David Portnoy – blogger, successful entrepreneur, scandalous figure, and philanthropist, knows how to make money and benefit from everything he does. What's the secret to his success and appeal to millions of fans who follow his every move?
In the constantly changing world of media and entertainment, among tens of thousands of modern influencers, there are personalities who become symbols of their era. David Portnoy, the founder and face of Barstool Sports, is undoubtedly one of them. Thanks to his charisma, hard work, and innovative approach to content creation, Portnoy has not only built an empire but also made a substantial profit from it.
His income in 2023 amounted to about 125 million US dollars.
David Portnoy is active and very popular on social media. On Facebook, he is known as "El Presidente," with over 1.7 million followers. He also has accounts on Twitter under the nickname @stoolpresidente (over 2.7 million subscribers) and on Instagram (over 3.8 million).
How it All Began
David Scott Portnoy was born on March 22, 1977, in Swampscott, Massachusetts. He also finished high school there. Interestingly, Todd McShay, a football TV analyst and expert from ESPN, went to the same school and was in the same class as Portnoy.
David enrolled at the University of Michigan in Ann Arbor, a prestigious U.S. university, where he earned a bachelor's degree in education.
From childhood, the future millionaire was obsessed with sports, adored football and basketball, and played in the NFL as a quarterback (an offensive player in American football).
His love for sports, attention to the sports industry and its trends, along with his educational skills, essentially predetermined David's future professional fate.
First Career Steps
After graduating from university in 1999, Portnoy worked at Yankee Group, an organization involved in IT market research. He began his personal professional journey in the field of digital media in 2003 when he started a sports blog and began working on the concept of Barstool Sports, a digital media company.
Initially, Portnoy launched Barstool Sports as a print publication, distributing it in Boston where he lived after graduating from university. David always wrote about sports matches and betting, news, and sporting events with pleasure and enthusiasm. First in the issues of his magazines, and then David transferred his sparkling style and energy to his personal blog, where he quickly found a live response from readers. Despite the fact that sports journalism came easily to Portnoy, it was not an easy experience. The entrepreneur worked from morning to night, without weekends and holidays. Sometimes he had to sell the magazines in the subway himself, but he lived and breathed his project, and this brought colossal results.
Creating the Barstool Sports Brand
As Barstool Sports gained momentum in the digital space, David Portnoy expanded his content to include pop culture and other life spheres in addition to sports. Such diversification attracted a broader and more interested audience, who appreciated David's delivery and his sharp jokes.
Humor is, indeed, Portnoy's undeniable forte, which he even reflected in the ambiguous name of his company, "Barstool." This word not only translates to a bar stool. In a figurative sense, it means "to bar hop and drink to the point of falling off the stool." By naming his company Barstool Sports, David might have wanted his audience to experience a similar euphoria from his sports content.
Transition to Digital Technologies
In addition to sports news, the magazine also featured advertisements for gambling and fantasy sports forecasts. David quickly recognized the potential of the Internet as a platform for expanding and reaching a larger audience and began transforming the company into a sports media outlet.
Portnoy's decision to transition from print media to digital was a turning point in his career. It marked his entry into the digital technology era, playing a significant role in his financial success.
In 2007, Portnoy's brainchild fully transitioned to an online magazine format. David's unique style, his edgy humor, plus the current sports agenda won over millions of followers. The site became mega-popular.
Adding podcasting to the blog further fueled audience interest. Barstool's sports podcasts, such as "Pardon My Take" and "Call Her Daddy," became massive hits, further increasing the brand's popularity and revenue streams.
By 2013, Barstool Sports had a significant number of subscribers and the company started to turn a profit. Thus, the premiere of his program – The BroShow, in which David and his co-hosts traveled around the country, visiting various sports events and restaurants, was predictably met with tremendous success.
Later, David would attribute much of Barstool Sports' success to his show colleagues, including Kevin Clancy (KFC), Keith Markovich (KMarko), and Dan Katz (Big Cat), who subsequently became celebrities in their own right.
Today, the Barstool website is visited by up to 1,000,000 people per month, with 2016 recognized as its best year when, according to Forbes, the company had an average of 8 million unique visitors per month.
