ESPN launches sportsbook in partnership with Penn Entertainment
Publishing timestamp: 2023-08-08 20:13:39
Summary
Penn Entertainment is partnering with Disney's ESPN to rebrand and relaunch its sportsbook as ESPN Bet. This move allows ESPN to enter the sports-betting space and provides Penn with exclusive rights to the ESPN Bet trademark. The deal includes a cash payment of $1.5 billion over 10 years and grants ESPN warrants to buy Penn common shares. Penn will divest its stock in Barstool Sports to founder David Portnoy. The partnership is expected to add $500 million to $1 billion in annual long-term adjusted earnings potential for Penn.
Sentiment: POSITIVE
Keywords: entertainment, penn entertainment inc, walt disney co, media, sports, breaking news: business, gambling, business news, business,