ESPN launching 'ESPN BET' with Penn Entertainment
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ESPN launching 'ESPN BET' with Penn Entertainment
ESPN is set to launch its new betting platform "ESPN BET" in partnership with Penn Entertainment (PENN). Penn Entertainment was working with Barstool Sports, but as part of the deal, it has divested its ownership in the company back to founder Dave Portnoy. Shares of Penn Entertainment rose after the announcement of its partnership with ESPN, which is owned by Disney (DIS). Yahoo Finance Live breaks down how "ESPN BET" will work and what this means for sports gambling.
Video Transcript
JOSH SCHAFER: ESPN is getting into the betting game. ESPN launching a betting platform with Penn Entertainment. Now, Penn Entertainment had previously been working with Barstool Sports. They had actually purchased all of Barstool Sports over the last couple of years. Part of this deal, Penn Entertainment is divesting its ownership of Barstool Sports back to Barstool Sports founder Dave Portnoy. So Penn no longer owns Barstool Sports. And it is now entering an exclusive partnership with ESPN, which we know is the worldwide leader in sports.
To be ESPN bet, you could see Penn stock reacting massively to this news, up 26%. A couple highlights from the release that stuck out to me. So it's going to be a legalized ESPN bet app in 16 states where Penn currently operates. So again, we're talking about mobile sports gambling here. And we're talking about ESPN. So the most massive part of this release to me is being ESPN's exclusive Sportsbook and having odds attribution and promotional services on the platform.
So when you think about being on ESPN and having Penn's odds be on ESPN, that means someone like Pat McAfee, that's a very popular ESPN personality, when he's building products, parlays, saying he likes X bet, he's excited to bet on this. He'll be saying he's excited to bet on the ESPN betting platform. And then the game will start on ESPN.
So you're getting a little bit more of that same screen experience, which is something we talk a lot about in online sports gambling. Fans want to be able to watch the game and bet on the game potentially in one app. That's not necessarily where this is right now. But getting a more synergized experience here, Pras, is something that definitely stands out instantly.
The Wall Street JournalPenn Entertainment Stock Surges After ESPN Partnership, Barstool Sports Sale
Penn Entertainment shares surged in after hours trading after the gambling company said it secured exclusive rights to use the "ESPN Bet" trademark for a 10-year term. It said it will rebrand its Barstool Sportsbook app as ESPN Bet, which will be promoted across ESPN platforms.
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