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Dave Portnoy Net Worth (2022 Update): The Rise Of El Presidente

David Portnoy’s net worth of $120 million is a result of his digital sports giant, Barstool Sports. From being an American online entrepreneur to sports media personality, he has amassed a considerable fortune.

Dave Portnoy Net Worth
But How Did He Make His Money?

The one thing that’s well-known about ultra high net worth individuals (UHNWs) – the folks worth at least $30 million USD – is that virtually ALL of them have some part of their fortune in real estate. Many of the more famous rich people and “celebrity entrepreneurs” actually got their start in real estate. And that’s great for them! Not so much for us…

See, more millionaires are created during recessions than any other part of the economic cycle. Which is cool, except the last real recession was 2008, when real estate prices were in the tank and you could buy a whole neighborhood with $100,000.

Now, though, real estate prices are through the roof, and interest rates are skyrocketing too. So how does the everyday person start building a massive net worth in an economy like this one?

Have you considered Digital Real Estate?

The internet’s been around for decades, but the possibility of actually owning high-value pieces of property ON the internet is fairly new.

In other words, it’s a wide open playing field…but it won’t stay that way forever. Here’s a quick summary of how Digital Real Estate works: You invest a little money (maybe around $100) to either purchase or build a piece of “land” on the internet.

You specifically place this “land” in a high-traffic area, where lots of people pass through (just like traditional real estate, it’s all about Location, Location, Location).

The folks who pass through your “land” all happen to be looking for a specific product or service, so you “rent” your land to a business owner who happens to offer that product or service.

The business owner pays you $500 to $2,000 a month to “rent” your Digital Real Estate, because it helps them connect with their ideal customers. Think of it like buying a strip mall, or an office space, just on the internet, for WAAAAYYY less money and headache.

Still Getting Paid

If you’d like to learn more about Digital Real Estate, attend this free live training session from ScamRisk’s #1 recommended trainer.

But for now, let’s dig in a little more about Dave Portnoy…

Net Worth:

$120 million

Age:

45

Born:

March 22, 1977

Country of Origin:

USA

Source of Wealth

Entrepreneur

Last Updated

2022

Dave Portnoy is the founder of Barstool Sports, one of the most popular online sports website today that provides sports coverage and pop culture blogs, videos, and podcasts about the latest news and viral stories every day.

Dave Portnoy sold Barstool to the Chenin Group for $15 million in 2016. Then, in January 2020, Penn National Gaming spent $163 million to buy a 36% share of the business.

Barstool Sports still has a chance to be an unlikely sports media powerhouse but it can also take the route of rising even higher.

early Life

Early Life David Portnoy

David Portnoy was born in Swampscott, Massachusetts on March 22, 1977. After graduating from Swampscott High School, he attended the University of Michigan and earned a degree in education in 1999. After graduating from college, he traveled to Boston and began working for Yankee Group, an IT market research firm.

Career

Dave Portnoys Net Worth

When David Portnoy went to work in sales at Yankee Group, he thought it wasn’t enough for him. He wanted more so he thought of a magazine that would talk about sports coverage and give sports gambling advice. Since he loves the sports community, Dave Portnoy founded Barstool Sports in 2003.

Barstool Sports started out as a free black-and-white newspaper with tips on betting and fantasy sports predictions. David Portnoy even gave out newspapers at the Boston Metro, which was the first time people started to like him.

Years went by, and in 2007, Barstool was put on the Internet and became a website. In a short time, the website became very popular, and the business grew from Boston to New York, Philadelphia, and Chicago.

In 2016, Dave called an emergency press conference where he told reporters that the Chernin Group would be buying a majority stake (51%) in the company. Erika Nardini was hired as the new CEO of Barstool. Dave and Erika worked well together and helped the business grow. After that, Barstool started a popular podcast, TV shows, and many other things.

In 2017, Portnoy started “One Bite with Davey Pageviews,” a pizza review series. Unofficially, the purpose of the program is to evaluate every pizza restaurant in Manhattan. In 2018, it was said that the company is worth more than $100 million. At first, there was just Dave and free newspapers.

Before the Penn National acquisition happened, the majority stake of Barstool Sports was first bought by The Chernin Group in 2016 for $10–15 million. By 2018, Chernin had spent between $20 and $25 million to raise his share to 60%.

Dave Portnoy kept full control of the company’s content, which grew to include podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.

In 2020, the Penn National Gaming acquired a 36% stake in Barstool Sports for $450 million. At first, a total of $163 million in cash Penn Gaming’s convertible stock of $28 million.

Later on, a Penn Gaming Q1 2020 10-Q SEC filing says that about $23 million of the $163 million in cash was given as Penn Gaming’s convertible preferred stock and that $3 million was put aside as “forward arrangements.”

The convertible stock can be turned into 883,000 Penn Gaming shares, which is about 0.5 percent of Penn Gaming’s market value. The Chernin Group’s stake went from 60% to 36%, which was the same as Penn National’s stake. Portnoy and a few key executives, like CEO Erika Nardini, still own the remaining 28 percent.

As of this writing, the market capitalization of Penn Gaming is $10 billion. At that point, a 0.5 percent stake would be worth $50 million. Dave is said to own 1/3 of that stake, which is worth about $16 million at the current price. We think Dave Portnoy’s net worth is $100 million, which includes the roughly $90 million he still owns in Barstool and money from other deals.

In 2020, when COVID-19 was at its worst, Dave Portnoy gave the Barstool Fund and gave $500,000 to help small businesses that were hurt by the pandemic. Over time, the fund was able to raise $39 million, which was then given to almost 350 small businesses.

How Does He Do It?

Portnoy Net Worth One Bite With Davey Pageviews

Dave Portnoy Success Clues

One: believe in your idea even if no one else does.
Two: begin with your easily attainable idea.
Three: know who you are competing with yourself.

Featured Dave Portnoy's Best Quotes Of All Time Quotes

"I make the decisions nobody else has the stomach to make."
"I call it as I see it."
"We’re sick of other people saying what other people should laugh at."
"It was always our belief that if we brought out good stuff our fans will like it and we’ll go."

Summary

David Portnoy believes in the phrase “for the common man, by the common man.” With his wit and determination to work his way up, he became a man sitting at the top.

As of 2022, Dave Portnoy’s net worth is $120 million.

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