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☆ How a culture of sports betting and fantasy gaming is emerging on college campuses
▼ + stars: | 2024-01-10 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +14 min

Noah, a 19-year-old who goes to college in Illinois, uses sports betting to keep up with his friends from high school. The expansion of legal sports betting in the US has fueled a widespread culture of gambling on college campuses, as savvy students find betting alternatives and workarounds for age limits and state restrictions. Many sports-loving college students like Marcus and Noah casually use fantasy gaming, sweepstakes, and betting to make and maintain friendships. BI spoke with seven college students and three researchers to learn more about what sports betting looks like on campuses. A culture of sports betting sustains friendshipsSince the expansion of legalization, sports betting and gaming have exploded on college campuses largely through word of mouth.

Persons: Marcus didn't, Marcus, Fliff, isn't, it's, — Marcus, they'd, Marcus isn't, Noah, Andrew, they've, Dr, Timothy Fong, Fong, Miles, Chris, hasn't, wasn't, he'd, that's, FanDuel, Jason Miyares, Fliff's, Cash, bettors, I'm, there's, It's, Jeffrey Derevensky, McGill, haven't, Derevensky Organizations: NFL, Business, Sports, ESPN Bet, Super, Sunday, Caesars, ESPN, Iowa State Locations: Virginia, Cancún, Mexico, Illinois, Venmo, Minnesota, California, New York , Florida , Maine, Michigan, Maryland, Florida, New York, Iowa

☆ BetMGM's CEO describes his strategy to hold onto its No. 3 spot in US sports betting as Fanatics and ESPN Bet circle
▼ + stars: | 2023-11-27 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

BetMGM CEO Adam Greenblatt knows Fanatics and ESPN Bet are looking to eat his lunch. However, it has lost some ground, hovering around 15% market share in the third quarter compared to about 20% a year earlier. And a new crop of competitors including Fanatics and Penn Entertainment's ESPN Bet are vying for its position. "Everyone's kind of fighting for that third and fourth spot," Macquarie gambling analyst Chad Beynon told Business Insider in September. Online casino gaming, also known as igaming, is legal in only a handful of US states and has expanded slower than legal sports betting.

Persons: Adam Greenblatt, BetMGM, Penn, Macquarie, Chad Beynon, Greenblatt, We've, we're, Entain, we've, we'll, " Greenblatt, it's Organizations: ESPN Bet, Krejcik, MGM Resorts, Business, BI, MGM, Detroit Lions Locations: North America, Borgata's, Atlantic City, Michigan

☆ Stocks making the biggest moves midday: Microsoft, Chegg, Zoom Video, Paramount and more
▼ + stars: | 2023-11-20 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Zoom Video Communications — The software stock added nearly 2% ahead of its third-quarter earnings due after market close. The Professional Fighters League announced on Monday that it completed its acquisition of mixed martial arts brand Bellator from Paramount. Penn Entertainment — The gambling stock jumped 7% on the heels of a Bank of America upgrade to buy from neutral. Boeing — The aerospace stock jumped 4% after Deutsche Bank upgraded the shares to a buy rating from hold. Chegg — Shares of the education technology company dropped 5% following a downgrade to underweight from equal weight by Morgan Stanley.

Persons: Wells, Sam Altman, Greg Brockman, Raymond James, Morgan Stanley, Krispy Kreme, Iovance, Goldman Sachs, Terri Kelly, Kelly, Peter Grom, —, Alex Harring, Yun Li, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: Communications, FactSet, Paramount, Professional Fighters League, Bellator, Penn Entertainment, Bank of America, ESPN Bet, Spectrum Brands, Microsoft —, Microsoft, Nvidia, Boeing, Deutsche Bank, JPMorgan, Caterpillar —, HSBC, United Rentals — United Rentals, Bristol Myers, Energizer Holdings, UBS, RBC Capital Markets Locations: FactSet

ET: Bank of America upgrades Penn Entertainment to buy Shares of Penn Entertainment could take off with the company's new initiative, according to Bank of America. ET: Deutsche Bank upgrades Boeing, says free cash flow will boost shares Deutsche Bank thinks there's a bright future ahead for Boeing . And if that's correct, then the momentum on deliveries should carry through to a positive inflection in FCF revisions," wrote analyst Scott Deuschle. Bank of America analyst Alex Vrabel downgraded the electric vehicle charging firm to neutral from buy. "FUN management has achieved more consistent execution, which should translate well to SIX rich asset based structure," wrote analyst David Katz.

