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☆ Sports bettors may be getting bored with ESPN Bet, just 6 months after its head-turning rebrand from Barstool Sportsbook
▼ + stars: | 2024-05-14 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Sports bettors flocked to ESPN Bet after its mid-November launch. Taking 10% to 20% market share by 2027 no longer seemed like such a stretch — even in a crowded, competitive space. ESPN Bet's share of the online sports betting market has dipped in recent months. The gamble may be riskier than analysts thought, and it will be an outright disaster if ESPN Bet doesn't perform better than Barstool Sportsbook. Related storiesIn the first quarter, Penn's interactive segment headlined by ESPN Bet lost nearly $200 million on an adjusted basis.

Persons: —, Sports bettors, Penn, ESPN Bet doesn't, Shaun Kelley, hasn't, Kelley, BofA, ESPN Bet wouldn't, Bob Iger —, what's, Jay Snowden, We're, Snowden, That's, It's, that's Organizations: Service, ESPN, Penn Entertainment, Sports, ESPN Bet, Business, Bank of America, ESPN Bet's, Penn, Disney

☆ ESPN Bet plans launch in New York, the largest U.S. betting market
▼ + stars: | 2024-02-13 | by ( Contessa Brewer | ) www.cnbc.com time to read: +2 min

ESPN Bet is coming to the Big Apple. Wynn Interactive, a subsidiary of Wynn Resorts, was awarded a New York mobile sports betting license in 2021. Penn was not — and it has missed out on the action from the nation's largest sports betting market. But Eilers & Krejcik estimated ESPN Bet came away with 8% market share when it launched in November, good enough to take a third-place position. Now, if New York gaming regulators sign off on the license transfer to Penn, ESPN Bet could provide new and potentially formidable competition in the nation's biggest sports betting market.

Persons: Wynn, Penn, Dave Portnoy, Portnoy, FanDuel, Shaun Kelley, Taylor Swift, Travis Kelce Organizations: ESPN Bet, Big Apple, Penn Entertainment, Wynn Resorts, Wynn Interactive, New, New York, Gaming Commission, ESPN, National Football League, Caesars, Krejcik, Bank of America, NFL, Kansas City Chiefs, Penn, CNBC PRO Locations: New York, Pennsylvania, BetMGM

☆ Online sports betting stocks are primed for a big 2024 as fans ready for the Super Bowl
▼ + stars: | 2024-01-28 | by ( Brian Evans | ) www.cnbc.com time to read: +9 min

3 market share position," said Jeff Stantial, director of gaming and leisure research at Stifel. DraftKings stock tripled in 2023 and has already gained nearly 10% in 2024. 'Buying' market share The remaining market share is up for grabs and fluctuates among the smaller players. Stantial expects ESPN Bet has the edge over BetMGM, but says both sportsbooks remain tightly contested for a larger slice of market share. ESPN Bet has been running promotions that include $150 of free bets and $1,000 deposit match upon signing up, according to JPMorgan analyst Joseph Greff.

Persons: Jeff Stantial, Bank of America's Shaun Kelley, You've, Stantial, Joseph Greff, Greff, Walt Disney, Barstool, FactSet, JPMorgan's Greff, Bet365, Clark Lampen, Lampen Organizations: DraftKings, Penn Entertainment, ESPN Bet, MGM Resorts International, Baltimore Ravens, Kansas City Chiefs, San Francisco 49ers, Detroit Lions, New York Stock Exchange, NCAA, Bank of America's, Euronext Dublin, BetMGM, ESPN Bet's, Professional, Amateur Sports Protection, ESPN BET, ESPN, Walt, Barstool Sports, Sportico, Penn, MGM Locations: U.S, North Carolina, Ireland, WynnBet, BetMGM, PENN, York

☆ ESPN's VP of sports betting shares his keys to success for ESPN Bet and an inside look into the partnership with Penn
▼ + stars: | 2023-11-17 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +8 min

In other words, ESPN Bet has arrived. The companies announced in August their collaboration, with the operator selling its stake in Barstool Sports to rebrand Barstool Sportsbook as ESPN Bet. Screenshots from the ESPN Bet app. Providing easy transitions between the ESPN and ESPN Bet apps is a key focus to drive that metric, he added. — ESPN BET (@ESPNBet) November 10, 2023The move has given ESPN Bet an advantage on social media with 5.4 million followers on X, 2.7 million on Facebook, and 2.4 million on Instagram.

Persons: It's, Jay Snowden, Mike Morrison, Morrison, Scott Longley, DraftKings, Penn, Snowden, Jimmy Pitaro, Pitaro, I'm, cohesively we've, Keys, Fubo Sportsbook, Maxim Bet, it's Organizations: ESPN Bet, ESPN, Penn Entertainment, Sports, Business, Apple, Caesars, Penn, ESPN Penn, TheScore, Fox, Maxim, Yahoo, Walt Disney Company, ESPN BET, Facebook Locations: Penn, Las Vegas

NEW YORK (AP) — ESPN Bet, a rebranded sports-gambling app owned by Penn Entertainment, is set to launch Tuesday. Under the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms. It's unclear when ESPN Bet will officially be available to download. In addition to the $1.5 billion licensing deal, Penn also said it would grant ESPN rights worth about $500 million to purchase shares in Penn. The upcoming launch of ESPN Bet could take Walt Disney Co.-owned ESPN into uncharted waters.

