With a $2 billion contract, ESPN is entering the sports gambling market.

The owner of a casino, PENN Entertainment, decided not to continue with Barstool, a sports website, and instead signed a $2 billion agreement with ESPN to launch ESPN Bet. According to a statement released by PENN on Tuesday, the online Barstool Sportsbook will change its name to ESPN Bet in the autumn. It provided ten years the exclusive use of the ESPN Bet trademark, with the possibility of an additional ten-year extension. The betting service will be promoted by ESPN stars. "ESPN Bet will become deeply connected with ESPN'seditorial, content, digital and conventional product, and sporting events ecosystem," said Jay Snowden, president and chief executive officer of PENN, in a statement.
 
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