Dave Portnoy is a gambling and social media mogul who turned sports and gambling handouts given at subway stations into a multi-million ‘bro culture’ entertainment empire with millions of followers. Needless to say, Barstool’s ‘El Presidente’ has become a pop icon and amassed a fortune in the process. Today, we will uncover Dave Portnoy’s net worth and the various streams of income that make him rich.
Who is Dave Portnoy?
Born in 1977, he graduated from the University of Michigan with a degree in education. Even during his studies, Portnoy showed enthusiasm for sports betting, launching thegamblingman.com, a website where he gave his betting picks and predictions.
In 2003, Portnoy launched Barstool Sports as a free four-page pamphlet focused on gambling ads and fantasy sports betting in Boston. In 2007, the publication shifted to an online format, rapidly attracting many fans and inspiring a loyal ‘bro culture’ following with its brash, blunt, and often controversial content.
Recommended video: The Dave Portnoy Origin Story: Promise Big, Deliver Big || Barstool Documentary Series
Portnoy started selling his stake in Barstool in 2016, first to the Chernin Group and then to Penn Entertainment (NASDAQ: PENN). By August 2022, Penn Entertainment wholly owned Barstool, spending over $500 million to make it its branch. A year later, in a plot twist, Portnoy regained full ownership over Barstool Sports–for a single dollar.
Needless to say, Barstool has made Dave Portnoy incredibly popular and also incredibly rich.
Dave Portnoy’s net worth
While there is no precise information on Barstool founder’s wealth, CelebrityNetWorth estimated Dave Portnoy’s net worth at $150 million.
Dave Portnoy’s net worth, in his own words
What is Barstool Sports?
Today, Barstool operates through various ventures and outlets, producing blogs, videos, podcasts, and other social media content. Its content caters to a male audience aged 18-35 as the platform has embraced the reputation of ‘the Bible of Bro Culture.’
The massive popularity of Barstool Sports is quite a feat, especially considering its far humbler beginnings.
Barstool used a free weekly print publication Dave Portnoy started after he left his job at an IT market research company. Born out of Portnoy’s passion for gambling, it was initially so unsuccessful that in 2004, Portnoy filed for bankruptcy. The paper started getting more attention once the newspaper covers started featuring women in bikinis.
Fun fact
Barstool’s acquisitions
Dave Portnoy’s first sale of a stake in his company was in January 2016 to The Chernin Group. By 2018, Chernin owned 60% of the company, paying between $30 million and $40 million in total.
Then, in January 2020, Penn National Gaming (today Penn Entertainment) acquired 36% of the company, valued at about $450 million at the time, for $163 million. Portnoy and his chief executives were left with a 28% stake in Barstool. Later, Penn acquired another 14% to increase its company ownership to 50%.
In 2022, an SEC filing revealed that Penn acquired the other half of Barstool, paying $387 million to become the complete owner of the Barstool brand. In total, Penn Entertainment paid approximately $550 million to integrate Portnoy’s company.
However, in a surprising turn of events, Penn re-sold Barstool back to Dave Portnoy for a symbolic price of one dollar, with agreements for Penn to receive 50% of the amount if Portnoy sold Barstool to a third party.
Dave Portnoy’s other endeavors
Besides Barstool, Dave Portnoy has partaken in various other business projects and investments.
One Bite Pizza Reviews
In 2017, Portnoy launched an internet show aiming to review every pizza place in Manhattan. Starting as a one-man show, it occasionally featured celebrity guests. Some of the places he praised have since received an immense influx of visitors, becoming part of a viral trend and landmark attractions for members of the ‘bro culture.’
Recommended video: Barstool Pizza Review – Bricco With Special Guest John Cena
In September 2023, Portnoy and Barstool hosted the first One Bite Pizza Festival in Brooklyn, New York.
Dave Portnoy’s stock investments
The first and likely the most significant stock in Portnoy’s portfolio was Penn Entertainment, which he received when he sold them a stake in his company. As Sportico reported in August 2023, he sold 1.25 million shares in Penn Entertainment for approximately $30 million in total.
In January 2024, Portnoy revealed to his followers which stocks he owned at the time, and the list featured some prominent companies, including:
- Tesla (NASDAQ: TSLA);
- DraftKings (NASDAQ: DKNG);
- Shopify (TSX, NYSE: SHOP);
- Nike (NYSE: NKE);
- Snowflake (NYSE: SNOW);
- Thermo Fisher Scientific (NYSE: TMO).
That said, Dave Portnoy has expressed doubt in Wall Street, going as far as to call the institution ‘the world’s biggest casino’ where ‘the game’ is rigged against ‘the little guy.’
Dave Portnoy and Bitcoin
Portnoy said he owns ‘a ton of personal Bitcoin,’ with some unconfirmed sources claiming he currently owns 9 BTC.
He has regretted selling his Bitcoin (BTC) and has since reaffirmed his stance on it, claiming he will use Barstool money to buy $5 million to $10 million in Bitcoin if its price reaches $40,000.
Controversies
Dave Portnoy is a divisive figure often steeped in controversy. He has been accused of urging millions of followers to participate in gambling. Furthermore, the ‘bro culture’ his Barstool brand is promoting has been described as ‘misogynist,’ ‘sexist,’ and ‘racist.’
In 2019, Portnoy threatened to fire any Barstool’s employee who intended to unionize, culminating in an informal settlement with the National Labor Relations Board and deleting his social media anti-union posts.
In 2021, Business Insider accused Dave Portnoy of violent sexual encounters with three women and filming them without consent. Portnoy responded that the sex was consensual and called the article a “clickbait.” In 2022, a second article published more allegations of sexual assault and harassment, which prompted Portnoy to file a lawsuit against the publication. A federal judge dismissed it, then Portnoy appealed the dismissal but dropped his appeal in 2023.
The bottom line
As of 2024, various sources estimated Dave Portnoy’s net worth at $150 million. This makes the Barstool Sports founder one of the wealthiest and most influential figures in the gambling industry. Building a solid pop culture brand and investing in various assets will likely secure his wealth for the near future. Who says that dudes from the bro culture cannot earn fame and success?
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about Dave Portnoy net worth
How much is Dave Portnoy worth?
As of July 2024, Dave Portnoy’s current net worth is $150 million, according to CelebrityNetWorth.
How did Dave Portnoy get rich?
Dave Portnoy has made the majority of his wealth from Barstool Sports, a media outlet he founded in 2004, which sold for a total of $550 million in 2022.
Does Dave Portnoy still own Barstool?
Dave Portnoy regained 100% ownership over Barstool in August 2023 when he bought it back from Penn Entertainment for a nominal price of $1.
Who is Dave Portnoy's wife?
The Barstool owner, Dave Portnoy, married his wife Renee in 2009, but they separated in January 2017. From January 2021 to November 2023, Portnoy dated model Silvana Mojica.
How much did Dave Portnoy sell Barstool for?
Dave Portnoy sold Barstool for a total of about $550 million.
Where did Dave Portnoy go to college?
Dave Portnoy went to the University of Michigan and got a degree in education.
