ESPN has signed a licensing deal with Penn Entertainment to create ESPN BET, a sportsbook for audiences in the United States. Penn will rebrand its current sportsbook to ESPN BET later this fall in the 16 states where it is licensed. The rebrand will include a mobile app, website, mobile website and mutually agreed upon retail locations.
Penn agreed to pay ESPN $1.5 billion in cash over 10 years, as well as grant ESPN $500 million of warrants to purchase approximately 31.8 million common shares of Penn. The rebranded offering will be ESPN’s exclusive sportsbook and will be part of ESPN’s programming and content integrations starting in the fall. Audiences will be able to place bets through ESPN’s digital products.
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NEW: ESPN and Disney today announced an agreement with PENN Entertainment to launch ESPN BET, a branded sportsbook for fans in the US. PENN Entertainment will rebrand its current sportsbook and relaunch as ESPN BET effective this Fall in 16 legalized betting states. pic.twitter.com/Rdwo7ICOSK
— Scott Gustin (@ScottGustin) August 8, 2023