Success Bug | BOOST Your Net Worth

Join Today!

How Is The Net Worth Of Dave Portnoy $80 Million?

Have you ever wondered what the net worth of Dave Portnoy is? Well, the influencer, take-out pizza reviewer, and el Presidente of Barstool Sports has built up quite the resume. You likely have seen Portnoy on Instagram, Twitter, TikTok, or any other social media platform as he has millions of followers on each platform, respectively.

Although he has a massive following on social media and is by all metrics a celebrity, his claim to fame is founding Barstool Sports. As a founder and majority share owner of Barstool Sports, Dave Portnoy has a net worth of $80 million. In this post, we show you how Portnoy built his company from the ground up and how you can do the same.

Early Life

Portnoy was born on March 22, 1977, in Swampscott, Massachusetts. He fell in love with sports at a young age and played baseball and football growing up. Although Portnoy wouldn’t play sports in college, that didn’t stop him from attending one of the most prominent sports colleges in the country, the University of Michigan. He went to the University of Michigan in 1995 and got a degree in education.

After graduation, he went on to work at Yankee Group, which was a technology research firm in Boston. He worked there for four years before leaving and starting Barstool Sports.

Starting Barstool Sports

Starting Barstool Sports
Source Youtube

Dave Portnoy started Barstool Sports when he noticed nothing in the market for analysis to help him with sports betting. It was 2003, and the internet was not the powerhouse it was today, so Portnoy decided to make a local Boston Newspaper that would offer fantasy sports bets. 

He started by recruiting his childhood friends to help him write articles. He and all his friends would write under pseudonyms to make the magazine look like a huge publication with multiple writers.

When Portnoy wasn’t writing articles, he pitched advertisement spots to local bars and gambling companies to monetize his magazine. The early days were rough, and it took Barstool a while before they started picking up traction. 

However, he saw a big break for the company in 2007, when he decided to bring Barstool online. Their traffic started to pick up, and they began getting national press coverage in the years to come. Now the website Barstool Sports gets around 1 million visitors every month! 

Barstool Investments

Portnoy didn’t seek any outside investment until January 2016, when he sold a majority stake of 51% to The Chernin Group for around 10-15 million dollars. The company had been growing at a rapid rate and was looking for an investor to help take it into the next phase of its development. Chernin Group was the perfect partner. Not only did they have the financial resources to help Barstool Sports grow, but they also had the experience and know-how to help the company expand its reach.

Penn National Gaming

Penn National Gaming, Inc is a gaming company that operates casinos in the United States. The Company’s segments include Pennsylvania, West Virginia, Ohio and Indiana. It owns or operates 18 facilities with approximately 8,400 slot machines; three racetracks with approximately 1,500 video lottery terminals (VLTs); five off-track betting locations with over 3,000 VLTs; seven casino hotels; two restaurants; one lounge theater; and ten food and beverage outlets.

Penn National Gaming also owns or has an interest in six other properties located throughout Pennsylvania and West Virginia under various ownership structures including joint ventures (35%), limited partnerships (7%) and fee simple absolute (58%).

On October 16, 2017, the Company announced that it partnered with Barstool Sports to launch a new digital media platform devoted to casino gaming and lifestyle. The partnership included content creation, marketing, and advertising initiatives across Penn National Gaming’s casino properties.

The investment was a huge move for both companies, as it gave Barstool Sports a massive audience of casino-goers to market its content to. And it gave Penn National Gaming access to Barstool’s unique brand of humor and irreverence.

Penn National Gaming acquired a 36% stake in Barstool Sports for around 163 million dollars. At the time of the acquisition, Barstool Sports had a valuation of $450 million. The remaining percentage of the company is owned by Portnoy and a few other executives at the firm.

Day Trading

After achieving a nine-figure net worth, Portnoy has since gone into the world of Day Trading. On March 23, 2020, Portnoy proclaimed, that he would become a full-time day trader and live stream his day trading on Twitter for the duration of the quarantine.

Did Portnoy know what he was doing? Not at all, as he said during his press release, “to be very clear, I have zero clue what I’m doing.”

Portnoy started day trading with $3,000,000 in his account, and by the end of his first week, Portnoy was down about $200,000. On April 17, Portnoy told Business Insider that his losses had increased to about $740,000.

All in all, Portnoy’s day trading won’t seriously impact his net worth. However, it is a good source of entertainment for him and a way for him to do an activity that would bring him closer to his followers.

Dave Portnoy Net Worth 2022

As of June 2022, Dave Portnoy has a net worth of $80 million. His wealth primarily comes from his equity in the pop culture blog, Barstool Sports. Although he is no longer the CEO of Barstool Sports, he still serves as Chief of Content, overseeing everything from podcasts, videos, and merchandise.

In addition to being one of the most popular sports websites on the Internet, the company has also launched TV shows on Comedy Central and ESPN2. In fact, they have even published books! Barstool Sports is more than just an online publication—it’s become a media empire with tentacles all over North America. And now that it has partnered with Chernin Group, their future is brighter than ever before.

Key Takeaways

  • You have to love what you do: In the early years of Barstool Sports, Portnoy would work 10 hours a day for the company. He did everything from writing for the magazine to trying to partner with local venues. It was not glamorous work, and he wouldn’t make any serious money from the magazine for years to come. That is why it is so crucial that you love what you do. In the early days, you will have no fans, no money, and will continuously question yourself if your business is worth pursuing. The only thing that will get you through it is if you love what you do and can build a team of like-minded individuals around you.
  • Sometimes you can fake a network effect: Reddit is the prime example of this. In Reddit’s early days, the founders would make fake accounts to comment on threads so that when other people stumbled across them, it would look like there is an engaged community of people already talking about a topic. Barstool did something similar by having one writer write under multiple pseudonyms, making it look like Barstool was much bigger than it was.
  • Be unapologetically yourself: Portnoy has acknowledged that there is now a lot of competition among sports betting websites. However, he says his competitive advantage is that nobody has the personalities he or his employees have. When starting a business, you may want to copy your competitors. However, the real power is differentiating from them and providing your twist on an existing product or service.

Join 4000+ Individuals Growing Their Net Worth With The Success Bug

  • Get started with stocks, crypto, and real estate
  • Boost your credit and destroy your debt
  • Join our Net Worth Community
"I finally feel on top of my financial situation. Never would I think I'd look forward to checking my accounts."
Ozei Evans

Success Bug Member

2022

Leave a Comment