Sports broadcasting giant the Entertainment and Sports Programming Network is reportedly jumping into the sports gambling business with a new $2 billion deal with casino operating company PENN Entertainment.
PENN Entertainment ended its online gambling partnership with sports site Barstool to ink the deal with ESPN, and will subsequently rebrand its Barstool Sportsbook product as ESPN Bet.
ESPN will reportedly receive $500 million in PENN shares and $1.5 billion in cash from the casino operator across the next decade, as well as the right to select a PENN board member after three years, as part of the deal.
“ESPN Bet will be deeply integrated with ESPN’s broad editorial, content, digital and linear product, and sports programming ecosystem,” PENN CEO and President Jay Snowden said in a statement.
