Barstool Sports makes money by turning a large personality-led audience into advertising and sponsorship, merchandise, live events and pay-per-view, and media partnerships. Founded by Dave Portnoy in 2003 as a free sports and gambling newspaper, it was bought in stages by PENN Entertainment (36% in 2020, the rest in February 2023) and then sold back to Portnoy in August 2023. It is privately held and does not publish revenue figures.
Brands buy reads and placements in Barstool's podcasts, videos and blogs. When PENN completed its purchase in February 2023 it said Barstool had increased ad sales by 160% over the previous three years.
02
Merchandise
Barstool sells show-branded apparel and products through its online store and retail partners; PENN said it had sold over 5 million units in the three years to February 2023.
03
Live events and pay-per-view
PENN listed live events and pay-per-view among Barstool's content offerings in 2023. Its Rough N' Rowdy amateur fight nights, called by Portnoy and Big Cat, are run by Barstool Brawl, LLC.
04
Partnerships
Gambling and media companies pay to reach the audience. Barstool worked with sports betting and fantasy operators before 2020, lent its brand to PENN's sportsbook from 2020 to 2023, and since 2025 produces shows for FOX Sports.
What changed in 2025-26
Back to its founder
PENN sold 100% of Barstool’s common stock to Dave Portnoy in August 2023 in exchange for non-compete and other restrictive covenants, keeping the right to 50% of the gross proceeds of any later sale. The online Barstool Sportsbook was rebranded ESPN Bet (PENN press release, 8 August 2023).
A FOX Sports partnership
In July 2025 FOX Sports and Barstool agreed a wide-ranging content deal: Portnoy became a regular on Big Noon Kickoff, and Barstool produces a college football show that airs on Barstool channels and FOX platforms including Tubi.
A daily show on FS1
Under the same deal Barstool produces Wake Up Barstool, a two-hour weekday show that debuted on FS1 on 2 September 2025. For the 2026 season FOX said Portnoy and Big Cat return to Big Noon Kickoff.
Personality media in the AI era
As AI summaries and generated video make generic sports news cheaper, the value shifts to recognisable hosts and live formats that are hard to copy. Barstool’s model, built on named personalities and a fan community, fits that shift, though it also depends on keeping that talent.
Barstool's ownership timeline
2003
EventFounded by Dave Portnoy as a free sports and gambling newspaper
SourcePENN release, Feb 2023
Jan 2020
EventPENN agrees to buy 36% for about $163 million in cash and convertible preferred stock
SourcePENN release, Jan 2020
Feb 2023
EventPENN buys the remaining interest for about $388 million
SourcePENN release, Feb 2023
Aug 2023
EventPENN sells 100% back to Portnoy; keeps 50% of any future sale proceeds
SourcePENN release, Aug 2023
Jul 2025
EventFOX Sports content partnership; daily FS1 show from Sep 2025
SourceFOX Sports press releases
What it means for you
Media builders: build the audience around named people and recurring shows; sponsors pay for trust in a host, not for page views.
Plan several revenue lines from one audience: ads, merchandise, live events and partner deals reduce dependence on any one buyer.
Brands: host-read podcast ads and show sponsorships reach a defined fan base; measure them on response, not only on reach.
Partners: Barstool's PENN years show that an audience brand can lower customer acquisition costs for a gambling operator, but regulation and brand risk cut both ways.
Investors: Barstool is private and publishes no accounts, so treat any revenue estimate you see as unverified.
The Business Engineer lens
Barstool shows that in a market flooded with cheap content, owned attention around trusted personalities is the scarce asset that platforms and operators pay to rent. The Business Engineer’s view is that AI raises the value of that kind of distribution, while making generic content worth less.
Mainly from advertising and sponsorship in its podcasts, videos and blogs, plus merchandise, live events and pay-per-view, and partnerships with media and betting companies.
Who owns Barstool Sports?
Founder Dave Portnoy, who bought back 100% of the common stock from PENN Entertainment in August 2023; PENN keeps the right to 50% of the gross proceeds of any later sale.
How much did PENN pay for Barstool?
PENN agreed to buy 36% for about $163 million in January 2020 and bought the remaining interest for about $388 million in February 2023, before selling it back to Portnoy in exchange for non-compete covenants.
Does Barstool still have a sportsbook?
No. The online Barstool Sportsbook was run by PENN and was rebranded ESPN Bet in the fall of 2023.
The complete explainer, cleaned up and reformatted for mobile.
