Penn National Gaming uses a bar stool, Portnoy joins NFT Craze
Posted on April 26, 2021, 10:21 AM
Last updated: April 26, 2021, 01:23 h.
Penn National Gaming (NASDAQ: PENN) is looking for unique ways to leverage its stake in Barstool Sports. Now it is entering the hot space of immutable tokens (NFT) with the image of media company founder David Portnoy.
The audacious, ubiquitous Portnoy, known for its reviews of local pizzerias, is the focal point of the NFT called 'One Bite Pizza Review of Blocks Pizza Deli (Miami) - featuring Guy With No Arms. "
"Dave reviews the Miami Blocks Pizza and salutes Kobe Bryant as a man with no arms walks by. This NFT is limited to one edition and will never be minted again, ”according to barstool .
As at the time of writing this article, the highest bid for a token is $ 6.523.39, the price went up from $ 2 620 just a few hours ago.
Bar angle for sports betting
The Barstool Sportsbook is at the heart of Penn National's growth strategy and there are some links between the growing online sports betting unit and the NFT auction.
The winning bidder will not only get the aforementioned token, they will also get the opportunity to watch the match against Portnoy. During this event, the boss Barstool will place a bet on the game equal to the highest offer on the NFT. If the bet wins, Portnoy will "refund the winning bidder to the winning bidder," in line with Bar stool .
Portnoy does not hold an official management position at Penn National Gaming. But in investment circles, he is often seen as the face of the company. Blunt and controversial, he has been a consistent cheerleader for Penn's stocks, criticizing analysts who dare to be bearish on stocks. It's also essential in Penn's Barstool Sportsbook's personality-driven model - one that helps a gaming company gain market share without the significant cost of customer acquisition faced by competing operators.
Barstool Pivotal for Penn Outlook
Last week, Moody's Investors Service upgraded its outlook on Penn B1's credit rating to "stable" from "negative", noting that the Barstool Sportsbook was one of the reasons for this positive shift.
"Positive attention is also being given to Penn's minority stake in Barstool Sports, Inc., a digital sports media company, which Moody's believes will enable the company to benefit from the retail gaming, online gaming and sports betting markets," the research firm said.
The mobile betting app is available live in Illinois, Michigan, and Pennsylvania, with Penn targeting Indiana and New Jersey as the next states to introduce a betting platform. The Barstool Sportsbook bet is expected to be available on 10 notes in the beginning of the 2021 NFL season.
What is NFT?
A replacement token (NFT) is a unit of data stored in the blockchain. NFT can be applied to a variety of digitized items such as audio and video files as well as images.
Driven largely by the scarcity, the NFTs have recently become a class of assets to invest in, with one produced by an artist known as Beeple and selling for over $ 69.3 million at Christie's auction.
This is by far the highest price paid for an NFT to date. But others reached for millions of dollars. For example, a buyer paid $ 2.9 million in March for the first tweet sent by Twitter founder and CEO Jack Dorsey.
Other famous companies taking part in the NFT madness include Playboy and the baseball card giant Topps.