The Joe Pomp Show
#228 ESPN’s New $2 Billion Sportsbook Makes Its Debut — But Will It Succeed?
Nov 13, 2023
Exploring ESPN's new $2 billion sportsbook debut, the partnership with Penn Entertainment, analyzing market competition, and pondering if ESPN Bet will be a winner in the sports betting landscape.
18:40
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Quick takeaways
- ESPN Bet's debut with Penn Entertainment raises doubts about its success in the competitive sportsbook market.
- Past challenges with Barstool Sports indicate potential obstacles for Penn Entertainment in navigating the sports betting industry with ESPN Bet.
Deep dives
ESPN's Licensing Deal with Penn Entertainment
ESPN signed a licensing deal with Penn Entertainment to rebrand Varsity Sportsbook as ESPN Bet. The deal involved $1.5 billion in cash and $500 million in equity warrants for ESPN. Initially, Penn's stock saw a 10% increase after the deal. However, the success of ESPN Bet in the competitive sportsbook market is questioned.
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