Comment on Hollywood Casino owner poised to compete in growing sports-betting market

The parent company of Bangor’s Hollywood Casino has bought a $163 million stake in Barstool Sports Inc., a move that could allow the casino operator to enter into the growing sports-betting market. The Wall Street Journal reports that deal gives Penn National Gaming, the parent company of Hollywood Casino, a 36 percent stake in the sports media company, which produces live blogs, podcasts, social media content and live events. As part of the deal, which includes $135 million in cash and $28 million in stock, Penn National gets exclusive rights to use the Barstool Sports brand with sports-betting products, the Journal reports. In three years, Penn National can increase its stake to 50 percent for an additional $62 million, according to the Journal. The Journal reports that the deal sets up Penn National to “compete in the growing U.S.