{"id":162936,"date":"2023-08-19T15:10:00","date_gmt":"2023-08-19T14:10:00","guid":{"rendered":"https:\/\/esportsinsider.com\/?p=162936"},"modified":"2023-08-19T15:10:00","modified_gmt":"2023-08-19T14:10:00","slug":"espn-and-disney-dive-head-first-into-sports-betting","status":"publish","type":"post","link":"https:\/\/esportsinsider.com\/2023\/08\/espn-and-disney-dive-head-first-into-sports-betting","title":{"rendered":"ESPN and Disney Dive Head First into Sports Betting"},"content":{"rendered":"\n
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It took decades for ESPN, majority-owned by the Walt Disney Company, to become the worldwide leader in sports. Now it will try its hand at becoming the worldwide leader in sports betting.<\/p>\n\n <\/div>\n\n\n

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ESPN shook the ground of the sports-betting landscape by announcing a partnership with established United States gaming operation Penn Entertainment<\/a> to rebrand its Barstool Sportsbook as ESPN Bet starting in the fall of 2023.<\/p>\n\n <\/div>\n\n\n

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ESPN Bet will take over Barstool Sportsbook\u2019s sports-betting licenses \u2013 the sportsbook has operated in 16 states since 2020 \u2013 after Penn agreed to a $2 billion deal to license ESPN\u2019s name for its online sportsbook. ESPN will receive a reported $1.5 billion plus $500 million in potential stock warrants over the next 10 years.<\/p>\n\n <\/div>\n\n\n

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\u201cWe think this is an opportunity to really appeal to the masses,\u201d Penn president and CEO Jay Snowden said on an earnings call, taking a not-so-veiled shot at Barstool, which has a history of controversy due to toxic and misogynistic comments made by staff and its ultra-loyal fans known as \u201cStoolies.\u201d<\/p>\n\n <\/div>\n\n\n

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Penn also reportedly ceded its ownership stake in Barstool Sports, which it paid a reported $388 million for in February, back to founder Dave Portnoy for a mere $1 as part of the deal.<\/p>\n\n <\/div>\n\n\n

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ESPN U-Turn<\/span><\/h2>\n\n<\/div>\n\n\n
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ESPN\u2019s decision to dive into the sports-betting world is an abrupt about-face from how it has previously addressed sports betting, even though it has committed to gambling on its airways previously. Disney CEO Bob Iger flat-out announced that the company would not participate in promoting gambling as recently as 2019.<\/p>\n\n <\/div>\n\n\n\n

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