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