Penn Entertainment and Disney's ESPN have partnered to launch a sportsbook called ESPN Bet. This will be the first time ESPN's brand is featured on a sports-betting platform. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. It is set to launch in the 16 legalized betting states this fall. ESPN had been searching for a sports-betting partner for a while.
with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. It's the first time ESPN's brand will be on a sports-betting platform.
ESPN had been looking for a partner in the sports-betting business for sometime. Last fall, former Disney CEO Bob ChapekThe deal gives ESPN another revenue stream as cord-cutting weighs on the traditional TV business. Meanwhile, the deal allows Disney to shore up cash as it loses money on its streaming unit and is likely toon CNBC that the company is looking for a strategic partner and is open to offloading its cable TV networks.
ESPN will also have the option to designate one nonvoting board observer to Penn's board, or after three years, designate a board member subject to certain regulatory approvals and a minimum ownership threshold. Penn's stock was up roughly 20% in after-hours trading Tuesday, while Disney was slightly up. Disney and Penn both report earnings on Wednesday.
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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 to Launch Online Sportsbook with PENN EntertainmentESPN has partnered with PENN Entertainment to launch online sports betting sites throughout the United States. The agreement signifies PENN's transition from a regional gaming operator to a prominent entertainment leader in North America. ESPN Bet will be seamlessly integrated with ESPN's extensive editorial, content, digital, and linear product, as well as its sports programming ecosystem.
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Penn Entertainment's Barstool Sportsbook App to be Rebranded as ESPN BetPenn Entertainment's Barstool Sportsbook app will be rebranded as ESPN Bet this fall as part of a 10-year agreement. WeWork raises doubt about its ability to stay in business amid losses and a dwindling cash pile.
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Disney's ESPN and Penn Entertainment partner to launch ESPN BetDisney's ESPN and casino-owner Penn Entertainment have announced a $2 billion deal to launch a sports betting business called ESPN Bet. The news caused a 20% increase in Penn's shares, while DraftKings' shares fell 9%.
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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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ESPN Inks $2B Deal for Gambling Venture With Penn EntertainmentPenn Entertainment will acquire the rights to the ESPN brand for betting purposes for 10 years, with the option to extend for another 10 years. ESPN programs will promote the service, with involvement from some ESPN talent. As part of the deal, Penn will sell Barstool Sports back to founder Dave Portnoy.
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