Current:Home > NewsESPN to launch new sports betting platform-LoTradeCoin
ESPN to launch new sports betting platform
View Date:2024-12-24 00:47:48
ESPN is launching a new gambling platform, ESPN BET, which fans in the U.S. can use to engage in sports betting, the company announced Tuesday.
The newly branded sportsbook — part of a $2 billion agreement between the Disney-owned sports broadcaster and sports betting giant Penn Entertainment — will be ready to use this fall in the 16 states where betting is legal and Penn Entertainment is licensed, a press release from 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," said Jimmy Pitaro, the chairman of ESPN. "The strategy here is simple: to give fans what they've been requesting and expecting from ESPN."
Penn Entertainment is rebranding its current sportsbook, Barstool Sportsbook, to reflect ESPN's look and name, and will be available for users through a mobile app, website and mobile website.
Along with the deal, Penn also announced that it has sold back Barstool Sports to its founder, David Portnoy, who also confirmed the move Tuesday. Penn had just acquired a majority stake in Barstool Sports back in February.
"The regulated industry is probably not the best place for Barstool Sports and the type of content we make," Portnoy said in a video. "For the first time in forever, we don't have to watch what we say, how we talk, what we do…I'm never going to sell Barstool Sports, ever."
While ESPN covers the world of sports betting across all its platforms, this will mark the first time Americans will be able to actually place bets through ESPN's digital products. Residents of the following 16 states will be able to participate: Arizona, Colorado, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia.
ESPN also said it will develop a "responsible gaming" committee.
As part of the deal, Penn will pay ESPN $1.5 billion in cash over a period of 10 years, and will grant the broadcaster $500 million of warrants to purchase 31.8 million common shares of Penn.
"This agreement with ESPN and collaboration on ESPN BET allows us to take another step forward as an industry leader," said Jay Snowden, CEO and president of Penn. "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 2022, legal sports betting created $7.5 billion in revenue — a 63% increase from 2021, according to the American Gaming Association.
- In:
- Sports Betting
- Barstool Sports
- Gambling
- ESPN
Simrin Singh is a social media producer and trending content writer for CBS News.
veryGood! (29779)
Related
- Armie Hammer Says His Mom Gifted Him a Vasectomy for His 38th Birthday
- Cambodian court sentences jailed opposition politician to 3 more years in prison
- 3 face federal charges in bizarre South Florida kidnapping plot
- Illinois boy killed in alleged hate crime remembered as kind, playful as suspect appears in court
- The Masked Singer's Ice King Might Be a Jonas Brother
- Many Americans padded their savings amid COVID. How are they surviving as money dries up?
- These are the 21 species declared extinct by US Fish and Wildlife
- Small plane crash kills 3 people in northern Arizona
- High-scoring night in NBA: Giannis Antetokounmpo explodes for 59, Victor Wembanyama for 50
- Koolaburra by UGG Sale: Keep Your Toes Toasty With Up to 55% Off on Boots, Slippers & More
Ranking
- See Megan Fox, Machine Gun Kelly, Brian Austin Green and Sharna Burgess' Blended Family Photos
- NFL power rankings Week 7: 49ers, Eagles stay high despite upset losses
- Why the tunnels under Gaza pose a problem for Israel
- Love Is Blind’s Izzy Zapata Debuts New Girlfriend After Stacy Snyder Breakup
- Hurricane-stricken Tampa Bay Rays to play 2025 season at Yankees’ spring training field in Tampa
- University of Wisconsin leaders to close 2 more branch campuses due to declining enrollment
- Protests erupt across Middle East and Africa following Gaza hospital explosion
- Biden will be plunging into Middle East turmoil on his visit to Israel
Recommendation
-
Georgia House Republicans stick with leadership team for the next two years
-
Sophia Bush Is Dating Soccer Star Ashlyn Harris After Respective Divorce Filings
-
Court documents detail moments before 6-year-old Muslim boy was fatally stabbed: 'Let’s pray for peace'
-
Britney Spears reveals she had abortion while dating Justin Timberlake in new memoir
-
How Kim Kardashian Navigates “Uncomfortable” Situations With Her 4 Kids
-
Suspect in Holloway disappearance to appear in federal court for extortion case; plea deal possible
-
Fijian prime minister ‘more comfortable dealing with traditional friends’ like Australia than China
-
Republicans and Democrats agree on one thing: The Afghan war wasn’t worth it, AP-NORC poll shows