ESPN has agreed to a deal with PENN Entertainment to launch online sports betting sites across the United States. As part of the 10-year deal, PENN Entertainment will rebrand its Barstool Sportsbook property as ESPN BET starting this fall.
“This transformative, exclusive agreement with ESPN marks another major milestone in PENN’s evolution from a pure-play U.S. regional gaming operator to a North American entertainment leader,” said PENN CEO and president Jay Snowden. “ESPN Bet will be deeply integrated with ESPN’s broad editorial, content, digital and linear product, and sports programming ecosystem.”-based entertainment and gaming company to pay the “Worldwide Leader in Sports” $1.5 billion in cash.
The shares will vest over a 10-year period and will also provide PENN with rights to ESPN media, marketing services, and branding. ESPN has the opportunity to acquire 6.4 million additional shares based on ESPN Bet's market performance. Due to Barstool’s rebrand, PENN Entertainment will sell the media brand back to its founder David Portnoy.
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ESPN and Penn Entertainment to Launch ESPN Bet SportsbookESPN, a subsidiary of Walt Disney Co., has reached an agreement with Penn Entertainment Inc. to launch ESPN Bet, a branded sportsbook for fans in the United States. Penn Entertainment will rebrand its existing sportsbook and relaunch it as ESPN Bet in the fall. The new sportsbook will be available in 16 states where Penn Entertainment holds a license for legalized betting.
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ESPN partners with PENN Entertainment to form ESPN BET, which will launch this fallIn a partnership with PENN Entertainment, ESPN will launch ESPN BET this fall in the 16 legalized betting states where PENN Entertainment is licensed. PENN is selling its stake in the Barstool sportsbook back to the company's founder, Dave Portnoy.
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