Media-branded sportsbooks like ESPN Bet and others have struggled to gain traction in the competitive U.S. sports betting market, with many failing despite heavy promotion and brand ties, highlighting the dominance of established players like DraftKings and FanDuel. ESPN Bet, launched in 2023, has only captured about 3% of the market, far below its target, due to overestimating the influence of media branding and viewer trust. The industry is shifting towards partnerships with existing successful sportsbooks, such as ESPN's new deal with DraftKings, which will continue to operate under its own name.
ESPN Bet is shutting down in December after Penn Entertainment ended its $1.5 billion 10-year deal, and ESPN will now partner with DraftKings Sportsbook, marking a significant shift in the sports betting industry and Penn's strategic focus.
ESPN is shutting down its ESPN Bet app and ending its partnership with Penn Entertainment, instead integrating DraftKings' betting features into ESPN's platforms and revamped app, with full rollout expected in 2026.
ESPN is shutting down its online sportsbook ESPN Bet by December 2025 following a partnership with Penn Entertainment, which will rebrand it as theScore Bet amid ongoing NBA gambling scandals and legal issues involving NBA players. The deal, worth $150 million annually, was terminated early, and ESPN is exploring other media opportunities, while Penn shifts focus to its iCasino business and rebranding efforts.
The article previews the 2025 college football season with a focus on betting opportunities for each of the Top 25 teams, highlighting specific bets such as Texas missing the playoff, Penn State exceeding 10.5 wins, and others, based on team analysis and schedule considerations.
Penn Entertainment's ESPN Bet, which launched in November, saw significant success in terms of app downloads but suffered a substantial loss of $333.8 million in the fourth quarter of 2023 due to costs associated with the launch. This exceeded Wall Street's expectations, leading to a more than 15 percent drop in Penn's stock. Despite the losses, the company remains aggressive, aiming for ESPN Bet to break even by 2025 and projecting meaningful cash flow by 2026.
ESPN has gained millions of followers for its ESPN BET gambling app through a strategic rebranding of its former SportsNation social media accounts. The rebranded accounts began posting gambling-related content ahead of the app's launch, while the old SportsNation accounts still remain. Despite SportsNation's cancellation in 2018, it had developed a sizable following on social media, prompting ESPN to leverage that audience for its high-profile gambling app. The move highlights ESPN's recognition of the competitive sports betting market and its need for every advantage.
ESPN BET, an online sportsbook, is set to launch on November 14 in 17 states in the United States. The platform will provide official odds for ESPN's editorial and other content. The launch will be accompanied by a creative campaign featuring SportsCenter anchors Scott Van Pelt and Elle Duncan. ESPN's Daily Wager program will also rebrand to ESPN BET Live starting November 10. Fans can enter a sweepstakes for a chance to win a trip to ESPN headquarters in Bristol, Connecticut.
