ESPN has taken a giant leap into the sports gambling world by signing a licensing deal with Penn Entertainment to launch ESPN Bet. Penn was thrust into the headlines when they bought Barstool Sports, until ultimately selling the company back to its original owner, Dave Portnoy. Penn had launched Barstool Sportsbook, but will rebrand to ESPN Bet after their newest partnership. Penn is scheduled to pay ESPN $1.5 billion over the next ten years as well as buy $500 million worth of shares in the operation.
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Disney and ESPN are continuing to move toward a direct-to-consumer model, and they believe creating ESPN Bet is giving the fans what they want. ESPN has begun to dive into the gambling world; they highlight the spread of games, air commercials for FanDuel and DraftKings, and have even created a show solely covering sports gambling called The Daily Wager. ESPN Chairman Jimmy Pitaro said, “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 strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN.” The launch of ESPN Bet is the next step in the progression toward fully embracing the legalization of sports gambling.
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ESPN Bet is on schedule to be released in Fall 2023, with reports saying it will be live before Thanksgiving in an attempt to not miss much of the NFL action. The launch will include a mobile app, website, and mutually agreed upon retail locations. Penn currently has licenses to operate in 16 states – Arizona, Colorado, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. The new merger will attempt to get into states where Barstool fell short, including Kentucky, North Carolina, and the highly sought after market in New York.
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Potential customers should be on the lookout for enticing sign-up offers when the platform goes live. ESPN has great brand recognition, but will need to give customers an incentive to join in the flooded sports gambling market. Penn offered a $1,000 deposit match bonus with Barstool Sportsbook, so a similar promotion is possible here. There may also be offers for bonus bets, odds boosts, or first bet insurance as a way to create a new customer base. ESPN Bet will merge the biggest sports network with the hottest new trend in sports to the benefit of all fans.
It will be interesting to see how ESPN Bet measures up with other books like Caesars Sportsbook, Fan Duel, Draft Kings, BetMGM, and BetRivers. Each of these sportsbooks currently offers competitive odds, strong customer service and a variety of betting options. Check out the best sportsbook betting promos on Winners and Whiners!
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Read predictions for Wednesday Sept. 6, 2023 here:
- Detroit Tigers vs. New York Yankees
New York capitalized on the momentum it generated in its near-sweep of the Tigers in Detroit with a three-game sweep of the Astros in Houston. Can it continue its hot play at home? Read the free prediction from Michael Briggs here.
