While Barstool Sportsbook is yet to formally enter the competitive New Jersey online sportsbook market, the Pennsylvania-based online betting site is already building plenty of good will in the Garden State.
After Barstool previously was involved in rescuing Philadelphia’s historic Reading Terminal Market from financial collapse last fall, the owners of New Jersey’s iconic Broadway Diner in Bayonne have received a helping hand from the leading online sportsbook.
The Broadway Diner is just the latest in a number of businesses that have been rescued from financial collapse thanks to the foresight and generosity of Barstool Sportsbook and their innovative owner, Dave Portnoy. Portnoy created the Barstool Fund for the initiative by making his own personal donation of $500 000, and since that time the fund has raised more than $30 million to assist almost 180 businesses that have faced financial ruin as they stare into the abyss of the effects of global pandemic and the associated economic crisis.
Like many businesses that are struggling to make ends meet in the face of the global pandemic, the owners of the Broadway Diner were forced to temporarily suspend operations in their downtown Bayonne location, however, they tried to relocate as many employees as possible to their second location.
“It’s been tough, and I think now there’s going to be a little light in the tunnel,” Broadway Diner co-owner Janet Coviello said to Portnoy after he called her personally with the business-saving news. “You just have no idea” she said.
“How do you expect these people to survive?” Portnoy said. “How are restaurants going to survive? Nobody in the government seems to care. Or at least no one is acting like they care. These people, they’re on their last legs,” Portnoy said. “You see the wave of emotion just gone when we tell them ‘Hey, we’ll be there for you.”
How the Barstool Fund Works
In order to be eligible for assistance and to become recipients of money from the Barstool Fund, a business is required to still be compensating its employees. Any business that is struggling to survive is able to apply as long as the employee assistance requirement is met.
While Portnoy acknowledges that not every business that reaches out to the Barstool Fund will be able to receive funding, he says businesses that are chosen will be checked on a month-to-month basis depending on their needs and how things have developed in the pandemic.
“If you get approved into our fund, you tell us how much you need whether it’s for rent, taxes, payroll, and we’ll be there until this thing is kinda over,” Portnoy said.
With more money continually being donated, the Barstool Fund is a growing concern, with plans to keep adding more businesses after receiving heartfelt video applications for funding support.
“It’s moving,” Portnoy said of the reactions of business owners’ to receiving support. “That’s why I think we’re getting all the donations. You can’t watch those (video applications) and not have some empathy and compassion.”
A host of celebrities like Tom Brady, celebrity chef Guy Fieri and Dana White are making big money donations, and country/rock star Kid Rock recently made a $100K donation.
About Barstool Sportsbook
Barstool Sportsbook kicked off operations in neighboring Pennsylvania in September 2020 and has quickly became the revenue leader in the Keystone State, and has jumped rapidly to number 3 in PA sports betting handle behind industry giants, FanDuel and DraftKings Sportsbook.
Barstool Sportsbook has announced plans to launch its sportsbook into every legal online sports betting state by the end of 2021, including New Jersey. Watch this space for the upcoming Barstool launch announcements.