ESPN's $2 billion contract with PENN Entertainment to launch ESPN Bet is a significant wager on its capacity to unseat FanDuel and DraftKings, who have swiftly established a duopoly in American sports betting. FanDuel and DraftKings have leveraged significant marketing expenditures and their already-established position in fantasy sports to together control more than 70% of the domestic online sports wagering industry in the five years since the U.S. Supreme Court enabled individual states to define their own sports betting regulations. About 90% of the market is controlled by Caesars and BetMGM together, leaving all other operators fighting for crumbs.