{"id":7566,"date":"2023-08-09T13:55:05","date_gmt":"2023-08-09T10:55:05","guid":{"rendered":"https:\/\/igamingafrika.com\/?p=7566"},"modified":"2023-08-09T13:55:05","modified_gmt":"2023-08-09T10:55:05","slug":"espn-and-penn-entertainment-launches-new-sportsbook","status":"publish","type":"post","link":"https:\/\/igamingeuropa.com\/index.php\/2023\/08\/09\/espn-and-penn-entertainment-launches-new-sportsbook\/","title":{"rendered":"ESPN and Penn Entertainment Launches new Sportsbook"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>Walt Disney&#8217;s ESPN, after much reluctant to join the sports betting industry <a href=\"https:\/\/www.cnbc.com\/video\/2023\/08\/08\/espn-bet-is-a-smaller-move-into-sports-betting-than-expected-for-espn-media-mogul-tom-rogers.html\">has penned a deal with casino-owner Penn Entertainment to jointly launch a sports betting business under the brand ESPN Bet<\/a><\/em><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It becomes ESPN&#8217;s sole sportsbook, bringing an end to previous alliances with companies like DraftKings and Caesars. Both names were previously mentioned as possible partners for the broadcaster&#8217;s sportsbook.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Penn receives attribution and promotion services, as well as content integrations for digital products and traditional media. To increase exposure of ESPN Bet, it obtains access to ESPN talent and other services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is a huge audience it can reach. ESPN has more than 105 million unique digital visits per month, making it the most popular sports media brand in the US. Over 370 million people follow it on social media, and 25 million of them use its ESPN+ streaming service.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the course of the ten-year contract, Penn will pay $1.5 billion in cash payments. In exchange for providing media, marketing services, brand rights, and other rights, ESPN is given an additional $500 million worth of warrants to buy 31.8 million common Penn Shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If ESPN Bet succeeds in capturing a desired share of the online betting market, ESPN&#8217;s investment in the company could increase. If these performance benchmarks are met, ESPN will have the option to buy up to 6.4 million more common shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read Also: <a href=\"https:\/\/igamingafrika.com\/news\/sky-betting-and-gaming-signs-deal-with-design-works-gaming\/\">Sky Bet and Gaming signs Deal with Design Works Gaming<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, it has the choice to name one non-voting board observer. This changes to an option to choose a director to be added to Penn&#8217;s board after the third year of the contract.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The strategy here is simple: to give fans what they\u2019ve been requesting and expecting from ESPN. Penn Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Penn and CEO Jay Snowden was \u201cthe right long-term strategic partner to build ESPN Bet into a leading US sports betting platform.<\/p>\n<cite>Jimmy Pitaro Chair <a href=\"https:\/\/www.espn.com\/\">ESPN<\/a><\/cite><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">In order to better align with ESPN&#8217;s style and name, Penn Entertainment is rebranding its current sportsbook, Barstool Sportsbook, and making it accessible to consumers via a mobile app, website, and mobile website.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Penn Entertainment takes a step forward as an industry leader thanks to the \u201ctransformative, exclusive\u201d agreement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ESPN Bet will be deeply integrated with ESPN\u2019s broad editorial, content, digital and linear product, and sports programming ecosystem. ESPN Bet will also benefit from Penn\u2019s operational experience, extensive market access and proprietary technology platform, which successfully debuted in the U.S. this July.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Together, we can utilise each other\u2019s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can\u2019t wait to get started.<\/p>\n<cite>Jay Snowden CEO and President <a href=\"http:\/\/www.pennentertainment.com\/\">Penn Entertainment<\/a><\/cite><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the fact that ESPN covers the world of sports betting on all of its platforms, this will be the first occasion when Americans can actually place bets using ESPN&#8217;s digital tools. Arizona, Colorado, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia residents can take part.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Walt Disney&#8217;s ESPN, after much reluctant to join the sports betting industry has penned a deal with casino-owner Penn Entertainment to jointly launch a sports betting business under the brand ESPN Bet. It becomes ESPN&#8217;s sole sportsbook, bringing an end to previous alliances with companies like DraftKings and Caesars. Both names were previously mentioned as &hellip;<\/p>\n","protected":false},"author":3,"featured_media":7579,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,25,78],"tags":[186,187,188],"class_list":["post-7566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-gambling-news","category-news","category-sports-betting-europe-news","tag-espn","tag-espn-bet","tag-penn-entertainment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ESPN and Penn Entertainment Launches new Sportsbook - iGmaing Europa<\/title>\n<meta name=\"description\" content=\"Walt Disney&#039;s ESPN has penned a deal with casino-owner Penn Entertainment to jointly launch a sports betting business under the brand ESPN Bet\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/igamingeuropa.com\/index.php\/2023\/08\/09\/espn-and-penn-entertainment-launches-new-sportsbook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ESPN and Penn Entertainment Launches new Sportsbook - 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