You know ESPN the sports media giant. Now brace yourself for ESPN Bet, a rebranding of an existing sports-betting app owned by Penn Entertainment, which is paying $1.5 billion plus other considerations for exclusive rights to the ESPN name.
Penn will operate ESPN Bet, which ESPN has agreed to promote across its online and broadcast platforms in order to generate "maximum fan awareness" of the app. ESPN Bet will also have unspecified "access" to ESPN talent, the companies said.Penn's rights to the ESPN brand will initially run for a decade and can be extended for another decade by mutual agreement. In addition to the $1.
Disney has wrestled with the issue of adult-oriented entertainment in the past. Until about 15 years ago, its Walt Disney World park in Orlando, Florida, featured a gated late-night area known as Pleasure Island -- actually a reference to the 1940 film "Pinocchio," whose characters visited a den of iniquity by that name.
ESPN added that it will use its platforms "to educate sports fans on responsible gaming" -- for instance by continuing to cover the sports betting industry with "journalistic integrity," creating a "responsible gaming" committee within the company and developing marketing guidelines that "safeguard" fans.
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