SportsCenter at ESPN Headquarters.
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Disney’s ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world.
U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. It’s the first time ESPN’s brand will be on a sports-betting platform.
ESPN Bet will take over Penn’s Barstool Sportsbook and become ESPN’s exclusive operation. It will launch this fall in the 16 legalized betting states.
ESPN had been looking for a partner in the sports-betting business for sometime. Last fall, former Disney CEO Bob Chapek said that while ESPN will never take bets itself, it wanted to partner with a gambling company.
The deal gives ESPN another revenue stream as cord-cutting weighs on the traditional TV business. Meanwhile, the deal allows Disney to shore up cash as it loses money on its streaming unit and is likely to acquire Comcast’s…
2023-08-08 19:13:39
Article from www.cnbc.com