ESPN to receive US$ 2B by creating sports betting firm with Penn
Friday 11 de August 2023 / 12:00
2 minutos de lectura
(Las Vegas).- ESPN on Wednesday announced a US$ 2 billion deal with Penn Entertainment to launch ESPN Bet, a new sports betting shop. Disney's sports division, one of its most valuable assets, creates a new exclusive brand.
This new agreement will allow Penn Entertainment, according to both parties, to have the exclusive right to use the ESPN Bet trademark for a period of ten years, which can be extended for a further ten years if an agreement is reached between the parties.
According to Penn Entertainment, ESPN will pay us$1.5 billion in the first period of the agreement to ESPN. The remaining us$500 million will be paid as warrants for Disney to purchase approximately 31.8 million shares of Penn common stock, which can be increased to an additional 6.4 million if a number of targets are met.
The deal will be implemented "beginning this fall" in the 16 states in which Penn Entertainment is licensed to operate. The rebranding will be visible on the mobile app, website and mobile website.
According to early estimates, the project has "significant value creation potential", as it "provides an estimated potential for us$500 million to us$1 billion of annual adjusted EBITDA over the long term", Penn said.
Following the announcement, ESPN president Jimmy Pitaro said the main objective of the deal is "to serve sports fans and we know they want betting content and the ability to place bets with less friction from our products".
Penn Entertainment counterpart Jay Snowden said the partnership with ESPN allows them to "take another step forward as an industry leader" and will allow them to use their full potential to provide the best possible experience for their customers.
By Rodrigo Cardona
Categoría:Sportsbook
Tags: ESPN,
País: United States
Región: North America
Event
ICE Barcelona 2026
19 de January 2026
Nadia Popova from EGT on ICE Barcelona 2026:"The new concept of our stand made a strong impression on visitors"
(Barcelona, SoloAzar Exclusive).- In this post-event interview from Barcelona, Nadia Popova, EGT’s Chief Revenue Officer and VP Sales & Marketing shares insights on the company’s standout presence, its “All eyes on us” stand concept, key product highlights, and the strategic partnerships forged at ICE Barcelona 2026.
Friday 20 Feb 2026 / 12:00
Luz Beatriz Jaramillo Serna of 21Viral: “Our presence at ICE Barcelona 2026 was exceptionally positive”
(Barcelona, SoloAzar Exclusive).- Following her participation at ICE Barcelona 2026, Luz Beatriz Jaramillo Serna, Head of Business Development, Marketing and Sales for Latin America at 21Viral, analyzes the commercial impact of the event, the trends set to shape the industry’s direction, and the company’s strategic priorities to consolidate growth across the region and new regulated markets.
Monday 16 Feb 2026 / 12:00
Toni Karapetrov from Habanero on ICE Barcelona 2026: Regulated Growth, Localization and Strategic Expansion Drive 2026 iGaming Strategy
(Barcelona, Exclusive SoloAzar).- In this interview, Toni Karapetrov, Head of Corporate Communications at Habanero, shares insights from ICE Barcelona 2026, highlighting premium content innovation, high-level industry engagement, key iGaming trends such as localization and gamification, and the company’s strategic focus on regulated market expansion and sustainable growth in 2026.
Friday 13 Feb 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.