Persons: Penn, Dave Portnoy Organizations: ESPN Bet, Penn Entertainment, ESPN, Penn, Sports, Walt Disney Co Locations: — Arizona, Colorado , Illinois , Indiana , Iowa , Kansas , Kentucky, Louisiana , Maryland , Massachusetts, Michigan , New Jersey , Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Penn

☆ The sports-betting apps that NFL fans in their 20s love — and 3 other key takeaways on the habits of young football devotees
▼ + stars: | 2023-09-26 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +4 min

And a new report sheds light on how those efforts are resonating with younger fans. Compared to NFL fans aged 30 and older, fans in their 20s were three times more likely to place a bet every week. And only 11% of fans in their 30s spent more than $1,000 annually on sports betting, versus 28% of younger fans. That number was just 33% among fans aged 30 and up. Most of these fans said they played in a fantasy league during the 2022 football season, but most older fans didn't.

Persons: YouGov, FanDuel, Barstool, Penn, Fox, sputtered, Barstool Sportsbook, sportsbooks, NFL RedZone, aren't, they're Organizations: NFL, Sports, Penn Entertainment, ESPN Bet, Fox, Bally Bet, Brand, FOX Bet

☆ Fanatics and ESPN are ready to shake up sports betting this fall. Here are the 5 battlegrounds to watch during the biggest gambling season of the year.
▼ + stars: | 2023-09-08 | by ( Ashley Rodriguez | Margaret Fleming | ) www.businessinsider.com time to read: +10 min

The start of the regular NFL season kicks off the biggest sports-betting season of the year. Here are the battlegrounds to watch as Fanatics and ESPN Bet enter and Bet365 gains share. The NFL kicked off Thursday night, and so did the biggest season of the year for US sports betting. It ranked fourth among more than 40 apps in EKG's national panel of "secret shopper"-style app testers — behind only FanDuel, DraftKings, and PointsBet. "There's one strategy: you have to be early, you have to be ahead of the start of the season," Beynon said.

Persons: We've, Macquarie, Chad Beynon, Bet365, Chris Krafcik, Krafick, EKG, Penn, It's, Sportsbook, isn't, Beynon, That'll, DraftKings, it's, BetMGM, Entain, Wynn Organizations: NFL, Bank of America, ESPN Bet, Penn Entertainment, Fox, Krejcik, ESPN, DraftKings, Penn, BetMGM, Caesars, MGM, Angstrom Sports, Wynn Resorts, Rush, Interactive Locations: Ohio, Colorado, Virginia, BetMGM, FanDuel, Macquarie, Las Vegas, Chicago, Connecticut

☆ Truist downgrades Penn Entertainment, says uncertainty lingers over ESPN partnership
▼ + stars: | 2023-08-10 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Truist isn't sold on Penn Entertainment's partnership with ESPN. The company made headlines this week after announcing a deal with Disney's ESPN to relaunch its sports betting app as ESPN Bet . Penn shares rallied more than 9% on the news, marking their best day since June 24, 2022 — when they surged 12.7%. PENN 5D mountain Penn Entertainment shares surged after ESPN deal announcement But Truist analyst Barry Jonas said traders still need time to "digest" the news. Penn Entertainment stock has slipped nearly 9% from the start of the year.

Persons: Truist isn't, Penn, Barry Jonas, they're, Jonas, PENN mgmt, — CNBC's Michael Bloom Organizations: Penn, ESPN, ESPN Bet, Bartstool, PENN, Penn Entertainment, Disney

☆ After divesting Barstool Sports, Penn Entertainment CEO says Dave Portnoy is the only 'natural owner' for the company long term
▼ + stars: | 2023-08-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Penn Entertainment CEO Jay Snowden told CNBC's Jim Cramer and CNBC's Contessa Brewer that the only natural owner of Barstool Sports was David Portnoy, who founded the company in 2003. Penn Entertainment, a gambling firm, announced Tuesday it would be divesting Barstool — selling the entity back to Portnoy — while entering a $1.5 billion deal with Disney 's ESPN to launch a betting sportsbook. "Dave Portnoy is the only natural owner for Barstool sports long term," Snowden said. Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform. The ESPN deal marks the first time the brand will be on a sports betting platform, known as ESPN Bet.

Persons: Jay Snowden, Jim Cramer, Contessa Brewer, David Portnoy, Portnoy —, Dave Portnoy, Snowden, Wednesday's, DraftKings Organizations: Penn Entertainment, Barstool Sports, Disney, ESPN, ESPN Bet

☆ ESPN launches sportsbook with Penn Entertainment—Here's what investors should know
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESPN launches sportsbook with Penn Entertainment—Here's what investors should knowESPN just struck a $1.5 billion deal with Penn Entertainment to rebrand Barstool Sportsbook as ESPN Bet. ESPN will buy $500 million in shares of Penn, and sell its stake in Sportsbook back to founder Dave Portnoy.

