ESPN and PENN Entertainment Join Forces for Groundbreaking Sports Betting Venture
ESPN has signed a $2 billion deal with casino owner Penn Entertainment to launch ESPN Bet, a branded sportsbook, in the 16 states where Penn has sports betting licenses. The deal includes cash payments, warrants, and rights to the ESPN brand for 10 years. ESPN programs will promote the service, and some ESPN talent will be involved. In connection with the deal, Penn will sell Barstool Sports, which it acquired in 2020.