Penn Entertainment to relaunch sportsbook as ESPN Bet
Penn Entertainment has entered into a deal with the broadcaster ESPN.
US.- ESPN has announced an agreement with Penn Entertainment to launch ESPN Bet, which will replace Penn Entertainment’s current sportsbook. It will launch in autumn in the 16 betting states where Penn is licensed.
ESPN Bet will be the exclusive ESPN sportsbook, and Penn Entertainment will receive odds attribution, and promotional services inclusive of digital product integrations, traditional media and content integrations.
Jimmy Pitaro, chairman of ESPN, said: “Our primary focus is always to serve sports fans and we know they want both betting content and the ability to place bets with less friction from within our products. The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. Penn Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet.”
Jay Snowden, chief executive officer and president of Penn Entertainment added: “This agreement with ESPN and collaboration on ESPN Bet allows us to take another step forward as an industry leader. Together, we can utilize each other’s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can’t wait to get started.”
In July, Penn Entertainment completed the migration of Barstool Sportsbook & Casino to the company’s proprietary online gaming technology platform in all 16 jurisdictions where it operates. It noted that the milestone completes its long-term strategic objective to achieve technology independence, which included the acquisition of Score Media and Gaming and the launch of Penn Game Studios in 2021.
In its Q4 2022 financial results, Penn Entertainment reported revenue of $1.6bn, an increase of 0.8 per cent compared to the same period in 2021. Net income was $20.8m, down on the $44.8m reported in Q4 2021.
