BRISTOL, CT (SNN-TV) – ESPN has signed $2-billion deal with casino owner Penn Entertainment.
Together they will create a betting platform “ESPN Bet” this fall. Penn says it secured exclusive rights to the trademark for 10 years, in which Penn agreed to pay ESPN $1.5-billion in cash.
As part of the deal, ESPN talent will promote the new venture, which will be integrated into the company’s editorial, content, digital, and linear products.
Penn was able to make the deal after selling sports website “Barstool” to its original founder, Dave Portnoy.