Penn Entertainment, which owns the service, signed a $1.5 billion deal with ESPN for rights to the sports media giant’s name in August. Under the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms.
In a major sports betting move, ESPN has cut a $2 billion deal with casino owner Penn Entertainment to launch ESPN Bet, a branded sportsbook. ESPN Bet will launch this fall in the 16 states where Penn has sports betting licenses. It will replace the Barstool Sportsbook.In connection with the deal, Penn will sell Barstool Sports, which it acquired in 2020, back to Barstool founder Dave Portnoy, and there is a noncompete clause among other restrictive covenants.
Barstool Sports has been sold to Penn Entertainment Inc. Penn paid about $388 million for the remaining stake in Barstool Sports that it doesn’t already own, the sports and entertainment […]
