ESPN has announced an agreement with PENN Entertainment to launch ESPN BET..

[sanjay kumar]

ESPN has 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 autumn in the 16 legalised betting states where PENN Entertainment is licensed. The rebrand includes the mobile app, website, and mobile website.

ESPN BET will become ESPN’s exclusive sportsbook, and PENN Entertainment will receive odds attribution, promotional services inclusive of digital product integrations, traditional media and content integrations, and ESPN talent access, among other services. Penn is paying $1.5 billion in cash over 10 years. ESPN also receives $500 in warrants that will convert to Penn stock. There are options to receive bonus warrants depending on the performance of ESPN Bet.

“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,” said Jimmy Pitaro, Chairman, ESPN. “The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN BET.”

Jay Snowden, Chief Executive Officer and President, PENN Entertainment, added: “This agreement with ESPN and collaboration on ESPN BET allows us to take another step forward as an industry leader. Together, we can utilise each other’s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can’t wait to get started...