ESPN and Penn National Gaming announced a long-term exclusive partnership for sports betting in the United States. The deal gives Penn the exclusive right to use the ESPN Bet name for sports betting in the US for the next 10 years. The deal is reportedly worth $3 billion.
This deal gives ESPN a way to capitalize on the growing popularity of sports betting. The company has been slow to embrace sports betting, but it is now seeing the potential of the industry. The ESPN Bet brand will allow ESPN to reach a wider audience of sports fans and generate new revenue streams.
The deal is not expected to officially close until late 2023.
Here are some of the key details of the ESPN Bet deal:
- The deal is worth $3 billion over 10 years.
- Penn National Gaming will have the exclusive right to use the ESPN Bet name for sports betting in the US.
- The deal includes a marketing and promotional partnership between ESPN and Penn National Gaming.
- ESPN will provide Penn National Gaming with content and data for its sports betting products.
- The deal is expected to close in the fourth quarter of 2023.
