ESPN and PENN Entertainment Join Forces in $2 Billion Sports Gambling Deal
TL;DR Summary
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.
- ESPN is jumping into sports gambling in a $2 billion deal CNN
- Penn Entertainment to rebrand sportsbook as ESPN Bet - ESPN ESPN
- Penn sells Barstool Sports back to Dave Portnoy to partner with ESPN New York Post
- ESPN-Penn Sportsbook Deal Sends PENN Stock Soaring; DraftKings Tumbles Investor's Business Daily
- ESPN partnering with PENN Entertainment to launch 'ESPN BET' CNBC Television
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