Curious about Dave Portnoy’s net worth? The influencer, take-out pizza reviewer, and el Presidente of Barstool Sports has an impressive portfolio to his name.

You may have come across the popular social media personality known as “Davey Pageviews” on platforms like Instagram, Twitter, TikTok, or any other social media site. With a massive following in the millions, he has successfully amassed a large fan base across all these platforms.

Despite having a substantial social media following and being widely recognized as a celebrity, his main source of recognition is his role as the founder and majority shareholder of Barstool.

Dave Portnoy’s net worth currently stands at an impressive $120 million as of May 2023. In this post, we will explore the remarkable journey of how Portnoy established his company from scratch, offering valuable insights on how you too can replicate his success.

Early Life

Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy is an alum of Swampscott High School.

From an early age, he developed a passion for sports and indulged in playing both baseball and football.

Despite not participating in sports during college, Portnoy still chose to attend the esteemed University of Michigan, renowned for its prominent sports programs.

In 1995, he attended the University of Michigan and obtained a degree in education.

Following his graduation, he proceeded to join Yankee Group, a technology research firm situated in Boston.

After spending four years at that company, he decided to leave and embark on his journey by founding Barstool.

Founding Barstool Sports

Barstool was initiated by Dave Portnoy after he realized the absence of sports coverage and analysis in the market, which he needed for his sports betting endeavors.

In 2003, when the internet was not as dominant as it is now, Portnoy made a bold decision to create a Boston-based newspaper that would provide fantasy sports betting services.

To create an illusion of a prominent magazine with numerous writers, he began enlisting his childhood companions to collaborate on writing articles. Together, they adopted pseudonyms, thus lending the impression of a vast publication with multiple contributors.

Portnoy devoted his time to both writing articles and securing advertisement spots for local bars and gambling companies in order to generate revenue for his magazine. The initial stages were challenging, and Barstool took some time before they began to attract attention and gain momentum.

In 2007, a significant opportunity arose for the company when he made the decision to take Barstool online. As a result, their website’s traffic began to increase, and they started receiving widespread media attention in the following years.

Currently, the once improbable sports media powerhouse attracts approximately one million visitors each month!

Barstool Investments

Until January 2016, Portnoy refrained from pursuing any external investments. However, during that time, he decided to sell a majority share of 51% to The Chernin Group for approximately 10-15 million dollars.

Chernin Group proved to be the perfect partner for the rapidly growing company, as it sought an investor to support its upcoming development phase.

In addition to their financial resources, they possessed the expertise and knowledge required to facilitate the growth of Barstool Sports and broaden its scope.

Penn National Gaming

Penn is a US gaming company that runs casinos across various states, including Pennsylvania, West Virginia, Ohio, and Indiana.

The company possesses or manages a total of 18 establishments containing around 8,400 slot machines. Additionally, they own three racetracks equipped with approximately 1,500 video lottery terminals (VLTs), and operate five off-track betting venues that house over 3,000 VLTs. Furthermore, they possess seven casino hotels, two restaurants, one lounge theater, and ten food and beverage outlets.

Penn has ownership or an interest in six additional properties situated in Pennsylvania and West Virginia. These properties are held under different ownership structures, such as joint ventures (35%), limited partnerships (7%), and fee simple absolute (58%).

A new digital media platform dedicated to casino gaming and lifestyle was announced by the Company on October 16, 2017, in collaboration with Barstool.

Penn’s casino properties were involved in a partnership that encompassed content creation, marketing, and advertising initiatives.

The investment was a significant strategic move for both companies, granting Barstool access to a vast audience of casino-goers to promote its content to.

Penn was also granted access to Barstool’s distinctive style of humor and irreverence.

Barstool Sports was purchased by Penn National Gaming, who acquired a 36% ownership interest for approximately $163 million.

Barstool Sports had a valuation of $450 million when it was acquired by Penn Gaming. The remaining ownership of the company is held by Portnoy and a select group of executives within the firm.

Penn Acquires Barstool

Barstool came under complete ownership of Penn in August 2022.

In a filing with the US Securities and Exchange Commission (SEC), Penn announced its intention to exercise its call rights and acquire the remaining Barstool shares by February 2023.

In 2020, Penn Entertainment acquired a 36% share of Barstool for $163 million. If it proceeds with the remaining acquisition in two stages, the company will ultimately invest a total of $387 million.

Penn has made Barstool Sportsbook a top priority as it believes it helps them appeal to a younger audience, according to the company.