Persons: Shaun Kelley, Kelley, Lisa Kailai Han, Scott Deuschle, Deuschle, — Lisa Kailai Han, Caio Ribeiro, Riveiro, Alex Vrabel, Wolfe, Shreyas Patil, Vrabel, Wolfe Research's Patil, Jefferies, David Katz, John Ivankoe, Krispy, Fred Imbert Organizations: CNBC, Deutsche Bank, Boeing, JPMorgan, Bros, Bank of America, Penn Entertainment, ESPN Bet, Atlantic City, PENN, Vale, VALE, Wolfe Research Bank of America, Wolfe Research, ChargePoint, Jefferies, Six Flags, Cedar, Flags, Fair, North, Dutch Bros Locations: Chicago, Tunica, Atlantic, PENN, Bank, North America

☆ Stocks making the biggest premarket moves: Boeing, Bristol-Myers Squibb, Chegg, Krispy Kreme and more
▼ + stars: | 2023-11-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading: Boeing — The aerospace stock added 1.5% following an upgrade to buy from hold by Deutsche Bank. PENN Entertainment — The gambling stock popped 4.4% on the back of a Bank of America upgrade to buy from neutral. The Food and Drug Administration won't be able to meet to make a decision by the target date of Dec. 16. Krispy Kreme — Shares of the doughnut chain slipped 1.8% following a downgrade by JPMorgan to neutral from overweight. Vale — U.S.-listed shares of the Brazil-based metal and mining company added 2.6% following an upgrade by Bank of America to buy from neutral.

Persons: Sam Altman, Cantor Fitzgerald, Bristol Myers, Krispy, Krispy Kreme, Goldman Sachs, Iovance, Morgan Stanley, Terri Kelly, Kelly, —, Sarah Min, Alex Harring, Michael Bloom Organizations: Boeing, Deutsche Bank, Microsoft, PENN Entertainment, Bank of America, ESPN Bet, Myers, Drug Administration, Bristol, JPMorgan, Bros, Rentals, United Rentals Locations: Bristol, Vale — U.S, Brazil

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, Boeing, Tesla, Dell, Microsoft & more
▼ + stars: | 2023-11-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Raymond James reiterates Nvidia as strong buy Raymond James said it's bullish heading into Nvidia earnings on Tuesday. Bernstein reiterates Tesla as underperform Bernstein said it's standing by its underperform rating on Tesla as EV growth is slowing. JPMorgan upgrades Dutch Bros to overweight from neutral JPMorgan said the coffee chain has "strong available liquidity" to continue to grow. " JPMorgan downgrades Krispy Kreme to neutral from overweight JPMorgan downgraded the stock mainly on valuation. " Melius initiates Dell as buy Melius Research initiated Dell with a buy and said it's an "inexpensive" way to play AI.

Persons: Wolfe, ChargePoint, Jefferies, it's bullish, Raymond James, it's, Stifel, Wells, Bernstein, Tesla, underperform Bernstein, BTIG, Morgan Stanley downgrades Chegg, Morgan Stanley, LT, Hewlett Packard Evercore, Goldman Sachs, Krystal, Goldman, Penn, Energizer, Sherwin, Williams, Dell, Oppenheimer, OpenAI's Sam Altman, Sam Altman Organizations: Cedar Fair, SIX, Nvidia, Resources, MNR, ARM, Acorn, Apple, JPMorgan, Deutsche Bank, Boeing, Deutsche, Bros, Brands, Hewlett, Krystal Biotech, " Bank of America, of America, ESPN, PENN Entertainment, ESPN Bet, Citi, UBS, Kosmos Energy, Bank of America, CSN, HSBC, Caterpillar, BMO, Wedbush, Research, Microsoft Locations: NVDA, China, ENR, Brazil, Australia, Vale, 2024e