Last Updated: May 2026 — Enhanced with AI business impact analysis
Correction (10 Oct 2026): an earlier section on this page showed unsourced figures; it has been removed.
Correction (10 Oct 2026): an earlier section on this page showed unsourced figures; it has been removed.
Barstool, otherwise known as Barstool Sports, is an American digital media company with a core focus on pop culture and sport, founded by David Portnoy in 2003 in Massachusetts as a print publication serving the Boston metropolitan area. — as explored in the economics of AI-era business models — As an online publication, Barstool has a diverse revenue generation model, spanning from podcast, video and display advertising, betting, subscriptions, pay-per-view, and e-commerce.
Business Model Element
Analysis
Implications
Examples
Value Proposition
Barstool Sports’ value proposition centers around providing sports and pop culture enthusiasts with irreverent, entertaining, and unique content. For Audiences, Barstool offers: – Edgy and Entertaining Content: A mix of sports, humor, and pop culture content. – Fan Engagement: A passionate community of fans and followers. – Unique Perspective: A distinctive and unfiltered take on sports and entertainment. For Advertisers and Partners, Barstool provides: – Access to a Loyal Audience: A dedicated and engaged fan base. – Authentic Advertising Integration: Creative and non-traditional advertising opportunities. Barstool offers a unique and entertaining content experience that resonates with its audience.
Provides audiences with edgy and entertaining content. Builds a passionate and engaged community of fans. Offers advertisers access to a dedicated and authentic audience. Attracts sports and pop culture enthusiasts seeking a different and entertaining perspective. Offers advertisers creative and integrated advertising options.
– Edgy content appeals to a specific audience segment. – Fan engagement fosters a sense of belonging and loyalty. – Access to a loyal audience benefits advertisers. – Authentic advertising integration enhances brand visibility. – Unique perspective differentiates Barstool from traditional media.
Customer Segments
Barstool Sports serves various customer segments, including: 1. Sports Enthusiasts: Fans of sports looking for unique content. 2. Pop Culture Enthusiasts: Individuals interested in entertainment and pop culture. 3. Advertisers and Partners: Brands seeking to reach Barstool’s dedicated audience. Barstool caters to a diverse range of consumers and advertisers.
Focuses on diverse customer segments, including sports and pop culture enthusiasts and advertisers. Customizes content and advertising opportunities to cater to each group’s interests and objectives. Provides a versatile platform for entertainment and brand promotion.
– Serving diverse customer segments broadens Barstool’s user base. – Tailoring content and advertising enhances customer engagement.
Distribution Strategy
Barstool Sports’ distribution strategy primarily relies on digital platforms, including its website, social media, and podcast networks. Users can access content through these channels. Additionally, the company organizes events and sells merchandise to engage its audience further. Barstool uses a mix of organic and paid social media promotion to reach its target audience.
Primarily utilizes distribution through digital platforms, making content accessible to a global audience. Offers a wide range of content, including podcasts, blogs, and videos. Engages its audience through events and merchandise sales. Relies on social media promotion for user acquisition and engagement. Ensures easy access to its content for fans.
– Digital distribution aligns with the preferences of its tech-savvy audience. – A variety of content options keeps users engaged. – Events and merchandise strengthen the brand and revenue streams. – Social media promotion reaches a wide and engaged audience.
Revenue Streams
Barstool Sports generates revenue through multiple streams: 1. Advertising: Sells advertising space on its digital platforms and podcasts. 2. Merchandise Sales: Sells branded merchandise to fans. 3. Events: Hosts events and charges admission fees. 4. Subscription Services: Offers premium content and experiences through Barstool Gold. Advertising remains a significant source of revenue for Barstool.
Relies on revenue from: 1. Advertising on digital platforms and podcasts. 2. Merchandise sales to fans. 3. Admission fees from hosted events. 4. Subscription services through Barstool Gold. Diversifies income through various sources, with advertising as a primary source.
– Advertising generates revenue from brand partnerships. – Merchandise sales capitalize on fan loyalty. – Events provide revenue and engage the community. – Subscription services offer premium content.
Marketing Strategy
Barstool Sports’ marketing strategy includes social media promotion, content creation, event marketing, and merchandise promotion. The company leverages social media platforms, particularly Twitter, to engage its audience and promote content. Content creation remains at the core of its strategy, creating viral moments and discussions. Event marketing and merchandise sales are additional revenue drivers and community engagement tools.
