as “One Chew Pizza Overview of Blocks Pizza Deli (Miami) — That includes Man With No Arms.”

“Dave critiques Blocks Pizza in Miami and honors Kobe Bryant whereas a man with no arms passes by. This NFT is restricted to only one version and can by no means be minted once more,” in line with Barstool.

portnoy token
The non-fungible token that includes Barstool Sports activities founder David Portnoy that’s up for public sale. (Picture: Barstool Sports activities)

At this writing, the excessive bid on the token is $6,523.39, up from $2,620 only a few hours in the past.

Barstool Sportsbook Angle

Barstool Sportsbook is a centerpiece of Penn Nationwide’s development technique, and there are some ties between the burgeoning on-line sports activities betting unit and the NFT public sale.

Not solely will the profitable bidder procure the aforementioned token, that particular person may also get the chance to look at a recreation with Portnoy. Throughout that occasion, the Barstool boss will put a wager on the sport equal in measurement to the highest bid on the NFT. If the wager wins, Portnoy “will refund the profitable bid to the profitable bidder,” in line with Barstool.

Portnoy holds no official govt place at Penn Nationwide Gaming. However in funding circles, he’s typically seen because the face of the corporate. Blunt and controversial, he’s been a constant cheerleader for Penn inventory, criticizing analysts that dare be bearish on the shares. He’s additionally important to Penn’s personality-based mannequin for Barstool Sportsbook — one which helps the gaming firm cobble collectively market share with out the numerous buyer acquisition prices confronted by rival operators.

Barstool Pivotal to Penn Outlook

Final week, Moody’s Buyers Service raised its outlook on Penn’s B1 credit standing to “steady” from “unfavourable”, noting Barstool Sportsbook is a part of the explanation for that optimistic change.

“Optimistic consideration can be given to Penn’s minority possession in, and relationship with, Barstool Sports activities, Inc., a digital sports activities media firm, which Moody’s believes will allow the corporate to profit within the retail and on-line gaming and sports activities betting markets,” mentioned the analysis agency.

The cellular betting app is stay in Illinois, Michigan, and Pennsylvania, with Penn concentrating on Indiana and New Jersey as the subsequent states it can carry the wagering platform to. It’s anticipated Barstool Sportsbook can be stay in 10 states by the beginning of the 2021 NFL season.

What’s an NFT?

A non-fungible token (NFT) is a unit of knowledge saved on the blockchain. NFTs might be utilized to quite a lot of digitized gadgets, resembling audio and video recordsdata in addition to footage.

Pushed largely by shortage, NFTs just lately grew to become an investable asset class, with one produced by the artist generally known as Beeple promoting for greater than $69.3 million at a Christie’s public sale.

That’s, by far, the very best value paid up to now for an NFT. However others have stretched into the hundreds of thousands of {dollars}. For instance, a purchaser paid $2.9 million in March for the primary tweet despatched by Twitter founder and CEO Jack Dorsey.

Different well-known corporations getting in on the NFT craze embrace Playboy and baseball card large Topps.

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