Disney-owned ESPN has licensed its brand for use in a sports betting app, striking a deal in which it will receive $1.5 billion and other considerations from Penn Entertainment.
Disney has wrestled with the issue of adult-oriented entertainment in the past. Until about 15 years ago, its Walt Disney World park in Orlando, Florida, featured a gated late-night area known as Pleasure Island — actually a reference to the 1940 film “Pinocchio,” whose characters visited a den of iniquity by that name. Pleasure Island featured bars, music venues and nightclubs in addition to restaurants, shopping and a nightly countdown to “New Year’s Eve” complete with fireworks.
ESPN added that it will use its platforms “to educate sports fans on responsible gaming” — for instance by continuing to cover the sports betting industry with “journalistic integrity,” creating a “responsible gaming” committee within the company and developing marketing guidelines that “safeguard” fans.
for about $388 million in February 2023. Neither Penn nor Portnoy disclosed terms of the divestment deal.radiated excitement over the site’s regained independence
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Disney's ESPN and Penn Entertainment partner to launch ESPN BetDisney's ESPN and casino-owner Penn Entertainment have announced a $2 billion deal to launch a sports betting business called ESPN Bet. The news caused a 20% increase in Penn's shares, while DraftKings' shares fell 9%.
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ESPN and Penn Entertainment to Launch ESPN Bet SportsbookESPN, a subsidiary of Walt Disney Co., has reached an agreement with Penn Entertainment Inc. to launch ESPN Bet, a branded sportsbook for fans in the United States. Penn Entertainment will rebrand its existing sportsbook and relaunch it as ESPN Bet in the fall. The new sportsbook will be available in 16 states where Penn Entertainment holds a license for legalized betting.
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ESPN partners with PENN Entertainment to form ESPN BET, which will launch this fallIn a partnership with PENN Entertainment, ESPN will launch ESPN BET this fall in the 16 legalized betting states where PENN Entertainment is licensed. PENN is selling its stake in the Barstool sportsbook back to the company's founder, Dave Portnoy.
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ESPN Launches Sportsbook in Partnership with Penn EntertainmentPenn Entertainment and Disney's ESPN have partnered to launch a sportsbook called ESPN Bet. This will be the first time ESPN's brand is featured on a sports-betting platform. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. It is set to launch in the 16 legalized betting states this fall. ESPN had been searching for a sports-betting partner for a while.
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ESPN Inks $2B Deal for Gambling Venture With Penn EntertainmentPenn Entertainment will acquire the rights to the ESPN brand for betting purposes for 10 years, with the option to extend for another 10 years. ESPN programs will promote the service, with involvement from some ESPN talent. As part of the deal, Penn will sell Barstool Sports back to founder Dave Portnoy.
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ESPN to Launch Online Sportsbook with PENN EntertainmentESPN has partnered with PENN Entertainment to launch online sports betting sites throughout the United States. The agreement signifies PENN's transition from a regional gaming operator to a prominent entertainment leader in North America. ESPN Bet will be seamlessly integrated with ESPN's extensive editorial, content, digital, and linear product, as well as its sports programming ecosystem.
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