Utilizes social media platforms, especially Twitter, for audience engagement and content promotion. Creates viral and engaging content that resonates with its audience. Hosts events and promotes merchandise to drive revenue and community engagement. Effectively promotes content through various channels, including podcasts, blogs, and videos.
– Social media engagement fosters a dedicated community. – Content creation generates discussions and interest. – Events and merchandise strengthen brand loyalty and revenue. – Multi-channel promotion enhances brand visibility.
Organization Structure
Barstool Sports’ organizational structure includes content creation teams, social media management, event planning, advertising sales teams, and merchandise teams. Content creation teams focus on producing engaging content. Social media teams handle audience engagement and promotion. Event planning teams organize live events. Advertising sales teams manage brand partnerships. Merchandise teams oversee the creation and sale of branded products. This structure supports content creation, audience engagement, and revenue generation.
Employs specialized teams for content creation, social media management, event planning, advertising sales, and merchandise operations. Enhances content quality through content creation teams. Engages with the audience through social media teams. Generates revenue through event planning, advertising sales, and merchandise operations. Supports content creation, audience engagement, and revenue diversification.
– Specialized teams ensure high-quality content. – Social media engagement fosters community growth. – Event planning generates event-related revenue. – Advertising sales secure brand partnerships. – Merchandise operations drive fan loyalty and merchandise sales.
Competitive Advantage
Barstool Sports’ competitive advantage arises from its unique and edgy content, passionate fan base, diverse revenue streams, and social media presence. Unique and Edgy Content: Offers content that stands out in the sports and pop culture space. Passionate Fan Base: Engages with a highly dedicated and loyal audience. Diverse Revenue Streams: Generates income from advertising, events, merchandise, and subscriptions. Social Media Presence: Utilizes social media effectively for audience engagement and promotion.
Derives a competitive advantage from: – Content that appeals to a specific audience segment. – A passionate and engaged fan base that supports the brand. – Diverse revenue streams that ensure financial stability. – A strong social media presence that extends its reach and impact. Sets itself apart in the sports and pop culture media industry through its unique content and dedicated community.
– Unique content resonates with a specific audience segment. – A passionate fan base fosters brand loyalty. – Diverse revenue streams ensure financial stability. – Social media engagement amplifies its reach and influence.
Origin Story
Barstool, otherwise known as Barstool Sports, is an American digital media company with a core focus on pop culture and sport.
The company was founded by David Portnoy in 2003 in Massachusetts as a print publication serving the Boston metropolitan area. Portnoy had a desire to create a business that allowed him to pursue his passion for sports. He was also a keen gambler and noted the lack of online publications writing about gambling topics.
As a result, the original Barstool publication featured mostly gambling advertisements and fantasy sports projects. It then incorporated social commentary about men-oriented topics with the first online version appearing in 2007.
In 2016, The Chernin Group purchased a majority stake in Barstool Sports and the company headquarters moved to New York City. In 2020, the sports betting mobile app Barstool Sportsbook was launched.
In response to the COVID-19 pandemic, the company also released the Barstool Fund to provide financial support to struggling small business owners. The fund has already raised over $39 million from several significant donors including Elon Musk and NFL star Tom Brady.
Entertainment and Humor: Barstool offers a unique blend of sports commentary, news, and entertainment infused with humor, satire, and edgy content, appealing to a youthful demographic seeking authentic, irreverent, and unfiltered perspectives on sports, pop culture, and current events.
Diverse Content Formats: Barstool produces a wide range of multimedia content formats, including blogs, podcasts, videos, live streams, social media posts, and merchandise, providing audiences with multiple channels and platforms to engage with their favorite content creators and personalities.
Engaging Community: Barstool fosters a vibrant and interactive community of fans, followers, and contributors who actively participate in discussions, debates, and memes across social media platforms, forums, and live events, creating a sense of belonging and camaraderie among like-minded enthusiasts.
Authenticity and Transparency: Barstool prides itself on its authenticity, transparency, and direct engagement with its audience, encouraging open dialogue, feedback, and collaboration with fans, influencers, and partners, building trust and loyalty through genuine and relatable content experiences.
Exclusive Access and Insider Insights: Barstool offers exclusive access to behind-the-scenes content, interviews, and events, providing fans with insider insights, perspectives, and experiences that go beyond traditional sports coverage, enhancing engagement and connection with the brand and its personalities.
Barstool revenue generation
As an online publication, Barstool has a diverse revenue generation model. As we will see below, much of is related to advertising in some shape or form.