☆ 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

☆ 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

☆ The inside story of how FanDuel upended US sports betting with the same-game parlay and used it to dominate the market
▼ + stars: | 2023-11-07 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +11 min

The daily-fantasy-sports company, which European gambling giant Flutter Entertainment had acquired, was racing to introduce its "same-game parlay" to the US. The same-game parlay, a phrase FanDuel coined, has since caught fire, meshing well with the high-scoring, stat-driven, athlete-personality focus of US sports — and propelled FanDuel to the forefront of the betting market. "The same-game parlay was the right product in the right market at exactly the right time." Every sports-betting operator, from DraftKings to newcomer Fanatics, now has or is building its version of the same-game parlay. After the NBA resumed play in July 2020, the same-game parlay grew from 5% to 10% of FanDuel's bets, Farren said.

Persons: FanDuel, Scott Longley, parlay, Conor Farren, FanDuel's, DraftKings, Entain, parlays, Longley, would've, John Maguire, Maguire, isn't, LeBron James, Jalen Rose, Sportsbet, Paddy Power Betfair, Farren, It's, Ben Hider, Penn Organizations: NFL, Krejcik, Houston Rockets, Los Angeles Lakers, Australian Football League, Australian rugby, NBA, ESPN Bet, FanDuel, Industry Locations: DraftKings, Melbourne, Australia, England, FanDuel

☆ Sports betting, online casino boom fuels big DraftKings revenue gains as rivals vie for market share
▼ + stars: | 2023-11-03 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

The growth of online sports betting and casino gaming across the U.S. has led to soaring revenue for sportsbook companies, but an already crowded race for consumers' dollars is about to get more competitive. Its success, which sent shares more than 16% higher Friday, came not only from sports betting, but also from online versions of casino games. Revenue is expected to grow yearly by 17.3% to reach a projected market volume of $14.4 billion by 2027. Meanwhile, despite being legal in just six states, revenue in the online gaming market is projected to reach $19.1 billion in 2023, according to Statista data. Revenue for online gaming is projected to grow 12.9% yearly and hit $31.1 billion by 2027.

Persons: It's Organizations: Caesars, MGM, Walt Disney Company, ESPN BET, Revenue Locations: U.S

☆ As Disney, Fanatics threats emerge, FanDuel CEOs says online sports betting isn't for the 'faint of heart'
▼ + stars: | 2023-11-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Currently, 35 states and Washington, D.C., have legal sports betting, according to the AGA. Fanatics, the Michael Rubin-founded sports merchandise company, acquired the U.S. operations of PointsBet after a several-year pursuit of an entry to the sports betting market. "These are partnerships that we've been building up for years long before online sports betting was legal in the states." And oh, by the way, you're spending a lot of money making sure that again, you can responsibly bring consumers to your platform," Howe said. Hear how CEOs from Target, FedEx, Kraft Heinz, FanDuel and more are adapting, innovating and transforming in this new era of business.

Persons: FanDuel, Michael Rubin, Amy Howe, CNBC's Contessa Brewer, you've, Howe, there's, we've, It's, Kraft Heinz Organizations: Supreme, American Gaming Association, D.C, Caesars, Disney, ESPN, ESPN Bet, Penn Entertainment, CNBC's, CNBC, FanDuel, Ticketmaster, NFL, NBA, MLB, NHL, Google, Target, FedEx, Kraft Locations: U.S, Washington, PointsBet

☆ Disney revealing ESPN's financials is a key step in CEO Bob Iger's turnaround
▼ + stars: | 2023-10-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Disney 's (DIS) first-ever breakout of ESPN's financials is another key step in CEO Bob Iger's turnaround for the embattled entertainment giant, displaying a stable top line and plenty of room for growth. For the nine months ended July 1, ESPN delivered $12.56 billion in revenue, according to this week's 8K government filing from Disney. The experiences division, which was basically unchanged in Iger's segment overhaul, had $24.39 billion during the first three quarters of fiscal 2023. Growing losses in Disney's linear TV assets may compel the company to sell all or some of them. We'll look for continued improvement when Disney's fiscal fourth-quarter earnings come out next month.

