ESPN is launching a new gambling platform, ESPN BET, which fans in the U.S. can use to engage in sports betting.
"The regulated industry is probably not the best place for Barstool Sports and the type of content we make," Portnoy said in a video."For the first time in forever, we don't have to watch what we say, how we talk, what we do…I'm never going to sell Barstool Sports, ever."
While ESPN covers the world of sports betting across all its platforms, this will mark the first time Americans will be able to actually place bets through ESPN's digital products. Residents of the following 16 states will be able to participate: Arizona, Colorado, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia.
ESPN $1.5 billion in cash over a period of 10 years, and will grant the broadcaster $500 million of warrants to purchase 31.8 million common shares of Penn. "This agreement with ESPN and collaboration on ESPN BET allows us to take another step forward as an industry leader," said Jay Snowden, CEO and president of Penn."Together, we can utilize each other's strengths to create the type of experience that existing and new bettors will expect from both companies, and we can't wait to get started."
In 2022, legal sports betting created $7.5 billion in revenue — a 63% increase from 2021, according to the
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