{"id":139858,"date":"2020-06-25T16:08:04","date_gmt":"2020-06-25T23:08:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139858"},"modified":"2020-06-26T08:57:19","modified_gmt":"2020-06-26T15:57:19","slug":"barstool-sports-portnoy-says-etrade-booted-him","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/barstool-sports-portnoy-says-etrade-booted-him\/","title":{"rendered":"E*TRADE to Portnoy: ‘Hit the Road, Davey,’ Broker Boots Barstool Boss"},"content":{"rendered":"

Barstool Sports <\/i>founder David Portnoy is day trading his way into being a cult leader of a youthful rebellion against financial market norms. But his business will no longer be welcome at brokerage firm E*TRADE.<\/p>\n

\"Barstool's
Barstool Sports founder David Portnoy is in a flap with E*TRADE, claiming he’s been kicked off the trading platform. (Image: MarketWatch)<\/figcaption><\/figure>\n

With offerings for sports bettors still slim, Portnoy, whose company is 36 percent owned by Penn National Gaming (NASDAQ:PENN), is keeping eyeballs<\/a> on his media property by day trading, forming Davey Day Trader Global (DDTG).<\/p>\n

Along the way, Portnoy is ruffling the Wall Street establishment’s feathers while supposedly inspiring a young generation of bettors and sports fans \u2014 Barstool’s <\/i>core demographic \u2014 to treat the stock market like a casino.<\/p>\n

E*TRADE, which is being acquired by Morgan Stanley for $13 billion in equity, apparently decided it’s had enough of Portnoy’s brash attitude. The brokerage platform experienced an outage in June, drawing Portnoy’s ire.<\/p>\n

ETRADE decided not to work this morning. My rep is on (expletive) vacation. THIS WILL NOT END WELL FOR YOU ETRADE,\u201d said the Barstool <\/i>boss on Twitter.<\/p><\/blockquote>\n

Portnoy is drawing legions of followers and plenty of criticism for his irreverent approach to stocks. That includes gloating over winning positions in previously downtrodden airlines, cruise operators, and gaming companies \u2014 trades that many on Wall Street believe are being inflated by retail investors. Some critics claim the cavalier approach embodied by Portnoy will end painfully for those following along.<\/p>\n

‘Not Built for Guys Like Me’<\/h2>\n

In a video posted on Twitter today after the close of the US market, Portnoy said E*TRADE kicked him off and that he got a two-week notice. He claims his rant from earlier this week was the impetus for the brokerage firm booting him.<\/p>\n

\u201cI gotta be honest. I don’t think E*TRADE is built for guys like me or day traders or people who are, like, putting in a lot of money and need access,\u201d said Portnoy.<\/p>\n

\n

E*Trade couldn\u2019t handle the pressure of #DDTG<\/a>. They\u2019ve officially kicked me off and I\u2019m now a trading platform free agent. pic.twitter.com\/ovgMtnpzAq<\/a><\/p>\n

— Dave Portnoy (@stoolpresidente) June 25, 2020<\/a><\/p><\/blockquote>\n