Persons: Bob Iger's, Iger, Disney, Morgan Stanley, Goldman Sachs, Goldman, We're, Jim Cramer's, Jim Cramer, Jim, Gabby Jones Organizations: Disney, ESPN, ABC, CNBC, Penn Entertainment, ESPN Bet, Hulu, Comcast, Pro, Iger, Bloomberg, Getty Locations: Brooklyn, New York

☆ DraftKings edged out FanDuel for the first time as the market-share leader in US online gambling, a new report shows
▼ + stars: | 2023-10-19 | by ( Margaret Fleming | Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

There's a new top dog in US online gambling. DraftKings edged out rival FanDuel for the largest portion of online gambling market share in the US, according to a Wednesday report from the market research firm Eilers & Krejcik Gaming. DraftKings had amassed about 31% of online gambling gross gaming revenue in the third quarter through August 23, while FanDuel's market-share lead had dipped to 30%. But DraftKings' share has steadily grown steadily since, per the report. FanDuel, meanwhile, has fallen from a Q1 2023 peak of 37% online gambling share.

Persons: FanDuel, DraftKings, sportsbooks, Penn, BetMGM Organizations: Krejcik, Gross, Golden, ESPN Bet, Caesars Entertainment, FanDuel, Wall Locations: BetMGM, Bet365

☆ 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

☆ Stocks making the biggest moves midday: Netflix, Etsy, HP, Visa and more
▼ + stars: | 2023-09-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Check out the companies making headlines in midday trading:Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. Etsy — The e-commerce retailer's stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.

Persons: Semtech, Spencer Neumann, Neumann, Warren, Berkshire Hathaway, —, Samantha Subin, Pia Singh, Alex Harring Organizations: Guild of America, Netflix, Visa, FactSet, Penn Entertainment, Deutsche Bank, Penn, ESPN BET, AMC Entertainment, AMC, Wolfe Research, HP, Exxon Mobil, Chevron —, Exxon, Chevron Locations: Los Angeles, U.S, China

☆ This sports betting company is a good short-term buy, Deutsche Bank says
▼ + stars: | 2023-09-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

While Deutsche Bank is skeptical on the long-term story for Penn National Gaming , it is bullish on shares in the short-term. Analyst Carlo Santarelli put a catalyst call buy, or short-term buy rating, on the sports betting company, which trades as PENN Entertainment. In August, the company signed a licensing deal with ESPN to rebrand its sportsbook to ESPN BET, slated to launch in November. Through the deal, Penn has the exclusive right to the ESPN Bet trademark in the U.S. for 10 years, with potential to be extended. An Investor Day in December, which is likely to focus on ESPN BET, will also highlight the brand's early traction, he added.

Persons: Carlo Santarelli, Santarelli, Penn, GGR, — CNBC's Michael Bloom Organizations: Deutsche Bank, Penn National Gaming, PENN Entertainment, ESPN, ESPN BET, ESPN Bet Locations: Wednesday's, U.S, Las Vegas

☆ 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

☆ ESPN Bets Big on Pat McAfee, an F-Bomb-Throwing YouTube Star
▼ + stars: | 2023-09-06 | by ( Isabella Simonetti | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/media/espn-bets-big-on-pat-mcafee-an-f-bomb-throwing-youtube-star-1c86092b

Persons: Dow Jones Organizations: espn

☆ What's next for Disney as CEO Bob Iger works to streamline the company, cut costs, and make streaming profitable
▼ + stars: | 2023-09-03 | by ( Lucia Moses | Alison Brower | ) www.businessinsider.com time to read: +7 min

Bob Iger is trying to reshape Disney as a leaner company in his second act as CEO. When Bob Iger came back to Disney in November 2022, the company and the town celebrated the return of a successful and statesmanlike CEO for the world's largest entertainment brand. Two years under Iger's predecessor Bob Chapek left the company reorganized — in ways many company insiders didn't like — and executives, teams, and creative partners demoralized. Iger told CNBC in July that Disney's TV and cable businesses, including ABC and cable networks like FX, "may not be core" to the company. If Iger succeeds in acquiring all of Hulu, some analysts believe it would help Disney with streaming content, marketing, and ad revenue.

