• Mon. Jun 21st, 2021

Penn Nationwide Gaming Leveraging Barstool, Portnoy to Be part of NFT Craze


Apr 27, 2021

Posted on: April 26, 2021, 10:21h. 
Final up to date on: April 26, 2021, 01:23h.

Todd Shriber Learn Extra

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

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

The brash, ubiquitous Portnoy, famed for his opinions of native pizzerias, is the centerpiece of the NFT known as “One Chew Pizza Overview of Blocks Pizza Deli (Miami) — That includes Man With No Arms.”
“Dave opinions Blocks Pizza in Miami and honors Kobe Bryant whereas a man with no arms passes by. This NFT is proscribed to only one version and can by no means be minted once more,” in keeping with Barstool.

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 just some hours in the past.
Barstool Sportsbook Angle
Barstool Sportsbook is a centerpiece of Penn Nationwide’s progress 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 even get the chance to look at a sport with Portnoy. Throughout that occasion, the Barstool boss will put a bet 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 keeping with Barstool.

Portnoy holds no official government place at Penn Nationwide Gaming. However in funding circles, he’s usually 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 Traders Service raised its outlook on Penn’s B1 credit standing to “steady” from “unfavorable”, noting Barstool Sportsbook is a part of the rationale 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 learn within the retail and on-line gaming and sports activities betting markets,” mentioned the analysis agency.
The cell betting app is stay in Illinois, Michigan, and Pennsylvania, with Penn concentrating on Indiana and New Jersey as the following states it’ll convey the wagering platform to. It’s anticipated Barstool Sportsbook will likely 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 information saved on the blockchain. NFTs will be utilized to a wide range of digitized gadgets, equivalent to audio and video recordsdata in addition to photos.

Pushed largely by shortage, NFTs just lately turned an investable asset class, with one produced by the artist often known as Beeple promoting for greater than $69.3 million at a Christie’s public sale.
That’s, by far, the best worth paid thus far for an NFT. However others have stretched into the thousands and 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 embody Playboy and baseball card big Topps.

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