{"id":46431,"date":"2023-08-09T15:05:32","date_gmt":"2023-08-09T19:05:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/penn-dumps-barstool-for-espn-branded-sports-gambling-service\/"},"modified":"2023-08-09T15:05:34","modified_gmt":"2023-08-09T19:05:34","slug":"penn-dumps-barstool-for-espn-branded-sports-gambling-service","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46431","title":{"rendered":"Penn dumps Barstool for ESPN-branded sports-gambling service"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002378881\" role=\"document\">\n<p>Online sports-betting company Penn Entertainment Inc. sealed a $1.5 billion deal with Walt Disney Co.\u2019s<br \/>\n        DIS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203410047\/composite\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       ESPN to launch ESPN Bet, a branded sportsbook for fans in the U.S., and pivoted away from Barstool Sports on Tuesday, selling the platform back to founder Dave Portnoy.<\/p>\n<p>Penn Entertainment<br \/>\n        PENN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209264611\/composite\" class=\"positive\">+9.76%<\/bg-quote><br \/>\n       will rebrand its current sportsbook and relaunch as ESPN Bet in the fall in 16 legalized-betting states where Penn is licensed. <\/p>\n<div class=\"paywall\">\n<p>The rebrand \u2014 which includes the mobile app, website, and mobile website \u2014 sent Penn\u2019s stock soaring 13% in after-hours trading Tuesday. ESPN Bet will benefit from exclusive promotional services across ESPN\u2019s platforms, including access to ESPN talent, the companies said.<\/p>\n<p>Penn will pay ESPN $1.5 billion over 10 years as part of the strategic partnership, and will grant ESPN $500\u00a0million of warrants to purchase about 31.8 million Penn common shares, with additional bonus warrants possible.<\/p>\n<p>\u00a0\u201cTogether, we can utilize each other\u2019s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can\u2019t wait to get started,\u201d Penn Entertainment Chief Executive Jay Snowden said in a release.\u00a0<\/p>\n<p>Penn also said it has divested 100% of its stake in Barstool Sports to Portnoy, allowing the sports media platform \u201cto return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company.\u201d<\/p>\n<p>For Penn, the ESPN partnership represents \u201ca clear step up from Barstool in terms of mass appeal\u2026and minimal regulatory risk,\u201d according to Wells Fargo analyst Daniel Politzer, who said it was a \u201cnearly impossible challenge for a publicly traded, licensed gaming company\u201d to own \u201ca media platform that thrived on viral\/provocative content.\u201d <\/p>\n<p>Still, he said in a note to clients that \u201cit\u2019s premature to conclude this is a game change\u201d since past partnerships between online sports-betting companies and media players have come up short of what initial fanfare would\u2019ve suggested.  <\/p>\n<p>The news sent rival DraftKings Inc. shares<br \/>\n        DKNG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213120645\/composite\" class=\"negative\">-9.56%<\/bg-quote><br \/>\n       sinking about 5% in after-hours trading.<\/p>\n<p>\u00a0The decline in DraftKings shares comes as they\u2019ve advanced 178% so far in 2023, through Tuesday\u2019s close. Two analysts\u00a0upgraded DraftKings\u2019 stock\u00a0just this week.<\/p>\n<p><strong>See more<\/strong>: DraftKings\u2019 stock has nearly tripled this year \u2014 and it just won a new fan<\/p>\n<p>Disney shares rose fractionally in after-hours trading. <\/p>\n<p><em>Mike Murphy contributed to this report.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/espn-penn-agree-to-launch-sportsbook-espn-bet-in-fall-901b9700?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Online sports-betting company Penn Entertainment Inc. sealed a $1.5 billion deal with Walt Disney Co.\u2019s DIS, -0.07% ESPN to launch ESPN Bet, a branded sportsbook for fans in the U.S., and pivoted away from Barstool Sports on Tuesday, selling the platform back to founder Dave Portnoy. Penn Entertainment PENN, +9.76% will rebrand its current sportsbook [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46431","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penn dumps Barstool for ESPN-branded sports-gambling service | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Online sports-betting company Penn Entertainment Inc. sealed a $1.5 billion deal with Walt Disney Co.\u2019s DIS, -0.07% ESPN to launch ESPN Bet, a branded\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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