Penn Entertainment to rebrand sportsbook to ESPN BET

Penn Entertainment and ESPN are making history as the Disney-owned broadcaster and media company, is moving its intentions to launch a dedicated sportsbook from the realm of rumor to tangible reality.

The companies have signed a new licensing deal that will see Penn Entertainment rebrand its own sportsbook to ESPN BET, the dedicated sports wagering arm that will be providing betting opportunities to customers in the United States. It’s possible that ESPN previously tried to negotiate a similar arrangement with DraftKings, according to a report by Bloomberg from last year.

Penn and ESPN have agreed to rebrand well across the board, and the change of IP will impact the mobile app, the website, and the mobile website, with mutually-agreed retail locations also to be brought into the fold and under the ESPN banner.

ESPN has long been coy about the prospect of launching a dedicated sportsbook of its own, but in recent months, industry chatter that the move is imminent has increased, as confirmed by the company’s own testimony shared in a press statement.

The company has been building up to this moment by featuring sports betting content across its TV programming, digital, and social media channels over the past years, and the new sportsbook will be integrated closely with the media arm, delivering content opportunities and synergies.

Of course, a media that is focused on sports is not in itself a guaranteed formula for success, as recent developments with FOX BET and Fubo Sportsbook have indicated. Regardless, ESPN is in a strong position to leverage its media and now betting arm to drive strong results in the fast-evolving and highly-competitive sports betting market in the United States.

Company Chairman Jimmy Pitaro has welcomed the opportunity to see his company make this next decisive step in the sports and media space. "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," the executive said.

Penn is currently licensed to run its operations in 16 states, which means that ESPN BET will definitely not have to build from the ground up. This puts it in an already strong position, with the two partners determined to leverage their respective assets to turn ESPN BET into a market leader.

The new sportsbook will face plenty of competition from established betting giants, such as FanDuel, DraftKings, BetMGM, and other emerging stars, such as Fanatics Sportsbook.

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