ESPN has announced an agreement with PENN Entertainment that will see the sports broadcaster launch ESPN BET, a branded sportsbook based in the United States.
As part of the deal, PENN Entertainment will rebrand its existing sportsbook to relaunch as ESPN BET. The changeover is expected to be complete by Fall of 2023 with ESPN BET set to go live in all 16 states that PENN is currently licensed to operate sports betting in.
Jimmy Pitaro, Chairperson, ESPN said:
“Our primary focus is always to serve sports fans and we know they want both betting content and the ability to place bets with less friction from within our products. The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN BET.”
Jay Snowden, Chief Executive Officer and President, PENN Entertainment said:
“This agreement with ESPN and collaboration on ESPN BET allows us to take another step forward as an industry leader. Together, we can utilize each other’s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can’t wait to get started.”
ESPN owner Disney had been in talks with DraftKings in October of last year following the company’s complete u-turn on its potential participation in sports betting. However, the deal with PENN Entertainment will now see the entertainment giant finally take an active role in the ever-growing US sport betting industry.
Portnoy back in control of Barstool
The partnership agreement with ESPN was expected to have a significant impact on PENN’s Barstool sportsbook brand, which it purchased 36% of in a deal worth $163 million back in 2020.
Following ESPN’s announcement, Barstool founder Dave Portnoy revealed that for the first time since 2016, he is now once again in full control of the company owning 100% of Barstool.
Emergency Press Conference – I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx
— Dave Portnoy (@stoolpresidente) August 8, 2023
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.