In a partnership with PENN Entertainment, a betting operator that was previously partnered with Barstool Sports, ESPN will launch ESPN BET this fall. PENN is selling all of its stake in the Barstool sportsbook back to the company’s founder, Dave Portnoy.
According to ESPN’s press release, ESPN BET will relaunch in the 16 legalized betting states where PENN Entertainment is licensed, and will include a mobile app, website, and mobile website. PENN Entertainment, based in Wyomissing, Berks County, was formerly known as Penn National Gaming. “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,” ESPN chairman Jimmy Pitaro said in the company’s statement. “The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN BET.”PENN has offices in the Philadelphia region.
After buying 36% of Barstool Sports’ stock in 2020, PENN acquired the remaining 64% for $388 million in February of this year. PENN’s stock rose about 25% after trading in the hours following the news of its partnership with ESPN. In early May, the company’s stock dropped 13% after Barstool fired personality Ben MintzSports analyst Pat McAfee, who signed with ESPN in May, left in the second year of his four-year, $120 million-plus deal with FanDuel as the host and creator ofCollege Football GameDay
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