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U.S. adults will wager $35 billion this NFL season, according to projections from the American Gaming Association. Since last NFL season, Maine, North Carolina and Vermont have allowed sports betting operators to launch in their states. "The NFL season is our biggest acquisition period of the year," said Christian Genetski, president of FanDuel, the nation's leading sportsbook. Since then, Fanatics Sportsbook acquired PointsBet's U.S. operations and technology, which is now fully integrated. It first launched in November last year, smack in the middle of NFL season.

Persons: Joe Milton III, Kyu Blu Kelly, Scott Taetsch, Churchill, Christian Genetski, FanDuel, It's, Michael Rubin's, Sportsbook, Pavlo Gonchar, Matt King, King, DraftKings, Penn, Jay Snowden, Gabby Jones Organizations: New England Patriots scrambles, Getty, American Gaming Association, National Football League, NFL, International, Caesars, MGM Resorts, New York Stock Exchange, Rush Street Interactive, FanDuel, YouTube, PointsBet's, Lightrocket, CNBC, Penn Entertainment, ESPN Bet, Disney, ESPN, Bloomberg Locations: Landover , Maryland, Maine, North Carolina, Vermont, Florida, Washington, Penn, Entain, New York

☆ Penn lays off about 100 employees as it focuses on ESPNBet growth
▼ + stars: | 2024-07-18 | by ( Contessa Brewer | ) www.cnbc.com time to read: +2 min

Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPNBet. "This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition." Penn went on to say it's embarking on a new phase of growth in its interactive business, which include ESPNBet, a $2 billion branding partnership with Disney's ESPN. Penn's release of new ESPNBet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results. Truist has a buy rating on Penn and a price target of $25.

Persons: Jay Snowden, theScore, Snowden, Penn, it's, Barry Jonas, Jonas, Truist Organizations: ESPN, Penn Entertainment, ESPNBet, PENN, CNBC, Disney's ESPN, Donerail, Penn, ESPN Bet Locations: New York

☆ Why ESPN's rival to FanDuel and DraftKings is flailing — and how it could make a comeback
▼ + stars: | 2024-06-28 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +7 min

The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. Even Fanatics, the industry's other major recent disrupter, hasn't made much of a dent in DraftKings' and FanDuel's dominance. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. How ESPN Bet can make a comebackPenn could still be successful if it improves its product and spends less money on acquiring new customers, the analysts said. Jonas said if Boyd acquires Penn, it would be a sizable shift in strategy for their management, team, and board.

Persons: —, FanDuel, Dan Wasiolek, Will Wyatt, Penn's, Jay Snowden's, Boyd, Penn, ESPN Bet's, hasn't, it's, Barry Jonas, Scott Van Pelt, Stephen A . Smith, ESPN Bet, Penn doesn't, Jonas, EKG, Snowden, Wasiolek, they'll Organizations: Service, ESPN, Penn Entertainment, Business, ESPN Bet, Morningstar, Donerail Group, Barstool Sports, Penn, Reuters, Boyd Gaming, Truist Securities, Barstool, ESPN Bet's, NFL, Management Locations: Barstool, Penn, Pennsylvania, Eilers

☆ Why ESPN's sports-betting app is falling behind — and how it could make a comeback
▼ + stars: | 2024-06-28 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +7 min

The future of ESPN's sports-betting app is now in question amid mounting losses and an activist investor push at partner Penn Entertainment that has prompted sale rumors. The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. "Testers liked ESPN Bet's UX and minty aesthetic but felt the app lacked depth (particularly more extensive features)," EKG wrote in May. "Product is one thing, and I would say having expertise in how to target users effectively to lower your acquisition costs and your retention costs" is key for the ESPN Bet app to compete, Wasiolek said.