Transforming Barstool Sports into a Gambling Industry Giant
In 2016, Barstools Sports decided to seek external investments and sold 51% of its shares to The Chernin Group (TCG), a California-based private equity firm. Barstool sold its stake to TCG for approximately $10-15 million and opened its main office in New York.
In 2020, the bookmaking company Penn National Gaming (an operator of casinos and racetracks) bought 36% of Barstool Sports' shares for $163 million in cash and stock. Portnoy retained full control over the company's content, which soon expanded to include podcasts, gaming content, television series, and more.
As a result of these developments, Dave Portnoy's net worth increased to $125 million, establishing him as the founder of Barstool Sportsbook. The launch of Barstool Sportsbook, an online sports betting platform, was a resounding success.
Today, Barstool Sportsbook is a reliable betting platform with a secure and user-friendly banking mechanism. The bookmaker allows deposits through electronic wallets, bank transfers, and credit cards with a minimum deposit of $10.
Recently, Portnoy has shown a keen interest in the cryptocurrency market, particularly investing in Bitcoin. Investments in this emerging asset class have already yielded him significant profits.
Having a Slice of Pizza with David
David has a project called One Bite Pizza. He started filming this reality show in 2017 with the goal of reviewing every pizzeria in Manhattan. David ended up visiting pizzerias from Las Vegas to the Lower East Side. He would show up with a videographer, buy a pizza, step outside, and take a bite, sometimes accompanied by the nervous owner lurking nearby. He then gave his verdict on a scale from 0 to 10. The show has featured some celebrities as well. Hundreds of thousands of viewers follow the tastings on One Bite Pizza.
In September 2023, Portnoy organized the One Bite Pizza Festival in Brooklyn. According to the event's website, tickets were 95% sold out at a price of $219.99, while VIP tickets were sold for $699.99.
Social Projects
In 2013, David ran for Mayor of Boston. However, it was an unsuccessful campaign as he did not qualify for the ballot, failing to gather enough signatures for nomination.
In 2017, Portnoy launched his sports and humor radio show called "Stocks Central," which lasted for four years and enjoyed popularity among listeners.
In 2021, Barstool Sports launched a new radio channel titled "Barstool Sports: Picks Central," which focuses on detailed discussions about sports betting.
Barstool Sports also broadcasts games online.
Philanthropy
David Portnoy is a renowned philanthropist.
In 2018, he donated $20,000 to pediatric cancer research and treatment as part of Pennsylvania IFC's annual dance marathon.
In 2019, Portnoy conducted a fundraising campaign for mental health treatment, specifically PTSD, which raised $91,000.
Barstool Sports collected $240,000 for the victims of the Boston Marathon bombing and $150,000 for the family of a Massachusetts police officer killed in the line of duty.
In 2020, David Portnoy founded the non-profit Barstool Fund to support small businesses affected by the COVID-19 pandemic, contributing $500,000 of his own funds. The fund received donations from over 200,000 individuals, including celebrities like Tom Brady, Elon Musk, Kid Rock, and Aaron Rodgers. By May 2021, the Relief Effort campaign successfully raised $41 million for 348 businesses, including restaurants.
Criticism and Condemnation
David Portnoy is known for not being afraid to disagree with popular opinion, often stirring public debate and increasing his recognition and popularity. For example, he was publicly criticized for refusing to "take a knee" in support of the Black Lives Matter movement.
Portnoy is frequently criticized for his harsh statements, some of which are perceived as racist or sexist. However, he consistently urges his audience not to take his content too seriously, emphasizing that he produces entertainment and humor, not news. He insists that he does not intend to offend or hurt anyone and considers himself a comedian who can joke about sensitive topics. Nevertheless, Portnoy maintains that there is a line that should not be crossed, asserting that anything rooted in hate will never be acceptable for publication in Barstool.
The Recipe for Success
David Portnoy's journey from a small-scale publisher to a media mogul with a net worth of $125 million exemplifies his entrepreneurial talent, adaptability, and ability to connect with audiences across various platforms. This, combined with strategic partnerships and wise investments, has driven his financial success. Portnoy himself attributes the success of Barstool Sports to the following philosophy:
"If you're engaged in something you love, pouring your energy and soul into it, it motivates you and your team, helps you realize everything you plan, supports, and develops your projects."
