ESPN and casino owner PENN Entertainment have announced a deal to launch a new branded gambling service called “ESPN Bet,” which will reportedly replace Barstool Sportsbook.
The $2 billion deal includes PENN paying ESPN $1.5 billion in cash over the initial 10-year term. Another $500 million is set to be paid in warrants that will vest over that term “in exchange for media, marketing services, brand and other rights provided by ESPN,” the deal states.
Advertisement
ESPN is planning to roll out the new sportsbook this fall in the 16 states where PENN holds betting licenses.
The states eligible include Arizona, Colorado, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. Currently, PENN does not hold a license in New York.
Advertisement
“Our primary focus is always to serve sports fans and we know they want both betting content and the ability to place bets with less friction from within our products,” said ESPN chairman Jimmy Pitaro.
“The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN,” Pitaro added. “PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet.”
Emergency Press Conference – I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx — Dave Portnoy (@stoolpresidente) August 8, 2023
As part of the deal, PENN has also agreed to sell Barstool Sports back to Barstool founder Dave Portnoy.
PENN originally purchased a 36% stake of the brand for $163 million back in 2020, and just five months ago purchased the balance of Barstool for an additional $388 million.
Jay Snowden, PENN’s CEO, said he saw the deal as part of his company’s transformation into a “North American entertainment leader.”
“ESPN Bet will be deeply integrated with ESPN’s broad editorial, content, digital and linear product, and sports programming ecosystem,” he added.
ESPN launching sports betting venture with PENN Entertainment
1 COMMENT
LEAVE A REPLY
- Advertisment - 
Recent Comments
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
Your content always keeps me coming back for more!