Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, a $2 billion partnership with Disney's ESPN.
Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPNBet. The company employs about 20,000 people.
CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore."When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore's best-in-class-platform," Snowden wrote in the memo, which was seen by CNBC.
Rumors have swirled about the potential interest from multiple other online gaming and brick-and-mortar casino companies.
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