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
Peru Gaming Show 2025
18 de June 2025
DS Virtual Gaming Drives Strategic Alliances and Regional Expansion in the Peruvian Market Starting at PGS 2025
(Lima, SoloAzar Exclusive).- With an innovative virtual offering, DS Virtual Gaming is positioning itself as a key player in the growth of the Peruvian gaming market. The company presented agile solutions for physical locations, highlighted the HD quality of its videos, and reaffirmed its commitment to local technical support. Discover how it plans to conquer new markets in Latin America in this interview with Jessica Quevedo, Head of Business Development LatAm.
Thursday 10 Jul 2025 / 12:00
"Regulation of Remote Gaming and Remote Sports Betting in Peru": Conference at PGS 2025
(Lima, SoloAzar Exclusive).- Peru Gaming Show 2025 was once again the scene of valuable conferences on the present and future of Gaming within the Latam region. In this context, the lawyer and specialist in corporate and regulatory law, Constante Traverso was the speaker at the conference that gives title to this article, where he presented a critical look at the legal, tax and compliance aspects that affect the sector, as well as its benefits and sustainable development.
Thursday 10 Jul 2025 / 12:00
Air Dice Consolidates Its Presence in Peru: Regional Outreach and Strengthened Ties at PGS 2025
(Lima, SoloAzar Exclusive).- Air Dice reaffirms its strategic commitment to the Peruvian market during its participation in Peru Gaming Show 2025. Rocío Moitino, Director for Latin America, shared how this event not only boosted the company's regional expansion but also deepened its closeness with key operators, in an environment that focuses on regulation, innovation, and cross-sector collaboration.
Thursday 10 Jul 2025 / 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.