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Michigan Cannabis Business Donates $420,420 To Barstool Fund Through Sports Betting Match Promotion

January 24, 2021 12:09 pm
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Michigan Cannabis Business Donates $420,420 To Barstool Fund Through Sports Betting Match Promotion

Dave Portnoy's The Barstool Fund is getting a boost from a Michigan cannabis product company.

What Happened: George Sinishtaj, owner of Ooze, a Michigan-based maker of vaporizers and other accessories, says he made a bet of $420,420 on the Buffalo Bills on Friday at Greektown Casino-Hotel's Barstool Sportsbook in Detroit. The casino is matching Sinishtaj's bet and will donate it to the fund, regardless of whether he wins the bet.

Greektown said it's the single largest bet ever placed at the casino.

Sinishtaj said if he does win the bet, he will donate another $100,000 to the fund.

"Once I saw the casino and Penn were running this promotional, I knew instantly I had to get involved. It's a win-win," Sinishtaj said.

The promotion is for the casino's parent company, Penn National Gaming, Inc (NASDAQ:PENN), which last week launched the Barstool Sportsbook app in Michigan. The state gave the go-ahead for gambling apps to go begin operating on Friday, after legalizing internet gambling in 2019.

Penn National also is matching first-time deposits that are made and bet on the app this weekend as part of the promotions.

Pandemic Relief: The Barstool Fund helps small businesses amid the pandemic. The fund has raised just over $29 million as of Sunday morning. 

NFL quarterbacks Aaron Rodgers and Tom Brady, and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk are some of the famous people who have contributed to the fund.