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Jay Snowden - 1 Jim Cramer - 1 Contessa Brewer - 1 David Portnoy - 1 Portnoy — - 1 Dave Portnoy - 1 Snowden - 1 Wednesday's - 1
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Penn Entertainment - 2 Disney - 2 ESPN - 2 ESPN Bet - 2 Barstool Sports - 1 Lightrocket - 1 DraftKings - 1 Penn - 1

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☆ 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 Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform.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
☆ DraftKings falls 10% on new threat for sports gambling market share from ESPN-Penn partnership
  + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +1 min
Budrul Chukrut | Lightrocket | Getty ImagesOne of the leading sports gambling stocks fell sharply on Wednesday after media giant ESPN took a large step into the online betting world. Shares of DraftKings sank 10.9% after Penn Entertainment announced that it had signed a 10-year deal with ESPN. Stock Chart Icon Stock chart icon Shares of DraftKings was under pressure after ESPN and Penn National Gaming announced a partnership. ESPN, which is part of Disney , had previously been reluctant to fully embrace the highly competitive online gambling industry. As part of the deal, Penn will pay ESPN $2 billion in cash and stock warrants over 10 years to license the brand.
Persons: Barstool —, Bob Iger Organizations: Lightrocket, ESPN, DraftKings, Penn Entertainment, Penn, ESPN Bet, Penn National Gaming, Disney, CNBC
☆ Mattress Mack's record $75 million Astros payout will cost Caesars, Penn big this quarter
  + stars: | 2022-11-07 | by ( Jessica Golden Contessa Brewer | Jessica Golden | Contessa Brewer | ) www.cnbc.com   time to read: +3 min
Mattress Mack's record-breaking $75 million payout on a wager that the Houston Astros would win the World Series will cost Caesars and Penn Entertainment big in their digital businesses this quarter. With the Astros' second-ever World Series win on Saturday, McIngvale clinched a $75 million payout. "I think if Mattress Mack doesn't hit, we'll be profitable in Q4," Snowden said then. We just wrote the biggest check in sports betting history to Mattress Mack for $30,000,000. "My real interest is making sure the customers win because the customers will be happy and thrilled and smiling," he said.
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