The biggest name in U.S. sports broadcasting is putting its money on the lucrative gambling industry, launching an online betting platform that will initially be available in 17 states.
CNS News reports ESPN teamed with Penn Entertainment, a provider of sports content and casino gaming experiences that previously launched the sportsbook for Barstool Sports, to create the betting service, dubbed ESPN Bet. The platform went live for signups on Thursday, but still needs approval from gaming commissions in each state.
ESPN is plunging into the sports wagering business as parent company Disney looks to boost profits across the entertainment giant. Yet while gambling has exploded as a growing number of states legalize it, the broadcaster will face entrenched competitors in the form of DraftKings and FanDuel, which control roughly 80% of the online sports betting market,
"ESPN and Penn believe they can infiltrate this market," Andrew Brandt, a sports business professor at Villanova University, told CBS MoneyWatch. "They want to make it like one-stop shopping where you go to check the score and there's your betting opinions right there. They think they can offer a better product."
The biggest name in U.S. sports broadcasting is putting its money on the lucrative gambling industry, launching an online betting platform that will initially be available in 17 states. https://t.co/BUvhlUJZJ5
— CBS News (@CBSNews) November 15, 2023
Creating ESPN Bet is a strategic move for both Penn and ESPN. The broadcaster wants to grow revenue by serving sports gambling fanatics, while Penn was looking for a new sports betting partner after severing its partnership with Barstool, Brandt said,
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