Persons: Dave Portnoy Organizations: ESPN, Penn Entertainment, ESPN Bet, Penn Locations: Sportsbook

☆ These are Wall Street's favorite gambling stocks as ESPN jumps into online sports betting. One is expected to rally 50%
▼ + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The worldwide leader in sports is finally jumping into online betting. Disney's ESPN division late Tuesday agreed to partner with Penn Entertainment to rebrand and relaunch the latter's online gambling sportsbook as ESPN Bet. ESPN entering the online gambling business could signal another run for gaming companies that have a presence in the industry. Now, the deal with ESPN may spell especially good news for Penn at the same time as it expands the entire online sports universe, boosting sentiment toward other online gaming companies. Online sports wagering, where individuals create betting accounts and make wagers using an online device, is legal in roughly 30 states.

Persons: Penn, Wall, FactSet Organizations: ESPN, Penn Entertainment, ESPN Bet, Penn, CNBC Pro, Wall Street, Rush, Interactive, Caesars Entertainment, Caesars, Boyd Gaming Corporation, Boyd Gaming Locations: Canada, Latin America, Vegas, Las Vegas

☆ Penn Entertainment to create ESPN Bet, sells Barstool back to David Portnoy
▼ + stars: | 2023-08-08 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Casino owner PENN Entertainment has dropped Barstool, the sports website, agreeing to a $2 billion dollar deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet in the fall, PENN said in a statement Tuesday. It secured exclusive rights to the ESPN Bet trademark for 10 years, with an option to be extended for another 10. To get out of some its “non-compete and other restrictive covenants” with Barstool, PENN sold all of its Barstool common stock to the sports site’s founder, David Portnoy. PENN completed its acquisition of Barstool in February, after buying an initial 36% stake of Barstool Sports in 2020.

Persons: PENN, Jay Snowden, David Portnoy, ”, Portnoy, it’s, ” Portnoy, “ Penn, ” PENN, “ Organizations: New, New York CNN — Casino, PENN Entertainment, ESPN, ESPN Bet, Penn, Twitter, Barstool Sports, Barstool Locations: New York, Barstool

☆ Dave Portnoy buys Barstool Sports back for next to nothing, years after selling it
▼ + stars: | 2023-08-08 | by ( Katherine Tangalakis-Lippert | Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

Dave Portnoy is once again the owner of Barstool Sports. Portnoy bought the company stock back from PENN Entertainment after a deal initiated in 2020. PENN had finalized its complete acquisition of Barstool this year in the deal worth $551 million. Dave Portnoy is once again the owner of Barstool Sports. On Tuesday, Portnoy, who founded Barstool in 2003 said in a video posted to Twitter: "PENN Entertainment and Barstool Sports have gone our separate ways.

Persons: Dave Portnoy, Portnoy, PENN, Penn, Barstool, David Portnoy, Barstool hasn't, Ben Mintz, Penn's Organizations: Barstool Sports, PENN Entertainment, Morning, Barstool, Twitter, Disney's ESPN, ESPN BET, Penn, ESPN, New York Times, Action Network, Sports, PENN National

☆ ESPN launches sportsbook in partnership with Penn Entertainment
▼ + stars: | 2023-08-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Disney 's ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world. U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year.

Persons: Bob Chapek, Bob Iger, David Portnoy, Penn, Portnoy, — CNBC's Alex Sherman Organizations: Disney, ESPN, Penn Entertainment, ESPN Bet, Hulu, CNBC, Penn, Sports, Barstool Locations: U.S

As recently as August, Lachlan Murdoch described sports betting as "a huge opportunity" for Fox Sports, telling Wall Street it would fuel viewer engagement. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to gamblers. The growth of Fox Bet has stagnated since market-leading FanDuel's owner, Flutter Entertainment Plc (FLTRF.L), acquired Stars Group in 2020. The matter is the subject of an arbitration case and Lachlan Murdoch told investors a decision is expected imminently.

☆ Sports betting salaries: Pay data reveal how much DraftKings, FanDuel, and other companies offer employees for tech and other jobs
▼ + stars: | 2022-10-18 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +10 min

The data are limited to base salaries and US-based jobs for visa-seeking employees. Still, sports betting is as much about sports as it is gambling and tech — growing industries known for high-paying jobs. The data included five US sports betting companies: BetMGM, DraftKings, FanDuel, Penn Interactive, and Rush Street Interactive. It included salaries for jobs such as a data engineer at DraftKings that would make $97,000 per year or more and a sports trading senior manager at FanDuel that would earn $130,000. A FanDuel software engineer based in New York would make $128,440, which is in the range of what TikTok has offered software engineers, the data shows.

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