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Barstool Sports App on Fire: Top Stories, Sports and Business News — Sept. 22

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These are the stories shaping sports and business on Tuesday, Sept. 22, 2020.

Colleges Aim to Replicate NBA Bubble

College hoops will follow the NBA to Orlando, according to ESPN.

The NBA bubble in Orlando has been a major success. There was minimal COVID-19 news to report and the condensed schedule went off without any major delays or schedule shakeups.

It shouldn’t be a surprise, then, that other groups are looking for similar setups, including college basketball. While it won’t be the same as the NBA bubble in that there are too many teams to keep under one roof for the whole season, college hoops will host several of its men’s college basketball events at the property. It means most of the 10 non-conference tournaments, which are actually run by ESPN, will take place right on the Wide World of Sports campus.

The non-conference slate for most Division I men’s programs will take place in similar controlled environments, or bubbles. Prime events like the Maui Invitational and Battle for Atlantis have already been moved.

The college basketball season will begin on Nov. 25. Practice is slated to begin in less than a month.

Daily Coronavirus Update

According to Johns Hopkins, there are over 31.3 million cases of the virus worldwide, with over 966,000 deaths. The U.S. has surpassed 6.8 million cases with over 200,000 deaths.

Per the COVID-19 Tracking Project, there were 39,472 new cases reported Sunday, which is higher than the 36,295 cases reported the day earlier. Over 725,000 new tests were reported. And 287 deaths were reported yesterday, which is lower than the 327 deaths reported the day prior.

Federal Reserve Chairman Jerome Powell said in testimony before the House Financial Services Committee that a U.S. recovery from the coronavirus pandemic "continues to be highly uncertain."

Powell said, “The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government,” and he added: “both employment and overall economic activity ... remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.”

Powell was joined by U.S. Treasury Secretary Steven Mnuchin, who told the congressional panel the White House has continued to work with Democrats on further U.S. stimulus.

Mnuchin said, “The president and I remain committed to providing support for American workers and businesses...I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement.”

Powell said the U.S. economy "will recover fully from this difficult period" but more fiscal stimulus will be needed to prevent long-term damage from the coronavirus pandemic.

Barstool Sports App Downloads

Shares of casino company Penn National Gaming  (PENN) - Get Penn National Gaming, Inc. Report jumped more than 6% Tuesday after analysts at Morgan Stanley published a bullish note saying that the Barstool Sportsbook betting app was downloaded a record 21,000 times per day in its first weekend of operability.

That number, which was calculated from preliminary data from market intelligence firm Sensor Tower, would surpass the records set by DraftKings  (DKNG) - Get Draftkings, Inc. (DKNG) Report and FanDuel.

Barstool was the #1 ranked sports app store download on Friday, meanwhile FanDuel has reached the top spot just once in the past 90 days. Since the weekend, Barstool has declined to 7th while DraftKing and FanDuel are now ranked 11th and 13th respectively.

“We conclude that true to its word, Barstool is well positioned to be a top 3 player in US sports betting,” analysts said “but caution investors from getting too optimistic as Barstool marketed its sports book broadly across the US while the DFS operators have focused more locally on where people can bet.

Penn National’s stock has been hot since it disclosed that it purchased a 36% stake in Barstool Sports and the stock has jumped more than 250% over the past 12 months.

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