In a move that's currently sending shockwaves throughout the entire industry, ESPN is partnering with Penn Entertainment to start its own sportsbook. ESPN, which is owned by Disney, struck a deal with Penn Entertainment to rebrand Barstool Sportsbook into ESPN BET!
How will this move affect the sports betting industry? Where will ESPN BET be available? Get all of the details of this historic partnership below.
ESPN has entered an agreement with @PENNEntertain to launch ESPN BET, a branded sportsbook in the U.S.
According to multiple reports, Penn will pay ESPN $1.5 billion in cash over a 10-year period. Penn will also sell Barstool Sports back to Dave Portnoy, who founded the company back in 2003 after leaving the Yankee Group.
News of the deal caused a 30% spike in Penn's stock price (Nasdaq: PENN). This blockbuster deal between ESPN and Penn comes right after Fox Bet decided to shut down its sportsbook at the end of August.
To those in the know, ESPN opening its own sportsbook isn't that big of a shock. The network has been more focused on gambling-related content over the past few years with shows like Daily Wager and segments like Bad Beats with Scott Van Pelt.
This is a huge move for such an iconic name like ESPN, which had partnered with other sportsbooks like DraftKings and Caesars to advertise their betting odds on the network. Now, because of this massive deal, folks will be able to use ESPN BET right on the network's website and mobile app.
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Mike has been involved with sports for over 30 years. He played college baseball and has been betting on sports for more than 20 years. He has a degree in Sports Psychology and covers the NFL, CFB, NBA, and MLB for EatWatchBet.
