- Dave Portnoy of Barstool Sports regrets not investing more in Bitcoin when he reacquired full ownership of Barstool last year, seeing Bitcoin’s price surge past $52,000 this week
- Portnoy estimates he missed out on potentially earning $750,000 if he had invested $10 million in Bitcoin for Barstool Sports
- Despite Bitcoin regrets, Portnoy won big with $1 million betting on Michigan at the Rose Bowl and $500,000 wins betting on Washington and the Kansas City Chiefs
Dave Portnoy, founder and owner of Barstool Sports, started off the new year strong with big sports betting wins. However, he’s now expressing regret for not investing more in Bitcoin when he had the chance.
Seeing Bitcoin Hit $52,000 Stings
As Bitcoin’s price exceeded $52,000 this week for the first time since 2021, Portnoy could not hide his disappointment. He believes he missed out on major earnings potential by not buying more Bitcoin for Barstool Sports when he regained full control of the company last year.
Portnoy’s Bitcoin Regrets
On his show “Davey Day Trader Global,” Portnoy lamented not purchasing more Bitcoin when he noticed its price earlier this week. He repeatedly stated he “f****d” himself by missing out on Bitcoin’s growth.
Portnoy estimated he could have earned $750,000 if he had invested $10 million in Bitcoin for Barstool. But instead, he feels he made a “debacle” and a “total disaster” with regards to Bitcoin.
Barstool Sports’ Rollercoaster Ownership
Portnoy sold Barstool Sports to Penn National Gaming in 2020 for a combined $450 million. But in August 2022, he bought back Barstool Sports for $1 after Penn divested its ownership.
The reacquisition deal included a 6-month non-compete clause. Shortly after, Barstool announced a partnership with DraftKings for sports betting.
Portnoy’s Big Sports Betting Wins
Despite missing out on Bitcoin earnings, Portnoy won $1 million betting on Michigan at the Rose Bowl this year. He also earned $500,000 from betting on Washington at the Sugar Bowl.
Most recently, he won $500,000 betting on the Kansas City Chiefs to win the Super Bowl. Portnoy gives credit to Chiefs quarterback Patrick Mahomes for the win.
While Portnoy is clearly disappointed about Bitcoin, his sports betting success shows he still has plenty of big wins to celebrate in 2023.
