Weekly Newsletter 8/23
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INNOVATION IN ACTION
ACQUIRING THE CROSS-CHANNEL BETTOR
Last week Penn Entertainment announced their acquisition of the remainder of Barstool Sports. After an initial $163 million investment in 2020 for 36% of the media company, Penn paid $387 million for the remainder of Barstool. Penn's complete acquisition of Barstool is all about efficient fan acquisition, allowing Penn to cater to the most valuable segment: the Cross Channel Bettor, someone that gambles both in person and online.
Looking at our data*, we can see Barstool Sportsbook has a claim as a top online gambling platform, especially by total consumer spend.
*Our data comes from a random panel of 10 million credit & debit card holders in the United States. Transactions portrayed here are from 1/1/2019 through 6/30/2022
As of today, Penn Entertainment operates sports betting via Barstool Sportsbook in 12 states and their online casino games in four states. Since the initial investment by Penn, Barstool has branded sportsbooks around the country.
As our upcoming gambling report will show, the cross-channel bettors should be the focus for acquiring new fans. We see this strategy taking shape in the form of branded sportsbooks in arenas and venues, like the Caesars Sportsbook inside Capital One Arena in Washington D.C, making it easier for fans to place their bets in the venues they already frequent.
To learn more about the data behind the power of the cross-channel bettor and other fan intelligence insights reach out to our team at info@sportsilab.com
Sports Innovation Lab Events
INNOVATING TOGETHER ON AND OFF THE FIELD
Huge thanks to our friends over at Athletes Unlimited (AU) for inviting members of our team to participate in the Midsummer Softball Classic in Chicago last week! AU brought members from their various partners to Chicago to live like the pros for a night and show off their softball skills. The trip also included a set of panels during the 2022 Innovation Collective Summit. Executives, investors, athletes, and leaders throughout the sports industry came together to discuss innovation, equity, and growth opportunities within our market. It is never easy to innovate alone, so finding partners with a shared vision can lead to many successful endeavors.
The Fan Project Spotlight
EMPOWERING THE FUTURE ATHLETE
Naomi Osaka’s functional suncare brand Kinlò, which was formulated specifically for people with melanated skin, has announced NIL deals with five college athletes for its #GlowOutside campaign: Deja Kelly, Reilyn Turner, Robert Dillingham, Xolani Hodel, and Ziyah Leigh Holman. Kinlò says it is partnering with these five athletes because they embody the brand’s values of empowering their communities, celebrating and embracing diversity, and striving to create a broader positive cultural impact. Osaka is one of the most influential athletes in the world at the moment and using her platform to empower and inspire the future of sport.