Casino News

After a "monster bet" loss against the Buffalo Bills, founder of Barstool Sports Dave Portnoy announces his retirement from gambling, accusing the NFL of game-fixing. This is Portnoy's third stint away from gambling; he has blamed the Buffalo Bills' loss on NFL commissioner Roger Goodell and cited officiating rulings.

Barstool's founder gives up gambling after losing a "Monster Bet" on an allegedly rigged NFL game

Dave Portnoy, the founder of Barstools Sports, claims the NFL is "rigged" and that he has stopped gambling after losing a "monster bet" on the Buffalo Bills.
It appears that Portnoy has announced his decision to stop gambling three times. This time, it was in reference to Sunday's 37-34 overtime triumph of the Philadelphia Eagles over the Buffalo Bills. 

On social media, Portnoy announced that he had "quit gambling". Uncertain of the amount he bet on the game, he stated that he had placed a "monster bet" on the Buffalo Bills. Portnoy also added, "Ref show in Philly." Josh Allen, the quarterback, blamed NFL commissioner Roger Goodell for the team's loss after the Eagles were not whistled when he was tackled in what appeared to be a horse collar tackle. Then Goodell exclaimed, "#nflrigged."

Portnoy's Bets: Heisman Requirement, NFL Lawsuit Danger, and Public Argument

Dave Portnoy has recently drawn criticism for his dubious betting decisions. One such wager was $10,000 on the improbable outcome of Notre Dame quarterback Sam Hartman winning the Heisman Trophy. 

A self-described "degenerate gambler my whole life," Portnoy had threatened the NFL with a $120,000 lawsuit over claims pertaining to Joe Burrow's injury disclosure and the Cincinnati Bengals. He identified as such in 2020 in an interview with Barstool Radio, and his father, Mike Portnoy, admitted to the gambling issues. Most notably, Portnoy challenged Emily Steel, a reporter for the New York Times, in public by disclosing a thorough exchange that refuted Steel's accusation of being unresponsive.

Barstool's Actions: Acquisition of Portnoy, Deal with ESPN, and Increase in Valuation

In August, Barstool Sportsbook was removed from PENN Entertainment's portfolio to make room for ESPN Bet, a brand-new sportsbook created in association with the international sports network. 

As part of the deal, PENN paid ESPN $1.5 billion to develop the new platform. ESPN will receive an additional $500 million in warrants over the course of the next ten years. In the event that Portnoy decided to sell Barstool once more, he consented to a 50% sell-on clause and paid PENN one dollar to acquire 100% of the business again.

In 2020, Barstool's valuation increased to $606 million when PENN acquired the remaining shares that were not already held. The stock surged 26% shortly after the announcement. Subsequently, Dave Portnoy said on X that Barstool Sports' content might not be the most appropriate for the regulated sector.