Podcast advertising
Advertisements are played throughout each podcast and Barstool receives a fixed fee based on how many listeners it can attract.
Video advertising
Barstool video content is also available on many different devices and platforms.
Advertisements commonly feature in these videos and the company is compensated for every impression it generates.
Display advertising
Display-ads are also prevalent on the Barstool website. However, this is unlikely to be a significant source of revenue for the company given how many users employ ad-blocking browser extensions.
Nevertheless, Barstool earns a fee for every impression.
Betting
From 2020 to 2023 PENN Entertainment ran the online Barstool Sportsbook under Barstool’s brand. It was rebranded ESPN Bet in the fall of 2023, after PENN sold Barstool back to Dave Portnoy.
Subscriptions
Pay-per-view events
Periodically, Barstool also charges users to watch pay-per-view boxing as part of the so-called Rough N’ Rowdy amateur boxing league in West Virginia.
eCommerce
The company has also developed a cult following. Colloquially known as “stoolies”, devoted fans can buy a range of merchandise from the Barstool website.
Marketing Strategy
Social Media Engagement: Barstool leverages social media platforms, including Twitter, Instagram, Facebook, TikTok, and YouTube, to engage with its audience, share content, and drive traffic to its website, podcasts, videos, and merchandise, using humor, memes, and viral content to enhance brand awareness and engagement.
Content Partnerships: Barstool forms content partnerships and collaborations with sports leagues, teams, athletes, celebrities, and influencers to co-create, co-promote, and co-produce original content, interviews, and events, leveraging the reach and influence of its partners to expand its audience and reach new fans.
Influencer Marketing: Barstool collaborates with influencers, content creators, and social media personalities to promote its brand, products, and events to their respective audiences, leveraging the credibility, reach, and engagement of influencers to drive awareness, traffic, and conversions for Barstool’s offerings.
Email Marketing and Newsletters: Barstool utilizes email marketing campaigns and newsletters to communicate with its audience, subscribers, and fans, delivering personalized content, updates, and promotions directly to their inbox, fostering engagement, loyalty, and repeat visits to its website and platforms.
Event Marketing and Experiential Activations: Barstool hosts live events, tours, and experiential activations, including comedy shows, tailgate parties, and sports events, to engage with fans in person, promote its brand, and drive ticket sales, merchandise purchases, and brand affinity among attendees.
Distribution Channels
Website and Mobile Apps: Barstool operates its digital media platform through its official website (barstoolsports.com) and mobile applications for iOS and Android devices, providing users with access to articles, blogs, podcasts, videos, and merchandise, as well as interactive features and community forums.
Social Media Platforms: Barstool distributes and promotes its content across various social media platforms, including Twitter, Instagram, Facebook, TikTok, and YouTube, leveraging the reach, engagement, and virality of social media to amplify its brand, content, and messaging to a broader audience of sports fans and enthusiasts.
Podcast Platforms: Barstool hosts and distributes its podcasts on popular podcast platforms and networks, including Apple Podcasts, Spotify, Google Podcasts, and Stitcher, allowing users to listen to their favorite shows, episodes, and personalities on-demand, on the go, and across multiple devices.
Email Subscriptions and Newsletters: Barstool offers email subscriptions and newsletters to its audience, allowing users to subscribe to updates, alerts, and promotions from Barstool, receiving personalized content, news, and offers directly to their email inbox, driving traffic and engagement to its website and platforms.
Affiliate Networks and Partnerships: Barstool collaborates with affiliate marketing networks, publishers, and partners to extend its reach and distribution network, leveraging affiliate links, referrals, and promotions to drive traffic, conversions, and sales for its merchandise, subscriptions, and sponsored content offerings.
Key takeaways
Barstool is an American sport and digital media company founded by David Portnoy, who wanted to start a business around his love of sports and gambling.
Barstool generates revenue in many ways, but the bulk comes from advertising placed in its podcasts and videos.
Barstool also offers a subscription service giving readers access to premium content and sells a range of branded merchandise. It also manages an amateur boxing league and charges viewers via the pay-per-view model.
Key Highlights
Founding and Focus: Barstool Sports, founded by David Portnoy in 2003 in Massachusetts, is a digital media company centered around pop culture and sports. It began as a print publication catering to the Boston metropolitan area.
Diverse Revenue Model: Barstool employs various revenue generation strategies to sustain its operations and growth. These include podcast, video, and display advertising, betting, subscriptions, pay-per-view events, and e-commerce.