Penn disclosed in February 2021 that their launch in Pennsylvania in September 2020 had attracted more than 72,000 customers and resulted in a cumulative handle of almost $300 million.

Day Trading

Portnoy, who has amassed a net worth in the nine-figure range, has transitioned into the realm of Day Trading. On March 23, 2020, he made a declaration that he would dedicate himself to day trading full-time and live-stream his trading activities on Twitter throughout the quarantine period.

Portnoy had no idea about his actions, as clearly stated in his press release, where he explicitly admitted, “I want to make it abundantly clear that I have absolutely no understanding of what I’m doing.”

Portnoy commenced day trading with an initial amount of $3,000,000 in his account. However, by the conclusion of his inaugural week, he had incurred losses of approximately $200,000. On April 17, during an interview with Business Insider, Portnoy disclosed that his losses had escalated to around $740,000.

In conclusion, Portnoy’s day trading activities will not have a significant effect on his overall net worth.

Nevertheless, it serves as a valuable form of amusement for him and a means to engage with his followers, fostering a stronger connection.

Dave Portnoy Net Worth Growth

Dave Portnoy Net Worth 2023

David Portnoy’s net worth stands at $100 million as of May 2023, with the majority of his wealth originating from his ownership stake in the pop culture blog Barstool Sports.

Despite no longer holding the title of CEO at Barstool Sports, he continues to fulfill the role of Chief of Content, responsible for supervising various aspects such as podcasts, videos, and merchandise.

The company, aside from being a highly popular sports website on the Internet, has also ventured into producing TV shows for Comedy Central and ESPN2.

Not only have they published books, but Barstool Sports has evolved into a media empire that extends its influence throughout North America. With its recent partnership with Chernin Group, its future prospects are now even more promising.

Real Estate David Portnoy

Portnoy’s net worth comprises a significant stake in Barstool Sports, along with a portfolio of valuable real estate amounting to several million dollars.

In 2017, Portnoy acquired a luxurious penthouse worth $5 million located in Boston. This exquisite 3,700-square-foot residence boasts three bedrooms and four bathrooms.

In 2019, he acquired a mansion worth $2.5 million located in Greenwich, Connecticut.

The home is spread across an impressive 8,000 square feet and features a total of six bedrooms along with seven bathrooms.

Portnoy not only possesses multiple primary residences but also holds various investment properties across the nation.

Included in the list are a condominium worth $1.8 million situated in Miami Beach, Florida, and a loft valued at $2 million located in New York City.

Portnoy’s real estate holdings have an approximate value of $10 million in total.

Barstool Fund

The “Barstool Fund”, a venture capital fund initiated by Portnoy in 2020, aims to provide financial support to small businesses affected by the COVID-19 pandemic.

Over 4,000 investors have contributed to the fund, resulting in a total raised amount exceeding $30 million.

The Barstool Fund has provided funding to various businesses, including:

• Easton, Pennsylvania is home to Pizza Geno’s.
• Located in Philadelphia, Pennsylvania, is the renowned Rosa’s Fresh Pizza.
• Maplewood, New Jersey is home to Kassoff Robert’s Deli.

Portnoy intends to allocate a sum of his personal funds, totaling $1 million, towards investment in the fund.

Key Takeaways

You Have to Love What You Do

During the early stages of Barstool Sports, Portnoy dedicated 10 hours each day to the company, tirelessly juggling various tasks including writing for the magazine and actively seeking partnerships with local venues.

The work was far from glamorous, and he wouldn’t see any substantial earnings from the magazine for several years.

Loving what you do is incredibly important because in the beginning, you’ll lack supporters, financial stability, and constantly doubt whether your business is worth pursuing.

If you have a passion for what you do and can assemble a group of individuals who share the same mindset, that’s what will help you overcome any challenges.

Sometimes You Can Fake a Network Effect

Reddit exemplifies this concept perfectly.

During the initial stages of Reddit, the founders employed the use of fabricated accounts to engage in thread discussions. This strategy aimed to create the illusion of an active community already discussing various topics, thereby attracting more users.

Barstool employed a tactic where they had a single writer assume multiple pseudonyms to give the impression of a larger scale operation than it actually was.

Be Unapologetically Yourself

Portnoy has recognized the significant rise in competition among sports betting websites.

Nevertheless, he asserts that his unique selling point lies in the unparalleled personalities possessed by himself and his employees.

If you’re embarking on a business venture, you might consider emulating your competitors. Nevertheless, the true potential lies in setting yourself apart from them and infusing your unique spin into an already existing product or service.