Penn National Shares Plummet as Barstool Sports’ Dave Portnoy Confronts ‘Violent Sex’ Allegations

  • Penn National shares dipped 20% after “violent sex” allegations were made against Dave Portnoy
  • The Insider published allegations made by three women against the president of Barstool Sports
  • Portnoy has denied the sexual allegations, and accused Insider of targeting him for a “hit piece”
  • Two of the reported victims alleged Portnoy choked and filmed them without permission
  • Penn National’s market capitalization lost about $2.6bn in value on the back of Thursday’s slump

Stocks fall as man uses phone
Penn National’s shares dropped over 20% after allegations of “violent sex” were made against its sportsbook partner president, Dave Portnoy. [Image:]

Allegations prompt price drop

Shares in casino operator Penn National Gaming have plummeted over 20% in the wake of ‘violent and humiliating’ sex allegations made against Dave Portnoy, president of Barstool Sports. Penn National has a 36% equity stake in Portnoy’s digital sportsbook and podcast firm.

Allegations made by three females against Portnoy appeared Thursday in a Business Insider exclusive. The global news giant took to Twitter, citing testimony from females as young as 19 who allegedly kept quiet about their rough sex with Portnoy because they feared a backlash from Barstool Sports fans:

Portnoy, who founded Barstool Sports, has denied the sexual misconduct allegations and accused Insider of singling him out for a “hit piece.” The Barstool defended himself and denied the allegations via two videos posted to Twitter:

Portnoy, who calls himself ‘El Presidente,’ claims officials have never brought criminal charges against him in connection with any sexual encounter. “I’ve never done anything weird with a girl, ever, never anything remotely non-consensual,” he has stressed.

Blacks investigation reveals all

An Insider statement shared by NBC News said the New York-based media outlet initially assigned reporter Julia Black to profile Portnoy in March. In the process, Black uncovered allegations against the sports betting icon. 

“Around mid-April, our reporter spoke with a woman about what she described as a frightening sexual encounter with Portnoy,” Insider said. “A draft was in the works by that point, but we decided we would be remiss to not explore further.” 

frightening and humiliating experiences”

According to Black’s story, three women who had sex with Portnoy reported that the encounters “turned into frightening and humiliating experiences that have taken a toll on their mental health.” Two of the alleged victims said Portnoy choked and filmed them without permission, the report said.

As part of its investigation, the Insider did its homework on Portnoy. The agency found that he had joked about rape in the past. They even linked to a July 2020 video Portnoy posted on Twitter, offering women tips “how to slide into a celebrity’s DMs.” Portnoy said: “Be very hot. Don’t be ugly. And say this, two words: ‘I fuck.’”

Such a thing as bad publicity

The allegations made against Portnoy, whether proved or not, are already lighting up social media channels. One alleged victim from Nantucket said Portnoy’s reputation on the island made him like “a king and kind of untouchable.”

The same woman, who said she was 19 at the time of the encounters with Portnoy, also made spitting allegations against the Barstool boss:

After the allegations came to light, Penn National’s stock closed down 21.1% on November 4, to $57.40 per share. The casino operator’s market capitalization lost about $2.6bn in value on the back of Thursday’s slump.

Pennsylvania-based Penn Gaming has 41 gaming and racetrack properties in 19 states. In January 2020, Penn National acquired a 36% stake in Barstool Sports for $163m. Partnership terms made Barstool exclusive gaming partner of Penn National for a 40-year period.

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