Origin Story: Portnoy’s passion for sports and gambling led to the creation of Barstool Sports. It started as a platform with gambling advertisements and gradually expanded to include social commentary on topics oriented toward men.
Acquisition and Expansion: The Chernin Group acquired a majority stake in Barstool Sports in 2016, and the company’s headquarters moved to New York City. The introduction of the Barstool Sportsbook mobile app in 2020 expanded its offerings.
Barstool Fund: In response to the COVID-19 pandemic, Barstool launched the Barstool Fund, raising significant funds to support struggling small business owners.
Revenue Streams:
Podcast Advertising: Barstool’s podcasts, highly popular in the US, generate a substantial portion of the company’s revenue through advertisements played during episodes.
Video Advertising: Video content across various platforms includes advertisements, and Barstool earns revenue based on impressions.
Display Advertising: Display ads on the Barstool website contribute to revenue, although ad-blocking software usage may affect its impact.
Pay-Per-View Events: Barstool hosts pay-per-view amateur boxing events, known as Rough N’ Rowdy, where viewers are charged for access.
E-commerce: Devoted fans, known as “stoolies,” can purchase branded merchandise from the Barstool website.
A platform business model generates value by enabling interactions between people, groups, and users by leveraging network effects. Platform business models usually comprise two sides: supply and demand. Kicking off the interactions between those two sides is one of the crucial elements for a platform business model success.
A marketplace is a platform where buyers and sellers interact and transact. The platform acts as a marketplace that will generate revenues in fees from one or all the parties involved in the transaction. Usually, marketplaces can be classified in several ways, like those selling services vs. products or those connecting buyers and sellers at B2B, B2C, or C2C level. And those marketplaces connecting two core players, or more.
A network effect is a phenomenon in which as more people or users join a platform, the more the value of the service offered by the platform improves for those joining afterward.
In an asymmetric businessmodel, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus have a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility.
In an asymmetric businessmodel, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus having a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility. This is how attention merchants make monetize their business models.
The wholesale model is a selling model where wholesalers sell their products in bulk to a retailer at a discounted price. The retailer then on-sells the products to consumers at a higher price. In the wholesale model, a wholesaler sells products in bulk to retail outlets for onward sale. Occasionally, the wholesaler sells direct to the consumer, with supermarket giant Costco the most obvious example.
A retail business model follows a direct-to-consumer approach, also called B2C, where the company sells directly to final customers a processed/finished product. This implies a business model that is mostly local-based, it carries higher margins, but also higher costs and distribution risks.
A B2B2C is a particular kind of business model where a company, rather than accessing the consumer market directly, it does that via another business. Yet the final consumers will recognize the brand or the service provided by the B2B2C. The company offering the service might gain direct access to consumers over time.
The term “crowdsourcing” was first coined by Wired Magazine editor Jeff Howe in a 2006 article titled Rise of Crowdsourcing. Though the practice has existed in some form or another for centuries, it rose to prominence when eCommerce, social media, and smartphone culture began to emerge. Crowdsourcing is the act of obtaining knowledge, goods, services, or opinions from a group of people. These people submit information via social media, smartphone apps, or dedicated crowdsourcing platforms.
While the term has been coined by Andrew Lampitt, open-core is an evolution of open-source. Where a core part of the software/platform is offered for free, while on top of it are built premium features or add-ons, which get monetized by the corporation who developed the software/platform. An example of the GitLab open core model, where the hosted service is free and open, while the software is closed.
Open source is licensed and usually developed and maintained by a community of independent developers. While the freemium is developed in-house. Thus the freemium give the company that developed it, full control over its distribution. In an open-source model, the for-profit company has to distribute its premium version per its open-source licensing model.
The freemium – unless the whole organization is aligned around it – is a growth strategy rather than a business model. A free service is provided to a majority of users, while a small percentage of those users convert into paying customers through the sales funnel. Free users will help spread the brand through word of mouth.
A freeterprise is a combination of free and enterprise where free professional accounts are driven into the funnel through the free product. As the opportunity is identified the company assigns the free account to a salesperson within the organization (inside sales or fields sales) to convert that into a B2B/enterprise account.
In a franchained business model (a short-term chain, long-term franchise) model, the company deliberately launched its operations by keeping tight ownership on the main assets, while those are established, thus choosing a chain model. Once operations are running and established, the company divests its ownership and opts instead for a franchising model.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
