Barstool Sports founder switches from gambling to day trading during Coronavirus — and he's down $647,000
it was selling a majority stake to Penn National Gaming in a deal that valued the company at about $450 million., and according to Portnoy, his net worth took a major hit.
"I like betting on sports," Portnoy said. "Sports ended, and this was something that was still going that I could do during the day." Portnoy's daily broadcast is more of a reality show than a movie, giving viewers a real-time look at the decision-making process that fuels his trades. According to Portnoy, his positions are often motivated by a combination of volume and volatility that he hopes will result in opportunities for quick profits.
"I bought Boeing around $140, and it went up to, I want to say, $170," Portnoy said. "So I sold it. The next day it dropped all the way back down to $140. To me, there was no rhyme or reason to what happened." Despite his losses, Portnoy managed to monetize the Davey Day Trader live-stream, inking a deal with an eye-wear company to sponsor the broadcast. He continues to trade with his own money to raise the stakes for what has become engaging content for a sports media company in a time where there are no sports.
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