This move follows ESPN's gradual expansion into the sports gaming arena and is anticipated to disrupt the rapidly growing sports betting industry.
ESPN and Penn Entertainment are set to shake up the sports betting landscape with their groundbreaking partnership, giving birth to the ESPN BET sportsbook.
Under the terms of the agreement, Penn Entertainment will undergo a rebranding effort, transforming its existing Barstool Sportsbook into ESPN BET. This transformation will be rolled out across 16 states where Penn Entertainment is currently licensed. The rebranding initiative will encompass a mobile app, website, mobile website, and select retail locations, all bearing the distinctive ESPN brand.
To seal the deal, Penn Entertainment will funnel $1.5 billion in cash to ESPN over the next decade, alongside granting ESPN $500 million worth of warrants for the acquisition of around 31.8 million common shares of Penn Entertainment. The collaboration also holds provisions for additional bonus warrants, contingent upon the performance of ESPN BET.
ESPN and Penn Entertainment are set to shake up the sports betting landscape with their groundbreaking partnership, giving birth to the ESPN BET sportsbook.
Under the terms of the agreement, Penn Entertainment will undergo a rebranding effort, transforming its existing Barstool Sportsbook into ESPN BET. This transformation will be rolled out across 16 states where Penn Entertainment is currently licensed. The rebranding initiative will encompass a mobile app, website, mobile website, and select retail locations, all bearing the distinctive ESPN brand.
To seal the deal, Penn Entertainment will funnel $1.5 billion in cash to ESPN over the next decade, alongside granting ESPN $500 million worth of warrants for the acquisition of around 31.8 million common shares of Penn Entertainment. The collaboration also holds provisions for additional bonus warrants, contingent upon the performance of ESPN BET.