Persons: Bob Iger, Iger, Iger's, Bob Chapek, didn't, He's, Ron DeSantis, Penn, —, Dana Walden, Alan Bergman, Josh D'Amaro, Kevin Mayer, Tom Staggs, Puck Organizations: Disney, ESPN, Apple, Florida Gov, Iger, — Entertainment, Parks, CNBC, ABC, Hulu, Hollywood, Writers Guild of America, Association of, Television Producers, SAG, WGA, He's, Netflix, Penn Entertainment, ESPN Bet Locations: Hollywood, Orlando, California, Hulu

☆ How ESPN's $2 billion deal with Penn Entertainment could shake up sports betting, from reinvigorating competition to evolving media's relationship with gambling
▼ + stars: | 2023-08-14 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Here's what industry insiders are saying about the deal:1. FanDuel and DraftKings dominate US online sports-betting and gambling market share, followed by BetMGM, according to a July report from Macquarie that analyzed Vixio data. Industry insiders like affiliate-marketing company Gambling.com Group's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ Media insiders say ESPN's new sports-betting push could help it court a younger crowd and set up a spinoff from Disney
▼ + stars: | 2023-08-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. For ESPN, it's not as material, but it's helpful — ESPN has locked in a 10-year partner with guaranteed pay so that improves the visibility of ESPN's revenue. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Iosilevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

☆ 'Our favorite name:' Why analysts are still bullish on Disney after latest earnings report
▼ + stars: | 2023-08-10 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Despite a mixed fiscal third-quarter report, Wall Street analysts are positive on Disney going forward. Morgan Stanley's Benjamin Swinburne maintained an overweight rating with a $105 per share price target, or 20% upside from Wednesday's close. JPMorgan's Philip Cusick similarly reiterated an overweight rating with a $125 per share price target on Disney, which implied upside of 43%. Goldman Sachs' Brett Feldman, meanwhile, has a buy rating on Disney stock with a price target of $128 per share, or 46% upside from Wednesday's close. Citi's Jason Bazinet reiterated a buy rating on Disney stock accompanied by a $125 per share price target.

Persons: Morgan Stanley's Benjamin Swinburne, Swinburne, JPMorgan's Philip Cusick, " Cusick, Goldman Sachs, Brett Feldman, Jessica Reif Ehrlich, Bob Iger's, Ehrlich, Jason Bazinet, Disney's, Michael Bloom Organizations: Wall Street, Disney, DIS, Media, ESPN . Bank of America, ESPN Bet

☆ How ESPN's $2 billion sports-betting deal could set it up for a spinoff from Disney, according to industry insiders
▼ + stars: | 2023-08-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race. According to the American Gaming Association, sports betting grossed $7.5 billion in gaming revenue in 2022, up 75% from 2021.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Ilosevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

☆ Disney just hiked streaming prices by almost 30% and Wall Street is thrilled
▼ + stars: | 2023-08-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Disney announced higher prices for its streaming services, and Wall Street is loving it. The entertainment company hiked prices for Disney+, Hulu, and ESPN by almost 30%. Here's what Wall Street is saying about Disney's price hikes and 3rd-quarter earnings results. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Here's how Wall Street reacted to Disney's earnings report and streaming price hikes.

Persons: Disney, Goldman Sachs, JPMorgan Organizations: Disney, ESPN, Service, Hulu, Bank of America, PENN, ESPN BET, " Bank of America, JPMorgan Locations: Hulu, Wall, Silicon, Parks

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