☆ 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'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

☆ 6 ways ESPN's new sports betting app will leverage the network's talent and audience, from Pat McAfee to fantasy sports
▼ + stars: | 2023-11-10 | by ( Margaret Fleming | ) www.businessinsider.com time to read: 1 min

ESPN and Penn Entertainment gave on November 9 a first look at their new ESPN Bet app. Execs from both companies shared how the partnership will elevate each of their brands. Here are six ways Penn plans to leverage ESPN's brand and audience to elevate the sportsbook. ESPN and Penn Entertainment unveiled on November 9 a first look at their upcoming sports-betting app, ESPN Bet. Ahead of the app's November 14 launch, ESPN's vice president of sports betting and fantasy Mike Morrison and Penn's president and CEO Jay Snowden discussed at the ESPN Edge conference in New York how the sportsbook will leverage ESPN's iconic brand in hopes of shaking up the sports betting landscape and giving Penn an edge in the market.

Persons: Penn, Mike Morrison, Jay Snowden Organizations: ESPN, Penn Entertainment, ESPN Bet, ESPN Edge, Penn Locations: New York

☆ PENN Entertainment CEO Jay Snowden sits down with Jim Cramer to talk ESPN partnership
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

PENN Entertainment CEO Jay Snowden sits down with Jim Cramer to talk ESPN partnership'Mad Money' host Jim Cramer and CNBC's Contessa Brewer sit down with PENN entertainment President and CEO Jay Snowden to talk PENN's new partnership with ESPN.

Persons: Jay Snowden, Jim Cramer, Contessa Brewer Organizations: PENN Entertainment, ESPN, PENN

☆ Dave Portnoy is the only natural owner for Barstool Sports long-term, says PENN CEO Jay Snowden
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDave Portnoy is the only natural owner for Barstool Sports long-term, says PENN CEO Jay Snowden'Mad Money' host Jim Cramer and CNBC's Contessa Brewer sit down with PENN entertainment President and CEO Jay Snowden to talk PENN's new partnership with ESPN.

Persons: Dave Portnoy, Jay Snowden, Jim Cramer, Contessa Brewer Organizations: Barstool, PENN, ESPN

☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

☆ 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 Enters Sports Gambling in $2 Billion Deal With Casino Company
▼ + stars: | 2023-08-08 | by ( Kellen Browning | More About Kellen Browning | ) www.nytimes.com time to read: +1 min

ESPN on Tuesday announced a 10-year deal with Penn Entertainment, a casino company, to create an online sports betting brand called ESPN Bet, catapulting the sports entertainment network into the lucrative world of online gambling. Penn will operate the online sports book and pay ESPN $1.5 billion in cash for the use of ESPN’s name, marketing, “access to ESPN talent” and other promotional tools, Penn said in a news release. Penn will also give ESPN options to buy $500 million in Penn stock, the news release said. Jimmy Pitaro, the chairman of ESPN, said in the news release that he believed ESPN’s strong brand, combined with Penn’s technology and experience running a sports book, provided a “tremendous opportunity to serve the ever-growing number of consumers interested in betting.”Jay Snowden, Penn’s chief executive, called the deal “transformative” and said it would help Penn continue to evolve into a “North American entertainment leader.”

Persons: Penn, Jimmy Pitaro, ” Jay Snowden, ” Organizations: ESPN, Tuesday, Penn Entertainment, ESPN Bet, Penn Locations: Penn, American

☆ 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

☆ Penn's sports betting business posts head-turning fourth quarter profit
▼ + stars: | 2023-02-02 | by ( Contessa Brewer | ) www.cnbc.com time to read: +3 min

Penn Entertainment on Thursday became the first U.S. gambling company to post a profit in its sports betting business during the final three months of a year. Usually, it's tougher to turn a sportsbook profit during the third and fourth quarters because companies spend more on marketing and promotions during football season. Penn's interactive business, which also includes online casino games, made a $5.2 million profit on $208 million in revenue during the fourth quarter of 2022. Caesars also took a hit from Mattress Mack's baseball bet, which blocked its own ability to turn a profit in sports betting in the fourth quarter, according to results pre-released as a result of a debt refinancing. Still shares declined Thursday, after CEO Jay Snowden, on an earnings call, blamed overall lackluster fourth quarter earnings on bad weather in December.

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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