Last updated: January 18, 2024
Barstool Sports founder Dave Portnoy announces quitting gambling after a “monster bet” loss on the Buffalo Bills, blaming the NFL’s alleged rigging. This marks Portnoy’s third departure from gambling, citing referee decisions and criticizing NFL commissioner Roger Goodell for the Buffalo Bills’ defeat.
The founder of Barstools Sports, Dave Portnoy, asserts that the NFL is “rigged” and that he has given up gambling following the loss of a “monster bet” on the Buffalo Bills.
It seems that Portnoy has made his withdrawal from gambling known three times. This time, it concerned the Philadelphia Eagles’ 37-34 overtime victory over the Buffalo Bills on Sunday.
Portnoy declared he had “quit gambling” on social media. He mentioned that he had made a “monster bet” on the Buffalo Bills, though it’s unclear how much he wagered on the game. Additionally, Portnoy stated, “Ref show in Philly.” As quarterback Josh Allen was tackled in what may have been a horse collar tackle, the Eagles were not whistled, and he blamed NFL commissioner Roger Goodell for the team’s defeat. Goodell then said, “#nflrigged.”
Recently, Dave Portnoy has raised eyebrows with questionable betting choices, such as a $10,000 wager on Notre Dame quarterback Sam Hartman winning the Heisman Trophy, an unlikely outcome.
A self-proclaimed “degenerate gambler my whole life,” Portnoy threatened the NFL with a $120,000 lawsuit over allegations involving the Cincinnati Bengals and Joe Burrow’s injury disclosure. In 2020, he described himself as such during a Barstool Radio segment, and his father, Mike Portnoy, acknowledged the gambling concerns. Notably, Portnoy publicly criticized New York Times reporter Emily Steel, sharing a detailed conversation to counter her claim of unresponsiveness.
Barstool Sportsbook was dropped from PENN Entertainment’s lineup in August in favour of a new sportsbook called ESPN Bet, developed in collaboration with the global sports network ESPN.
PENN paid ESPN $1.5 billion to create the new platform as part of the agreement. Over the next ten years, another $500 million in warrants will be delivered to ESPN. Portnoy agreed to a 50% sell-on clause should he decide to sell Barstool again, and he repurchased 100% of the company from PENN for one dollar.
Barstool’s valuation reached $606 million in 2020 when PENN purchased the remaining shares not already owned. Shortly after the announcement, the stock shot up 26 per cent. Following that, Dave Portnoy stated on X that the content of Barstool Sports might not be best suited for the regulated industry.
Marilyn Chavez is an associate researcher at the Missouri University of Science and Technology, where she studied the mathematical probabilities and aspects of casino games like slot machines. She’s written several case studies which have been published by multiple problem-gaming institutions to help spread awareness about the dangers of online gambling and gambling addiction. She also presented a 2019 Ted talk on the topic of gambling among minors.
