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ESPN and PENN Entertainment Join Forces in $2 Billion Sports Gambling Deal

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Source: CNN
ESPN and PENN Entertainment Join Forces in $2 Billion Sports Gambling Deal
Photo: CNN
TL;DR

Casino owner PENN Entertainment has ended its partnership with Barstool and struck a $2 billion deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet, with ESPN talent promoting the betting service. PENN will make $1.5 billion in cash payments to ESPN over the next decade and grant ESPN around $500 million worth of its shares. In return, PENN secured exclusive rights to the ESPN Bet trademark for 10 years.

Topics:top-newssports-business#barstool#espn#online-betting#penn-entertainment#sports-business#sports-gambling
Share this article
  1. ESPN is jumping into sports gambling in a $2 billion deal  CNN
  2. Penn Entertainment to rebrand sportsbook as ESPN Bet - ESPN  ESPN
  3. Penn sells Barstool Sports back to Dave Portnoy to partner with ESPN  New York Post
  4. ESPN-Penn Sportsbook Deal Sends PENN Stock Soaring; DraftKings Tumbles  Investor's Business Daily
  5. ESPN partnering with PENN Entertainment to launch 'ESPN BET'  CNBC Television

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