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Sports BettingAugust 26, 2023·1 min read
Disney and Penn Entertainment Join Forces to Launch ESPN Bet Sportsbook
Penn Entertainment and Disney's ESPN have formed a long-term exclusive strategic alliance to enter the US online sports betting market. This partnership brings together the operational experience of Penn and the unparalleled reach of ESPN in the sports industry, promising big things.
Penn has committed a significant financial investment in ESPN over a decade, including a cash payment of $1.5 billion to ESPN and granting ESPN about $500 million of non-voting shares in Penn. The partnership aims to create a new sports betting experience for fans, with the rebranding of Penn's sportsbook property to ESPN Bet.
Disney CEO Bob Iger said that Penn made the best offer “by far” to develop an ESPN-branded sportsbook. This deal has been two years in the making after Disney considered different candidates before eventually deciding that Penn had been “very aggressive” and made the best offer “by far” to develop an ESPN-branded sportsbook.
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